Deal management is a process that establishes specific deal parameters to help sales professionals navigate the sometimes difficult task of closing complicated deals. It involves managing the work involved in writing, completing and publishing the closing book / deal binder, as well as ensuring that contracts are carried out within a timeframe. By establishing clear processes that enable sales reps to take the required steps to get a deal across the finish line, companies can cut down on the time it takes to close each sale and generate revenue faster.
Effective deal management eliminates inefficiencies that are caused by human mistakes and personal preferences. With the right deal parameters in place sales reps are empowered to be proactive, relevant behaviors are strengthened by having a repeated procedure, and the experience of clients improves when consistent messaging is used.
A robust process allows you to identify issues that could arise and fix them before they happen. It also helps you to create accurate and reliable sales forecasts, as as ensure that your staff is following the best practices for every opportunity.
To make the most of your deal management efforts consider investing in an automated CRM system that streamlines the process, enables you to design unique pipelines, as well as gives you real-time visibility into each opportunity. Your team will be able to make better decisions using fresh information, visual reports and AI-driven predictions. This will result in more efficient and quicker sales, and better business outcomes. Freshsales is a good example. It allows reps to view their pipelines and deal details in one location. It allows them to drag and drop deals to improve accuracy.