Deal management is the process of tracking prioritizing, analyzing, and analyzing deals no matter where they are in your sales pipeline. It’s the process of communicating with your team and collaborating throughout the sales cycle in order to improve the quality and effectiveness of your deals.

The first step in developing the process for managing deals is to create a document outlining your sales strategy, as well as the steps through the process each deal should go. This will help your team gain true pipeline visibility and also automate time-consuming, repetitive tasks that hinder productivity.

Next, ensure that all deals are centralized in a place where you can monitor the performance of each deal and analyse their results. Freshworks automates this task for you by generating deal feeds that include each piece of information pertaining to the opportunity. This view lets you add tasks and time spent on an offer. You can also @mention people.

After establishing clear expectations and timelines for each step of the deal process, establish mutual action plans (MAPs) alongside your prospects and customers to ensure that both parties are on the same page in terms of what needs to be done and when it should be done, and by whom. This creates more streamlined and regular workflows, which enhances the chance of closing each deal successfully.

If a prospect is at the final stages of conversion it is important not to allow to lose interest or become distracted by other things. Even your least experienced employees will be able to lead the way with the help of a well-organized, centralized handoff system.