navigating the nuances of IPOs with VDR’s expert tools
Deal management is a procedure which encompasses the entire process your sales team performs to help prospects move through 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 happy and satisfied.
A keen concentration on deal management enables your team to standardize processes, improve the quality of deals and eventually increase conversion rates. To begin you’ll need to analyze your current sales procedures and identify areas of improvement. You can then design internal protocols, playbooks or checklists that are specific to your investment process.
The benefits of focusing on deal management include:
Improved visibility of sales pipelinesInstead of tracking their progress on disparate spreadsheets or in emails, your team can work together in real-time in one secure place to manage their deals. This helps them identify the best deals in light of the important signals across the pipeline.
Increased efficiency — Through automating and simplifying the process of moving deals forward your sales team will spend less time on administrative tasks and spend more time on high-value activities. For instance, software that will automatically notify the next person during the handover process, reduces time spent on manual tasks, and also the possibility of omitting crucial details.
Better monitoring of performance – Analyzing the data from deals can provide your teams a nudge on how to improve performance at different stages in the investment process. If you find that you are losing deals because of poor pricing, then you should employ a tool to optimize your discount levels.