Deal management is the process of defining precise deal parameters that aid sales teams in navigating the sometimes difficult task of closing complex transactions. It involves managing the process of drafting, completing and publishing the deal binder/ closing book; and making sure that the contract is completed within a timeframe. Through the creation of clear processes to empower sales reps, companies can cut down on the time it takes to close each deal and generate more revenue in a shorter time.
Effective deal management removes any inefficiencies caused by human error or personal preference. With refined deal parameters in place, sales reps are empowered to be proactive and engaged. Relevant behaviors are strengthened by having an ongoing process, and the customer experience improves through consistent messaging.
A well-designed process enables you to identify potential issues and fix them before they occur. It will help you produce accurate and reliable sales forecasts as well as make sure your team follows most effective practices at every opportunity.
To maximize your deal management efforts invest in a CRM system that simplifies the entire process, allows you to build unique pipelines, and gives you live insight into each deal. With up-to-date data, visual reports, as well as AI-driven predictions you can make smarter decisions that lead to faster sales, more efficient sales and better business results. Freshsales, for example, allows reps to see their pipelines and deal data all in one location. It allows them to drag and drop deals to improve accuracy.