Close management software is a critical tool for any business that wants to improve its sales process, reconciliation, and financial close process. This software helps businesses manage their sales pipeline, track leads and opportunities, and measure the success of their sales efforts. If you manage a team of sales reps, you know how important it is to have good close management software that meets all your needs. This software can help you keep track of your reps’ progress, performance, and pipeline.
There are three key features your close management software should have to do the most for your business and in turn, help you excel. Those three features are:
1. Pipeline Management
2. Lead Tracking
3. Sales Metrics
To learn more about these features and why they’re important to close management software and in turn, your business, keep reading.
1. Pipeline Management
Pipeline management is the first feature that your close management software needs to have. This allows businesses to track all their leads and opportunities in one place. They can see what stage each opportunity is in, how much revenue they are projected to generate, and what actions need to be taken to close the deal. This is an important feature to have because when it comes to the financial close process, you want to be able to see where your leads and opportunities are coming from and going. It allows business owners to form a strategic plan for future close activities.
This feature works best when your close management software also has an intuitive interface where everything you could possibly need to work quickly has the highest visibility. An intuitive interface makes it easy to use the close software and find the information you need quickly and easily. This means that you won’t have to spend time learning how to use the software or hunting down information – instead, you’ll be able to get right to work.
2. Lead Tracking
The second feature is lead tracking and all the insights it can bring. Close management software should allow businesses to track where their leads come from, how long they have been a lead, and what interactions have been made with each lead. This information can help businesses determine which marketing campaigns are most successful at generating leads and which ones need improvement for the next close time.
For example, lead tracking in close management software can allow for automatic dues tracking, taking care of these and more boring manual tasks, and leaving the more complex tasks of close activities to your employees who you can train into financial reporting roles. This means that when a customer joins or renews their membership, the information is automatically inputted into the system so that the individual’s dues balance is updated, and they can track their own payments. This feature can also be used to send automated renewal notices to members before their expiration date. Adding a batch processing assignment to your tracking can then send out those marketing campaigns that are the most successful alongside renewal information and the like.
3. Sales Metrics
The third feature is sales metrics. Close management software can provide accurate numbers for sales metrics and give industry insights so businesses can make better solutions in the future for future closes and deals. Close software should allow businesses to track how many deals they are winning/losing, what the average sale price is, and how long it takes them to close a deal on average. This information can help businesses identify areas where they need to improve their sales process to be more successful.
This works even better if your close management software allows you to customize your reports. When it comes to choosing a close management software, customizable reporting is one feature you should look for. With customizable reporting, you can create reports that are specific to your needs, like reporting sales metrics. This means that you can track the information that is most important to you and identify trends quickly and ultimately make better decisions about your business.
Close management software should have the ability to altogether manage and monitor the progress of sales opportunities, customer interactions, and deal pipelines. This allows businesses to stay organized and efficient when it comes to their sales process. Businesses can also cut their reliance on human hands, reduce human error and sabotage, and bring their team into the meatier roles of reconciliation and financial close. The software should also be customizable to fit the specific needs of each business. Finally, it is important that the close management software be easy to use so that sales representatives can spend more time selling and less time on administrative tasks.