Deal management is a method that encompasses all the steps your sales team uses to help prospects move through the sales pipeline. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. Additionally, it includes post-sales administration to ensure that your customers are happy and satisfied.
A firm focus on deal management can allow your team to standardize processes, 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. Then, you can create internal procedures, playbooks, or checklists that are tailored to your investment process.
The benefits of focusing on deal management include:
Increased visibility of sales pipelines- Rather than tracking their progress on different spreadsheets or emails, your teams can collaborate in real-time from a secure location to manage their deals. This allows them to decide which deals to prioritize based upon signals from the entire pipeline.
Increased efficiency — By automating and reducing the process of moving deals forward, your sales team can spend less time focusing on admin tasks and instead focus on high-value activities. For instance, using software that can automatically notify the person who will be next in the handover process reduces the time spent on manual tasks, and also the possibility of missing important details.
Better monitoring of performance — The analysis of deal data can provide some lightbulb moments for your teams on how they can improve their performance at different stages of the investment process. For instance, if you notice that your company is losing deals due to poor pricing, then you can employ a tool to assist you in optimizing discount levels.