The Deal Room is designed to solve business challenges related to collaboration. Ensure your Deal Room Solution delivers the results you need by measuring its success using key performance indicators (KPIs). These outcomes should focus on addressing the collaboration needs that are common across your Sales teams’ opportunities.
Measuring against KPIs specific to the Deal Room allow you to determine:
- What are the most recent developments achieved in the opportunity process?
- What areas need improvement to support better collaboration?
- What information is important across Deal Rooms for stakeholders such as executives and Sales management?
- How can your deal process be more streamlined?
- How can the Sales team be better prepared for critical meetings, presentations, and deadlines?
- What business-critical resources are needed in each Deal Room instance to drive success?
- What process-focused goals will provide more innovative approaches to meeting deadlines and keeping track of milestones and project objectives?
- What people-focused goals and objectives have helped to strengthen the collaborative relationships required?
Key goals and objectives
Some key goals and objectives to keep in mind when determining KPIs for your Deal Room include:
- Increase deal win rate
- Maintain deal momentum
- Decrease time to close
- Improve the efficiency of your sales teams
You should incorporate the Deal Room Solution into your existing internal business processes. Think about what processes, policies or procedures might have to change or be updated.
- Do SOPs need to be updated? (e.g. are certain information topics held in a Deal Room instead of elsewhere?)
- Are there processes that need to change? (e.g. how to leverage the Deal Room for an opportunity from start to finish)
Some key areas to pay close attention to when measuring the success of your Deal Room include:
- Conversation channel
- Tasks and status widget
- Deal information
- Meeting and Deadlines calendar
Below are some recommended KPIs for measuring the success of your Deal Room Solution. Keep in mind that some of these recommended KPIs will align with your organization's goals and objectives, while others may not. It's critical to align KPIs with your unique goals and objectives to accurately measure success.
- X% increase in the number of Microblog Articles posted to the Deal Updates channel
- X% increase in the number of views of Microblog Articles posted to the Project Updates channel
- X% of project or stakeholder-related communications occurring in the Deal Room Solution
- 100% of all deal-related meetings or deadlines are included in the Meetings/Deadlines calendar
- X% decrease in time to deliver on prospect asks
- X% increase in the number of documents posted in the Deal Room’s folder channel
- X% increase in the number of views of the Deal Room’s documents
- X% increase in the number of prospect deadlines met
Note: KPIs are generally time-based and should be evaluated and/or modified on a specific cadence (e.g. quarterly).