Deal management is the process of defining precise deal parameters that allow sales teams to manage the sometimes challenging task of closing complicated transactions. It involves coordinating the task of writing, finalizing, and publishing the deal binder/ closing book; and ensuring that the contract is executed in a specified timeframe. By creating clear processes that enable sales reps, companies can speed up the closing of each deal and earn more revenue faster.
Effective deal management eliminates inefficiencies caused by human error or personal preference. Sales reps are able to engage more proactively with an improved deal process. Relevant behavior is strengthened by a repeatable procedure and the client experience is improved by consistent messaging.
In addition, having a robust procedure in place will allow you to pinpoint and address any issues that could arise before they become a problem. It will help you produce accurate and reliable sales forecasts and make sure your team follows best practices at each opportunity.
To maximize your deal management efforts, make sure you invest in a CRM that automates the entire process and allows you to design unique pipelines and gives you the latest information about every opportunity. With up-to-date data, visual reports, and AI-driven prediction, your team can make better choices that result in faster sales, more efficient sales and better business results. Freshsales is a good example. It lets reps see their pipelines and deal data all in one location. It allows them to drag and drop deals to increase precision.
