Deal management is the process your sales team uses to guide prospects through the pipeline of sales. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. This includes post-sale marketing to ensure that your customers are happy.
A focus on deal management can allow your team to standardize practices, improve the quality of deals and eventually boost conversion rates. To get started you’ll need to analyze your current sales processes and identify areas that could be improved. You can then develop internal protocols, playbooks or checklists that are specific to your investment process.
The benefits of focusing on deal management include:
Enhanced sales pipeline visibility — Rather than tracking their progress on various spreadsheets or emails, your teams can collaborate in real-time in a secure place to manage their deals. This allows them to determine the most profitable deals based on valuable signals from across the pipeline.
Increased efficiency — By automating and reducing the process of moving deals forward your sales team will spend less time focusing on admin tasks and can spend more time on the most valuable tasks. For instance, utilizing software that will automatically notify the next person in the handover process, reduces time that is spent on manual tasks and increases the chance of omitting important details.
Better performance monitoring – analyzing data from deals can give your teams a lightbulb on how to improve their performance at different stages in the investment process. If you realize that you’re losing deals because of poor pricing, then you should make use of a tool to improve your discount levels.
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