Deal management is the process that your sales team uses 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 clients are happy.
A firm concentration on deal management enables your team to establish a standard for practices and improve the quality of deals and ultimately virtual board room for intensive performance boost conversion rates. You’ll need to start by assessing your current sales process and identifying areas to improve. From there, you can create internal procedures, checklists or playbooks that are specific to your particular investment process.
Benefits of the focus on deal management are
Increased visibility of sales pipelinesInstead of tracking their progress in disparate spreadsheets or emails, your teams can work together in real time in a secure place to track their deals. This allows them to identify the best deals based on valuable signals from across the pipeline.
Efficiency increases — By automating and reducing the process of moving deals forward, your sales team can spend less time on administrative tasks and spend more time on high-value activities. With a solution that can automatically notify the next person who will be involved in the handover, you can cut down on time spent on manual tasks, as well as the risk of omitting crucial details.
Improved performance monitoring Data analysis can provide light-bulb moments for your teams on how to improve their performance at different stages of the investment process. For instance, if you discover that your company is losing deals due to poor pricing, you can employ a tool to aid in optimizing discount levels.
