Imagine your sales team juggling multiple deals at once. They’ve got meetings, follow-ups, and deadlines to manage, and it feels like the weight of the world is on their shoulders. Sound familiar? Well, what if we told you there was a way to make your life easier? A way to streamline your sales process and close more deals? That’s where deal tracking software comes in.
We’ve seen first-hand how deal tracking software can transform a sales organization. That’s why we’ve compiled a list of the 10 best deal tracking software for 2023. Each software solution will help you stay organized, focused, and efficient, so you can focus on what you do best – selling.
So, if you’re ready to take your sales game so the next level, keep reading. The possibilities are endless with the right deal tracking software at your fingertips.
What is a Deal Tracking Software?
Deal tracking software is a tool that helps sales professionals manage their sales pipeline by keeping track of all their deals in one central location. Deal tracking software provides an overview of each deal’s status, from initial contact to final close, allowing salespeople to quickly and easily assess the state of their pipeline.
Let’s say you have dozens of deals in your pipeline, ranging from small accounts to large enterprise deals. A deal tracking software will allow you to see deals that:
- are in the negotiation phase
- need follow-up calls
- are on track for a close
Think of deal tracking software as a solution that provides a bird’s eye view of your entire sales pipeline, allowing you to stay organized and focused on closing deals.
Deal Tracking Challenges that Set Back your Sales Efforts
Here are some challenges your sales team can frequently face without deal tracking software:
1. Lengthy sales cycles
Many B2B deals have long sales cycles, which can be frustrating for sales teams eager to close deals quickly. Without proper tracking and follow-up, it’s easy for deals to get lost in the shuffle.
2. Multiple decision-makers
In many B2B sales situations, multiple decision-makers are involved, each with their priorities and preferences. This can make it difficult to navigate the sales process and close deals timely.
3. Limited visibility
Without a clear view of your entire sales pipeline, it’s easy to overlook important details and miss opportunities. It is especially true if you’re working with a large volume of deals or multiple sales reps.
4. Changing requirements
B2B deals often involve complex requirements and specifications that can change over time. Keeping track of these changes and adapting your sales approach can be a major challenge.
Pitfalls of Incorrect Deal Tracking
Incorrect deal tracking can have serious consequences for your sales efforts. Let’s take a closer look at some of the most common pitfalls that can arise:
1. Missed opportunities
If you’re not keeping track of your deals properly, it’s easy to overlook important opportunities. You can expect missed sales and lost revenue.
2. Inaccurate forecasting
Accurate forecasting is essential for planning and resource allocation. Making informed decisions about your sales strategy and resource allocation is difficult without accurate data.
3. Poor customer experience
If you’re not tracking your deals properly, it’s easy for important details to slip through the cracks. It can lead to a poor customer experience, damaging your reputation and chances of winning future business.
4. Inefficient sales processes
Without a clear view of your sales pipeline, it’s difficult to identify inefficiencies and bottlenecks in your sales process. You will waste time, resources, and missed opportunities to close deals.
What Does a Deal Tracking Process Look Like?
Once you have generated leads, the next step is to track them through the sales process until they are closed. Here’s what a typical deal tracking process looks like from that point:
1. Lead management
You’ll need to manage your leads carefully to ensure they smoothly move through the sales process. You should focus on assigning leads to specific sales reps and setting up follow-up tasks.
2. Sales pipeline
Tracking each lead’s progress through your sales pipeline involves using a visual pipeline tool that shows where each lead is in the sales process. The typical stages are “prospect,” “qualified lead,” “proposal sent,” “negotiation,” and “closed won.”
3. Sales forecasting
Tracking your sales forecasting is important as leads move through the sales pipeline. You can plan for future revenue and allocate resources appropriately.
4. Sales reporting
You’ll need to generate regular sales reports to keep track of your progress and identify areas for improvement. Include metrics like deal size, win rate, and average sales cycle length.
Sales is a team effort, and it’s important to collaborate effectively with everyone involved. Consider using collaboration tools like shared calendars or project management software to manage your deals effectively.
Deal Tracking Examples
To help illustrate how deal tracking works, let’s look at an example:
Let’s say you work for a software company that sells enterprise-level software solutions to large organizations. You’ve just generated a lead from a Fortune 500 company and are excited about the potential opportunity.
Here’s how your deal tracking process might unfold:
1. Lead management
You assign the lead to a sales rep and set up a follow-up task to contact the prospect.
2. Sales pipeline
The lead is entered into the sales pipeline as a “prospect.”
3. Sales forecasting
You update your sales forecast to include the potential value of the deal based on the size of the organization and its potential need for your software.
4. Sales reporting
You generate a report showing the number of prospects in your pipeline, including this new lead.
5. Pipeline progression
Over time, the lead progresses through your sales pipeline from “prospect” to “qualified lead” to “proposal sent” to “negotiation” to “closed won.” You track each step of the process carefully, making notes and updating the profile as needed.
10 Deal Tracking Software for 2023
Now that you know everything about deal tracking, it’s time to look at the software solutions that can help you. Here’s our pick of the top 20 deal tracking software:
Nektar is one of the best deal tracking software that helps businesses spot real opportunities sooner, progress deals faster, and ultimately drive revenue growth. One of the key benefits of Nektar is its ability to automatically analyze every buyer interaction, providing valuable insights and actionable intelligence to sales teams.
Using advanced algorithms and machine learning, Nektar can identify upside and at-risk opportunities in real time, enabling sales teams to focus their efforts where they’re most needed. Nektar helps sales teams prioritize their time and resources, ensuring they’re always working on the most promising deals.
- Offers the buyer-seller activity as a key leading indicator to understanding the deal progression
- Allows time measurement at each stage to optimize sales cycles
- Identifies high-value opportunities that require more focus
EngageBay is an intuitive deal tracking software that helps businesses manage every individual lead in their sales pipeline. The software enables businesses to streamline their lead flow, view important information about each lead, and close deals more efficiently.
Businesses can filter and sort their leads based on different criteria, such as lead source, lead score, and lead status. It helps businesses prioritize their leads and focus on those most likely to convert into paying customers. The software also allows businesses to set up automated workflows that move leads through the pipeline based on their behavior and actions.
- Unified sales lead information
- Centralized client data
- Estimated revenue generation forecast
3. Kapture CX
Kapture CX offers an intuitive interface that makes it easy for businesses to keep a tab of their leads and prioritize them. The software helps businesses optimize their relationships with clients, boosting sales. The software allows businesses to set up custom hierarchies and view their sales performance data at different levels of the organization.
Businesses can identify trends and opportunities for improvement and track the progress of individual sales reps and teams. It also provides businesses with various tools to help them engage with their clients more effectively, such as effective personalization. Businesses can build stronger relationships with their clients and increase the chances of closing deals.
- Omni-channel support
- Integrated sales monitoring
- Easy API compatibility
4. Salesmate CRM
Salesmate CRM comes equipped with a sales activity tracker, which allows you to plan and stay on top of your sales pipeline. With Salesmate CRM, you can easily track your team’s activities and monitor their progress in real-time. This feature is particularly useful for sales managers who need to keep tabs on their team’s performance and identify areas for improvements.
You can use the software to automate repetitive tasks, like sending follow-up emails or updating your CRM system. It will help free up your team’s time and allow them to focus on more important tasks like closing deals and generating revenue.
- Automates sales activities and playbook
- Sales timeline for easy tracking
- Smart calendar view
Pipedrive is another excellent option that allows you to create the stages of your sales funnel. You can easily track your deals and stay organized throughout the sales process. With Pipedrive, you’ll receive automatic alerts and reminders to stay on track and ensure no deal falls through the cracks. These notifications are customizable and can be set up to suit your specific needs and preferences.
Pipedrive also has advanced analytics capabilities that provide a range of useful metrics and reports, allowing you to identify opportunities to close more sales and improve your overall performance. The platform also incorporates AI technology to help you prioritize leads and identify which deals will likely close successfully.
- Visual sales pipeline
- Customizable pipeline
- Team collaboration
Insightly helps businesses stay on top of their sales pipeline through its customizable dashboards. Users can break down the data they want to track in a way that makes sense for their business. Whether you’re interested in tracking deals by stage, salesperson, or product, Insightly can help you do it.
But what really sets Insightly apart is the way it presents data. Rather than just showing you a list of deals and their associated data, Insightly provides that data in a visual format. You can see at a glance how your sales team is performing, which deals are most likely to close, and where you might need to focus your efforts to improve your bottom line.
- Streamlines sales pipeline
- Personalizes customer journeys
- Elevates the customer experience
Nutshell provides real-time insights into sales performances and is an ideal tool for businesses looking to optimize their sales process and stay on top of their game. With Nutshell, you can instantly view and track your sales performance, helping you make more informed decisions.
With this software, you can get a clear picture of your sales trends and make any necessary adjustments to your sales strategy. This feature can help you identify any potential issues early on and take proactive steps to address them.
- Sales forecast
- Lead volume monitoring
- Lost deals analysis
Salesflare is designed to help businesses stay on top of their deals and make more informed decisions. The software allows you to get all your opportunities in one smart overview. This feature helps you stay organized and saves you time by eliminating the need to switch between different apps or tools to manage your deals.
Salesflare also intelligently brings the opportunities to the surface for which action is due. The software can help you stay on top of your deals and ensure that you never miss an important deadline or task. Salesflare uses automation to help you focus on the opportunities that require your attention, saving you time and helping you close more deals.
- Email tracking
- Website tracking
- Link tracking
BIGContacts helps businesses manage their sales pipeline more efficiently through features that make it easier to stay on top of deals. The comprehensive dashboards provide an overview of all sales-related activities. This feature makes it easier to track progress and identify focus areas.
The custom sales stages allows you to define your own sales process and track progress against it. By customizing your sales stages, you can achieve better sales efficiency and ensure that all deals are progressing smoothly through your pipeline. It will help you streamline your sales process and close more deals in less time.
- Visual sales pipeline
- Unified sales data
- Smart reports and predictions
FreshSales has the ability to simplify event tracking by providing a chronological timeline view into the engagement levels of customers. You can to see all customer interactions in one place, making it easier to track the progress of your deals and identify any areas where you need to focus your efforts. With FreshSales, you can get a complete picture of your customer’s journey and make more informed decisions.
FreshSales’ deal pipelines give you complete visibility into the various stages your deals are in. You can see where each deal stands in your sales process, so you can easily identify any bottlenecks or areas for improvement. You can also customize your deal stages to match your sales process and track your progress against your goals.
- Activity timeline
- Deal pipeline
- Performance activity sales reports
The world of sales is constantly evolving, and deal tracking software has become an essential tool for businesses looking to stay ahead of the game. The 20 deal tracking software we’ve covered in this guide offer unique features and benefits to help you manage your sales pipeline more effectively.
Using deal tracking software will allow you to streamline your sales process, improve customer engagement, and close more deals in less time. With so many great options available, there’s no reason not to start using a deal tracking software today.
So, take some time to review the list and find the best deal tracking software for your business. With the right deal tracking software, you’ll be able to grow sales and increase your revenue.
- What is the best application to track sales?
The best deal tracking software will depend on your business needs and sales process. Some popular options include Nektar, HubSpot Sales, Salesforce, and Pipedrive.
- Which software is used to track sales?
There are many deal tracking software options available for tracking sales, including Nektar, Salesforce, Pipedrive, and FreshSales.
- How do you track sales deals?
To track sales deals, you can use deal tracking software specifically designed for this purpose. Many of these software options offer features such as deal pipelines, custom sales stages, and dashboards to help you track and manage your deals effectively.
- What is the best deal tracking software?
The best deal tracking software depends on your business needs. Some popular options for sales tracking tools include Nektar, HubSpot Sales, Salesforce, and Pipedrive.