Deal management is a term used to describe a process which encompasses the entire process your sales team performs to guide prospects through the sales pipeline. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. This includes post-sales sales marketing to ensure that your customers are satisfied.
Deal management is an excellent method to increase the efficiency of your team, improve practices and increase conversions. You’ll need to start by taking a look at your current sales procedure and identifying areas for improvement. From there, you’ll be able to create internal protocols, checklists, or playbooks specifically tailored to your specific investment procedures.
The benefits of focusing on deal management include:
Enhanced sales pipeline visibility -Instead of keeping track of the progress of sales in different spreadsheets or emails teams can work together in real time in a secure location to manage their deals. This allows them to prioritize the right deals in light of the important signals across the pipeline.
Increased efficiency by automating and reducing the administrative tasks your sales team can spend more time on tasks that add value. For instance, using software that can automatically inform the next person involved in the handover procedure reduces time that is spent on manual tasks and increases the chance of missing important details.
Better performance monitoring – Examining data from deals can give your teams a lightbulb moment on how to improve performance at various stages of the investment process. For instance, if notice that your company is losing deals due to poor pricing, you could make use of a solution that will help you improve discount levels.