Deal management is a procedure 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. Also, post-sales management to ensure that your customers are satisfied and happy.
A strong focus on deal management will allow your team to standardize procedures to improve the quality of deals and ultimately boost conversion rates. To get started you’ll need to evaluate your current sales procedures and identify areas of improvement. You can then create internal procedures, playbooks, or checklists that are tailored to your investment process.
The benefits of a focus on deal management include:
Improved visibility of sales pipelinesInstead of tracking the progress of your sales pipeline on various spreadsheets or via emails, your team can work in real time in a single secure place to manage their deals. This lets them prioritize deals based on signals from the entire pipeline.
Increased efficiency — By automating and reducing the process of moving deals forward Your sales team can spend less time on admin tasks and can spend more time on more valuable activities. Utilizing a software to automatically notify the next person involved in the handover process, you can reduce the amount of time spent on manual tasks as well as the risk of omitting crucial details.
Improved performance monitoring Data analysis can provide the teams with a lightbulb moment on how they can improve their performance at different stages of the investment process. If you discover that you’re losing deals due to poor pricing, then you should use a tool to optimize your discount levels.
April 17, 2024
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