Deal management is the process your sales team uses to guide prospects through the pipeline of sales. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. It also includes post-sale management to ensure that your customers are satisfied and happy.
A strong focus on deal management allows your team to standardize practices to improve the quality of deals and eventually boost conversions. You’ll need to start by taking a look at your current sales procedure and identifying areas for improvement. You can then create internal protocols, playbooks or checklists that are specific to your investment process.
The benefits maximizing the benefits of a data room for m&a due diligence of focusing on deal management include:
Increased visibility into sales pipelinesInstead of keeping track of the progress of sales in different spreadsheets or emails teams can work together in real time in one secure location to manage their deals. This lets them decide which deals to prioritize based upon signals from the entire pipeline.
Improved efficiency — By automating and simplifying the process of moving deals forward your sales team can spend less time focusing on admin tasks and more time focused on activities that are high-value. Utilizing a software to automatically notify the person who will be involved in the handover, you can reduce the amount of time spent on manual tasks and the possibility of missing crucial details.
Improved performance monitoring Analyzing deal data can render some lightbulb moments for your teams on how they can improve their performance at different stages of the investment process. If you realize that you’re losing deals due to poor pricing, then you can employ a tool to optimize your discount levels.