What is the Negotiation Stage in the sales cycle?
What is a Stage 5 Negotiation Opportunity?
You've sent at least the first draft of the business case and proposal to stakeholders & those who will be signing. You're working the with Champion to discuss onboarding & success implementation timeline.
👤 BUYER IS DOING: Working through procurement for purchasing with the proposal they sent.
Seller Activities:
Exit Criteria:
1. Approval metrics
Approval metrics are specific criteria or thresholds that need to be met in order to gain internal approval and close a sales deal. These metrics can vary depending on the nature of the deal, the organization's policies, and the complexity of the sale.
Some approval metrics that we need to have to close a Sales Deal:
Deal desk
Sales Deal Desk Overview
The Sales Deal Desk at InnovateTech Solutions is a cross-functional team responsible for evaluating and facilitating complex sales deals to ensure they align with the company's strategic objectives, financial targets, and risk management guidelines. The deal desk acts as a central hub for deal evaluation, pricing approval, terms negotiation, and coordination among various internal departments.
Benefits
- Ensures consistency and alignment with company goals.
- Mitigates risks associated with non-standard deals.
- Provides a collaborative and streamlined process for complex sales transactions.
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Deal Desk Structure
The Sales Deal Desk comprises members from the following departments:
APPROVAL PROCESSDeal Desk Workflow
Closed won
🎉 CONGRATULATIONS!!! 🎉
1. Attach the Signed Contract on the Account under 'FILES' on the Opportunity
- New customer: Use a file naming convention of CLOSEDATE_COMPANYNAME_#OFYEARS
- Expansion: Use a file naming convention of {{CLOSEDATE}}_{{COMPANYNAME}}_EXPANSION {{# of users}}
- example: 3.24.22_Envoy_EXPANSION_11
2. Make sure to update the WHY DID WE WIN Section
3. Post in #wins channel on slack using this template.
4. Send New Customer Welcome Email
5. Schedule internal handoff meeting following 🐙 THIS SPEK w/ CSM
Closed lost
What is a Closed Lost Opportunity?
This Stage indicates that an opportunity made it to a Stage 2 Opportunity or 'Sales Qualified Pipeline', but never made it to Closed Won.
In SF, Rep must fill out:
✅ 'Why we Lost the Deal' + explanation
✅ 'Lost to competitor'
✅ 'Missing Functionality'
Additional Resources
Closed Lost, but not forever! Use these Sales Plays to help re-engage with your Closed Lost opportunities!
- 🧟♀️ Raise the Dead Play
- 💔Missed Connections Play for Unresponsive
*Only a Stage 2+ Opportunities can be moved to Closed Lost
Additional Resources:
