Deal management is the process of overseeing and organizing sales opportunities, negotiating terms and making sure that all parties in the transaction are satisfied with the final result. A deal management system is a computer instrument that can improve the entire process. It is an integrated platform to manage pipelines, and helps ensure that agreements are moving along according to the plan.
Streamlined Workflows
Standardized procedures and best practices for dealing with opportunities throughout the sales process can prevent common roadblocks, for example, insufficient security documentation or sending out inaccurate proposals, from causing the process. If all team members are connected to the same workflows, a novice rep can quickly handle an opportunity, and make the right decision to move the negotiations forward.
Aim High
In negotiations, you must stay focused on your customer’s goals and the return on investment of the solution that you are offering. This can keep you from getting bogged down in discussions about pricing details or the specifics of the contract. You should also have a ‘Walkaway point’ in mind, which is the point at which you’re ready to leave any negotiations.
To avoid costly mistakes and lost revenue, it’s crucial to plan ahead and forecast expected revenue from a deal as early as possible. To do this, use predictive analytics tools that take into consideration several factors such as the stage and likelihood of closing to create accurate and real-time sales projections.