Deal management is a process that encompasses all the steps your sales team takes to move prospects through the pipeline of sales. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. Also, post-sales management to ensure your clients are satisfied and happy.
A strong concentration on deal management enables your team to establish a standard for practices, improve the quality of deals and ultimately boost conversions. It’s best to begin by taking a look at your current sales procedure and identifying areas to improve. You can then design internal procedures, playbooks, or checklists that are tailored to your investment process.
The benefits of focusing on deal management include:
Enhanced sales pipeline visibility -Instead of tracking their progress on different spreadsheets or emails teams can collaborate in real time in one secure place to manage their deals. This allows them to make decisions based on data from the entire pipeline.
Increased efficiency – By automating and reducing the administrative tasks your sales team will be able to spend more time doing high-value tasks. By using a solution to automatically notify the person involved in the handover, you can cut down on the time spent on manual tasks, as well as the risk of missing important details.
Better monitoring of performance — Data analysis can provide some lightbulb moments for your teams on how they can improve their performance at different stages of the investment process. For navigating the challenges of business integrations with VDRs example, if you discover that your team is losing deals due to inadequate pricing, you can employ a tool to aid in optimizing discount levels.