When it comes to sales deals, there's always a variety of moving parts such as deal tracking, prioritization, organization, analysis, and more. On top of that, sales reps work on more than one deal at once and speak to different people with unique needs across each of those deals.
This is where deal management comes into play — the process by which you can simplify and organize different aspects of your sales deals to improve efficiency, performance, and conversions.
Deal Management
In this blog post, we'll cover the definition of deal management, its benefits and importance, and some deal management tools you may want to implement on your sales team.
What is deal management?
Deal management is the process of organizing, tracking, maintaining, prioritizing, and analyzing your deals no matter where they are in the sales pipeline. The purpose of deal management is to efficiently move deals through the sales process and increase conversions.
The Benefits of Deal Management
Here are some benefits that result from deal management:
- Create accurate sales forecasts.
- Manage and maintain strong sales pipelines.
- Maximize revenue by prioritizing the most important deals.
- Identify which deals are most likely to convert.
- Create and maintain clear and consistent messaging throughout the sales process.
- Automate sales tasks to make the sales cycle efficient for reps.
- Better understand the needs of your leads and customers.
- Meet your leads where they are.
- Improve sales team collaboration and communication.
Deal Management Tools
Deal management tools are meant for organizing, tracking, analyzing, and prioritizing your deals. They also automate many aspects of the deal management process and help you accurately forecast, prioritize deals, and improve team-wide collaboration.
How to Implement Deal Management
The most effective way to implement deal management is with deal management tools — by incorporating one of these tools on your team, your deal management process will become more accurate and efficient so reps can spend less time on administrative tasks and more time with leads and customers.
Here are five options to help get you started with your deal management tool search.
1. HubSpot Deal Tracking Software
Automatically create deals when contacts take actions that could potentially lead to revenue. Set triggers to notify your team when certain actions are completed by prospects and make automated playbooks to efficiently manage your deals.
HubSpot also helps you store, track, manage, and report on each action a customer makes throughout the sales cycle. You can also customize reports to monitor the deal metrics and performance you care about most.
2. Freshworks
Freshworks is a sales CRM and deal management software. Artificial intelligence-based deal insights tell you which deals are most likely to convert so reps can nurture them accordingly.
Freshworks automates the sales process to save you time — it creates deals for you and you can drag and drop deals to adjust their location on your visual sales pipeline. Also on that pipeline, organize your deals in a funnel view and add unique tags to easily track performance.
Freshworks accurately forecasts and predicts revenue as well as identifies the reasons you’re losing deals so you can make the necessary adjustments. Lastly, simplify the deal management process by creating unique pipelines for your different products and markets.
3. Monday.com
Monday.com offers a sales and deal management solution that supports lead and pipeline management, sales order tracking, and lead handover. Customize the platform to tailor it to your sales cycle and pipeline without the need for any code.
Manage your sales pipelines via a single dashboard where you can identify deal progress to prioritize deals based on which appear to be closest to a conversion (or at risk of churning).
With monthly targets and a reporting dashboard, it’s easy to view the number of deals that are in every stage of the buyer’s journey, which reps are working on what deals, and other reports that matter to your sales org.
4. Zoho
Zoho is a CRM with a deal management solution for managing deals across different territories and sales structures. View all data related to your deals and the stages that they’re in via a single dashboard so you know where your deals stand in just seconds.
You can also create customizable sales pipelines for different sales processes across all of your products and services. Zia, Zoho’s AI-powered sales forecasting tool, also helps you determine which deals you should be prioritizing based on the likelihood of a conversion.
5. DealRoom
DealRoom is M&A deal management software that organizes deals, tracks deal flow, and provides key insights about all of your deals. The tool manages multiple deals at once, no matter which stage they’re in, so you’re able to determine the status of your sales strategy.
Assign and view deals by the project lead and task to ensure everyone knows their role and how to ensure the most effective way to collaborate on deals.
DealRoom integrates with a variety of M&A tools such as Slack, Google, and Salesforce so you can communicate with your team and manage your deals and sales pipeline all without ever having to leave the tool.
Grow Better With Deal Management
Deal management will help your sales team grow better — that’s because it’s the process by which you organize, track, measure, and analyze your potential, current, and past deals.
Deal management tools automate these tasks to give you back time and improve accuracy. They also uncover which deals should be prioritized and make recommendations based on all deal data they collect.
