Every deal within your various sales pipelines can be classified under one of three statuses. In order to create new deals, you will need to understand what these statuses mean so that you can classify them appropriately.
What is an Open Deal?
Classifying a deal with the Open status indicates that your lead is expressing interest in buying your products or services. The deal is “open,” meaning that you can schedule calls, meetings, demos, or hold negotiations.
In regard to your pipeline, all of your deals will generally fall under the Open status until you make a sale.
What is a Won Deal?
A deal that falls under the Won status is a successful one. This means that the deal moved out of the Open status after your lead became a customer. Your negotiations were successful and your company collected payment from the person or business.
What is a Lost Deal?
Conversely, a Lost deal is one where the lead backed out of the deal. Your sales negotiations were unsuccessful and the lead is no longer open to purchasing.
Why You Should Create a Won or Lost Deal
Because new deals are almost always open, you may be wondering why you would need to classify a new deal in your system as won or lost.
We offer this ability as adding any of your sales activity to your Deals application will give you comprehensive reporting for your overall sales activities. It’s not just important to manage your ongoing deals, but to keep track of your team’s performance as well as how much money is won or lost from period to period.
Additionally, a won or lost deal does not necessarily mean that future business with that person or business is off the table. Your team can examine these deals, learn what worked and what did not, and use the reporting information to guide future deals.