Deal management is a method which encompasses the entire process your sales team uses to move prospects through your sales pipeline. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. This includes post-sales marketing to ensure that your customers are happy.
A keen focus on deal management can allow your team to standardize processes and improve the quality of deals and eventually increase conversion rates. To get started you’ll need to evaluate your current sales processes and pinpoint areas unlocking the full potential of VDRs in strategic collaborations for improvement. From there, you can create internal protocols, checklists, or playbooks tailored to your unique investment procedures.
The benefits of a focus on deal management include:
Increased visibility of sales pipelinesInstead of tracking their progress on different spreadsheets or via emails, your team can collaborate in real-time, in a secure location 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 administrative tasks, your sales team will be able to devote more time on activities that are worth their while. For instance, using software that will automatically notify the next person in the handover process can reduce the time that is spent on manual tasks, and also the possibility of omitting crucial details.
Better performance monitoring – analyzing information from deals could give your teams a lightbulb moment on how to improve performance at various stages of the investment process. If you discover that you are losing deals due to poor pricing, then you can utilize a tool that will help you optimize your discount levels.