Deal management is the process your sales team uses to move prospects along the pipeline of sales. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. Additionally, it includes post-sales administration to ensure your clients are satisfied and happy.
A concentration on deal management enables your team to standardize practices and improve the quality of deals and eventually increase conversion rates. It’s best to begin by taking a look at your current sales procedure and identifying areas where you can improve. From there, you can create internal procedures, checklists or playbooks specifically tailored to your specific investment procedures.
The benefits of focusing on deal management include:
Increased visibility into sales pipelinesInstead of keeping track of their progress in disparate spreadsheets or emails, your teams can work together in real-time in a secure place to manage their deals. This helps them prioritize the right deals based on valuable signals from across the pipeline.
Increased efficiency — By automating and simplifying the process of moving deals forward your sales team can spend less time focusing on admin tasks and instead focus on the most valuable tasks. For instance, using a solution that can automatically notify the next person during the handover process can reduce the time that is spent on manual tasks and increases the chance of omitting important details.
Better monitoring of performance – Analyzing the data from deals can give your teams a lightbulb moment on how to improve their https://chambre.in/merrill-corp-datasite-things-to-know/ performance at various stages of the investment process. If you notice that you are losing deals because of poor pricing, then you can make use of a tool to improve your discount levels.