Overview
Whenever a Deal appears in your Deal pipeline, you need to
track its progress in order to assess the stage where it is
currently in. In ToolsOnCloud CRM, it is done by updating the deal
status periodically as per your interactions with the various
stakeholders associated with the deal.
At the time of initial account setup or at the of creating a
new Pipeline, ToolsOnCloud CRM pipeline shall show the a list of
deal stages by default. Here are various deal stages which are
added by default along with its significance.
- NEW: Whenever a new Deal is added either
by adding it manually or by converting a Lead to a new Deal, it
can be added to NEW stage. This denotes that deal is added
recently and is yet to be picked up by the sales executive.
- CONTACTED: This stage denotes that the
Sales executive had reached out to the client prospects to
understand their requirements in detail. Post the discussion with
prospect, the sales executive shall prepare for the next meeting
or follow-up call or a product demo or presentation.
- PRESENTATION: This stage denotes that the
Sales executive has completed product demonstration or
presentation with the Client stakeholders. Often, depending on the
industry you operate in, there might be multiple presentations
with different stakeholders. Once all product demo or
presentations are completed, the salesperson prepare for the next
stage, which in our case shall be negotiation.
- NEGOTIATION: This stage denotes that the
deal is in Negotiation stage. Depending on the type of products
you sell, Negotiation rounds may happen on multiple aspects. It
may happen on pricing of the products, discounts, terms and
conditions, delivery flexibility, service level agreements,
project charter and many more aspects.
- WON: When a deal is moved to this stage,
It denotes that the deal is finally won. Next steps post that can
be actual product delivery. The deal can be passed on to the
delivery department and finance department to pass it for further
processing such as invoicing/billing, accounting, etc.
- LOSS: When a deal is moved to this stage,
it denotes that the deal could not be won. Though it is common in
Sales to lose a few deals but it is important to document the
reasons for such failure so that it serves a documentation or case
study for the sales team for future.
The stages in a pipeline can be customized, renamed,
re-organized to suit your Sales process in your organization.
Steps to update Deal Status
To update deal status in Toolsoncloud CRM, follow these
steps:
- Go to Deal Management page where the deals are listed
- Click on "Edit" icon near the Deal Status in each deal
entry
- From the drop down menu, update the Deal status to the one
which depicts the current stage of the deal
- Click on the "Update status"
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