In industries where high-volume, high-value orders are routinely processed, such as in B2B operations, for instance, sales cycles can be extremely long, and individual deals are often unique in their configuration.
Consequently, the most lucrative deals can often end up being administrative nightmares when it comes time to close them.
Typically, multiple departments within an organisation will need to work together to navigate the approvals process and finalise these deals, too, further compounding any logistical issues that might exist.
This is why having an optimised deal desk is so important for any sales-driven enterprise.
As a hub of sales operations, your deal desk is a key point of contact between departments when handling non-standard deals, and it can have a substantial influence on your top line.
That means that it is in your best interest to weed out potential stumbling blocks by streamlining the deal desk process within your organisation. Here are some ways that you can drive revenue with deal desk optimization.
- Establish Roles & KPIs
- Create a Standardised Framework
- Simplify the Approvals Process
- Facilitate Communication & Feedback
Establish Roles & KPIs
When various teams from different departments are required to work collaboratively, there is always a danger of confusion if employees don’t fully understand their roles.
In the case of a deal desk, there are likely to be employees from your Sales, Product, and Legal departments working together at the very least.
Research suggests that employees that lack clarity about their role are 27% less effective, so each employee involved in deal desk operations must have a clear understanding of where they fit into your system as well as what their responsibilities are.
This will help to avoid instances where important tasks are neglected due to the diffusion of responsibility. By extension, clarifying employee roles enables you to clearly outline key performance indicators for those working on your deal desk.
By establishing clear roles and clear definitions for success, you can align everyone with your vision for the company and empower your employees to channel their efforts in the right direction.
Create a Standardised Framework
When trying to close a large, lucrative deal, the last thing you need is to have your deal desk teams working at cross purposes. However, it remains a common issue for companies that require departments to work collaboratively.
Due to their different functions, processes and procedures will inevitably vary between departments, so actively fostering continuity across your deal desk is imperative in order to avoid inefficiencies.
A simple change like setting out standardised phrasing and language for deal desk operations can go a long way in terms of keeping colleagues on the same page, as can creating document templates.
Most importantly, it is paramount that everyone on the deal desk understands with perfect clarity the parameters within which they are permitted to work.
This enables employees to maximise their individual capabilities without compromising the cohesion of your deal desk, and this will help to drive revenue for your business in the long term.
Simplify the Approvals Process
Approval workflows are typically a necessity when it comes to complex orders and pricing, but they can also be a thorn in the side of sales reps.
Reviews and approvals can be surprisingly time-consuming, significantly increasing the length of sales cycles and limiting the productivity of your deal desk.
In fact, Gartner reported that 20% of stalled and lost deals result from complex internal policies and procedures. Fortunately, there are ways to streamline the process using innovative software solutions.
Customer Relationship Management (CRM) systems can help you to automate approval workflows according to the type of deal or contract in question.
These platforms can also auto-adjust required approvals according to the content of a contract and quickly route relevant documents to the appropriate stakeholder for approval.
This empowers reps to work more autonomously, shortening sales cycles and increasing the profitability of your enterprise.
Facilitate Communication & Feedback
Communication is a cornerstone of collaborative working, so establishing clear, efficient channels of communication is pivotal to the success of your deal desk when it comes to driving revenue.
As a matter of fact, research indicates that improving internal communications can increase productivity by up to 25%. So, there’s every reason to establish clear communication lines between those on the deal desk as well as up the management hierarchy.
Luckily, there is an array of management software solutions that can enable you to achieve this quickly and easily.
Adopting the right CRM system will allow you to consolidate all of the communication channels used within your organisation so that members of different teams can remain in frequent contact with no difficulty whatsoever.
In addition, feedback software such as pulse survey tools can be integrated into your CRM so you can regularly gather input from staff.
This will allow management to get a clearer picture of the employee experience so that you can troubleshoot your deal desk process.
This drives revenue in the long term by producing a more robust system that will scale well as you expand the reach of your business.
A recent survey has indicated that as much as 70% of companies have a deal desk within their sales structure.
Clearly, there is a prevailing perception among business owners, particularly in B2B and SaaS sectors, that the deal desk is a fundamental component of the modern sales-driven business model.
It’s not difficult to see why; dealing with the administrative burden of complex, high-value orders without a deal desk is a tall order, to say the least. However, that is not to say that the current understanding of the deal desk process cannot be iterated upon and improved.
A solid deal desk strategy should focus on streamlining workflows and improving internal communication networks, enabling sales teams to perform at their highest level.
Optimising your deal desk in this way is sure to help you drive revenue for your business, both in the short term and the long term.