Deal management is a term used to describe a process which encompasses the entire process your sales team undertakes to move prospects through your sales pipeline. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. This includes post-sales marketing to ensure that your customers are happy.
A concentration on deal management enables your team to establish a standard for practices to improve the quality of deals, and ultimately boost conversions. To get started you’ll need to analyze your current sales procedures and pinpoint 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 tracking their progress on different spreadsheets or emails teams can collaborate in real time in a secure place to track their deals. This lets them make decisions based leading consultants in business mergers on data from the entire pipeline.
Increased efficiency – By automating and reducing the administrative tasks your sales team can spend more time on high-value activities. For example, using software that can automatically inform the next person involved in the handover procedure reduces time that is spent on manual tasks and the risk of omitting important details.
Better performance monitoring — Analyzing deal data can render the teams with a lightbulb moment on how they can improve their performance at various stages of the investment process. For instance, if you find that your team is losing deals because of poor pricing, you can make use of a solution that will assist you in optimizing discount levels.