Deal management is the process that converts prospects from what might seem like the beginning of the sales cycle when they are “Interested in Your Solution” to what may seem like the conclusion when they have “Decided to Work with You.” The primary goal is to ensure that a prospect meets the criteria needed for closing and converting to revenue.

To accomplish this, it’s important to establish clear guidelines and workflows for the whole sales cycle. The standardization of processes helps teams remain on track and ensure they don’t skip any crucial steps. In addition, deal management helps to establish measurable KPIs that align with sales objectives and help to identify areas of improvement.

Another crucial aspect of effective deal management is establishing relationships with key stakeholders that influence buying decisions. This can help accelerate the sales cycle and increase deal conversion rates. It’s also crucial to understand the ways in which these factors affect the status of a transaction, as and what specific steps are needed to prioritize or reduce the importance of a deal.

It’s also crucial to establish and monitor sales goals to ensure that your business expands in line with the plan. The best method to accomplish this is to leverage the sales performance platform which combines facilitating due diligence in healthcare mergers with VDRs centralized repositories, communication tools, and reporting capabilities. This enables businesses to quickly identify deals that are not working and redirect resources to high-value opportunities. It is important to check the pipeline’s performance regularly and adapt the forecasting models to changes in the market, performance of sales reps, and likelihood of a sale’s closing.