Deal management is a process that encompasses all the steps your sales team takes to move prospects through your pipeline of sales. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. This also includes post-sale marketing to ensure that your clients are satisfied.
A keen focus on deal management allows your team to standardize processes and improve the quality of deals, and ultimately boost conversions. It’s best to begin by looking at your current sales process and identifying areas where you can improve. You can then create internal protocols, playbooks, or checklists that are tailored to your investment process.
The benefits of a focus on deal management include:
Visibility of the sales pipeline improvedInstead of tracking the progress of your sales pipeline on various spreadsheets or in emails your team can work in real-time in one secure place to manage their deals. This lets them decide which deals to prioritize based upon signals from the entire pipeline.
Increased efficiency — By automating and reducing the process of moving deals forward Your sales team can spend less time focusing on admin tasks and instead focus on activities that are high-value. For instance, using software that will automatically inform the next person involved in the handover process can reduce the time spent on manual tasks and the risk of omitting important details.
Better performance monitoring — The analysis of deal data can provide some lightbulb moments for your teams on how they can improve their performance at different stages of the investment process. If you notice that you are losing deals due to poor pricing, then make use of a tool to improve your discount levels.
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