Maintaining effective communication throughout the sales process is key to successfully closing deals, yet many sales professionals are weighed down by laborious administrative tasks and the complexity of using multiple systems. The deal funnel often gets clogged because traditional sales software doesn’t provide the tools or agility they need.
Such inefficiencies impede sales operations, as well as revenue operations teams that depend on sales teams to generate cash flow. Better internal communication helps, but won’t make enough of an impact if customers aren’t fully integrated into the process. Improving win rate and other key sales metrics requires a digital transformation – and your CRM alone is not getting the job done.
At DealHub, we work with many SMB and enterprise customers who are struggling with friction in their sales process. Our interactive DealRoom solution is a way for companies to combine sales collaboration, customer communication, marketing messaging and contract management under one virtual roof – where sales reps can also monitor any activity related to a specific deal.
Common Causes of Poor Win Rates and Impeded Sales
The era of sole decision-makers with checkbook in hand is long past in the B2B space. Today, deals are more complex. In our DealRooms, we see as many as six(!) participants from the buyer’s side alone. Without a deal room to communicate effectively with that many parties, there are multiple areas where collaboration can fail:
- Approval Process: The average deal goes through several levels of approval before it’s finally signed off by the purchasing department. This process may involve department heads, compliance, legal, and executive divisions of the company.
- Fractured Communications: When dealing with multiple parties, it’s important to keep everyone in the loop as discussions are ongoing. Failure to notify a decision-maker or member on either side of the table about large or small changes can severe trust and put deals at risk.
- Administrative Slowdowns: Sales reps often lose sleep over admins putting up roadblocks when a deal is ready to be closed. Administrative slowdowns also send a negative signal to buyers who expect prompt and decisive action.
- Manual Contracts: Having to manually compose terms and conditions takes salespeople away from what they do best. An automated system with contract templates must be put in place to ensure contracts are ready in a timely manner.
- Contract Redlining: This part of the sales process is where many deals begin to circle the drain. Who is redlining and which party or person is responsible for responding? Is everyone involved aware of the changes? When redlining goes wrong, so does the deal.
- Wasted Time: One of the first principles sales reps are taught is never to waste a prospect’s time. Duplicate emails, irrelevant sales materials, and quotes or contracts that fail to include important details are all time-wasters.
Introducing a deal room to a complex sales process can eliminate the risk of failing in each of these areas, providing the digital transformation you need to improve sales collaboration and drive revenue.
A Digital DealRoom Accelerates Revenue
Low conversion rates and process roadblocks contribute to sales rep burnout. According to a survey conducted by UnCrushed, 67% of salespeople feel they are close to experiencing burnout. One of the stated reasons is a feeling of not being in control. DealRoom puts them back in the driver’s seat and breathes new life into your sales team.
Our DealRoom platform places everyone on the same page and delivers all the critical materials you and your buyers need to close a deal. It helps sales teams and customers connect in real time and close deals faster – resulting in shorter sales cycles and also providing real-time insights that help you ramp up revenue.
Our collaborative DealRoom integrates with leading CRMs so you can host all relevant deal information under one virtual roof, and sales teams can eliminate redundancies and streamline the sales process. And it’s powered by our market-leading CPQ and CLM solutions, making it a true sales engagement platform for increasing your sales team’s win rate and accelerating revenue.
Learn more: What is a DealRoom?
Sendoso, the leading Sending Platform, recently reported that their average deal size grew by 15% after switching to DealHub. You can read our Sendoso case study to learn how we helped them increase revenue and streamline the sales proposal process.
DealHub’s Data Lab: What Do the Numbers Show?
We recently assessed more than 193,000 of our customers’ deals – adding up to $25 billion processed through the DealHub platform – and the numbers were astounding.
According to our customers, the win rate of sales teams as much as triples (3X) when they use our digital DealRoom instead of relying on traditional PDFs and Word files. Put that in perspective for a moment: a 10% close rate can become 30% with a digital transformation that’s relatively easy to implement and quick to integrate.
The Traditional Sales Funnel Is Broken – DealHub Can Fix It
We get it. The complexities of selling in the digital age are overwhelming your sales team and making it hard to scale up revenue. But using a DealRoom can relieve that pain for you on multiple levels:
- By improving collaboration and communications
- By making it simpler to generate quotes, sales proposals and contracts
- By improving your win percentage and thus revenue
To learn more about the challenges facing sales and revenue teams and how innovative companies are overcoming them, be sure to download our benchmark report.