Are you ready to learn how to unlock the power of sales through the art of crafting winning deals in HubSpot?
What is a Deal in HubSpot?
A "deal" in HubSpot refers to a potential transaction that usually involves a contact and/or company. It is a record within the CRM of an opportunity to sell a product or service.These opportunities are tracked through different stages in the sales pipeline until the end result is either a win or a loss.
Creating a deal in HubSpot is essential when a potential sale or transaction has been identified. It's important to note that the identification process can vary based on the structure of your Lifecycle Stages.
Lifecycle Stages are a way of categorizing the different milestones of a customer's journey from being a lead to becoming a customer and beyond. You can learn more about them here!
When to Create a Deal in HubSpot?
When should you create a Deal in your sales process?
As we said, ideally we will only create a deal when there is a real opportunity for a sale that deserves being tracked in the pipeline. To be able to distinguish a true real opportunity it is important to take into account two indispensable factors:
- First, there must be a clear intention to purchase the product or service.
- Second, the potential buyer must meet our minimum requirements for an ideal customer, or what we refer to as a "Buyer Persona." In other words, we need to have some certainty that the prospect is in fact a match for our product or service, to make sure it meets your quality standards.
The right moment will depend on what you and your marketing and sales team establish as intention and quality requirements for deal creation.
If you are too demanding, no one will reach your pipeline. If you are too lax, your pipeline will be full of bad and good prospects. Either situation will make the work of your sales team inefficient and lower your pipeline success metrics.
You will measure quality with the fields, questions or shopping experience you plan for your contact forms, bots, prospecting team or e-commerce.
And you will measure intention usually based on an action taken by the prospect that shows a clear initiative to buy. Here are some examples of these:
- When someone fills out a form in a “contact us” or “trial” page.
- When someone interacts with a ChatBot.
- When they schedule a call with Sales.
- When someone fills a shopping-cart.
- After a first exploratory meeting. The prospect is qualified and it is determined that it is an opportunity.
At Digifianz we determine that the prospect shows intention when they schedule a first exploratory meeting.
But remember what we discussed previously, it is not only about intention but about what information we can gather in this interaction that leads us to fairly assume the prospect is also a potential buyer.
We always need Intention plus Quality.
Why is Timing Important?
Apart from quality and intention we should also mention timing when talking about deal creation. Timing is important because it can greatly impact the outcome and success of the deal. Good timing can help to ensure that all parties involved are ready and willing to engage, that market conditions are favorable, and that resources are available.
On the other hand, poor timing can result in missed opportunities, increased competition, and reduced bargaining power. Timing can also affect the level of urgency and motivation of the parties involved, and can determine whether the deal will be completed on favorable terms.
So, to sum it up, when talking about deal creation we recommend always remembering these three words: Quality, intention and timing.
When to Close a Deal in HubSpot?
We believe that it's just as important to know when to close a deal, not just create it, that's why, we're going to give you some tips that you should keep in mind to close your sales process.
Just as the opening of the sales process is marked by the end of marketing work in the lifecycle stage, when there is a WON DEAL the end of the sales process is marked by the start of the service process.
As you may know, there are different ways to do it in HubSpot, the important thing is to set up an orderly transfer to make the most of the tool.
Some closing possibilities are:
- When the customer has signed the Service Agreement.
- When the customer has made the payment.
- When the payment is confirmed.
- When the onboarding process starts with a new team in charge.
Let us give you a quick tip to get the most out of HubSpot, always set notifications and clear tasks for the beginning and end of our pipeline, for example, when a marketing qualified lead becomes a sales qualified lead, or an opportunity becomes a customer.
This way all the teams in your company can be aware of the progress of a prospect and prepared for the next stage.
We hope you have gained a deeper understanding of HubSpot and how it works. Don't forget to check the useful links!