Deal management is a method that encompasses all the steps your sales team undertakes to guide prospects through the pipeline of sales. This includes prospecting, qualification, needs analysis, proposal/presentation, negotiation/objection handling, and closing. This includes post-sales marketing to ensure that your customers are happy.

A keen focus on deal management allows your team to standardize practices and improve the quality of deals and eventually increase conversion rates. It’s best to begin by looking at your current sales process and identifying areas that could be improved. From there, you can develop internal protocols, checklists or playbooks tailored to your unique investment procedures.

The benefits of focusing on deal management include:

Visibility of the sales pipeline improvedInstead of keeping track of their progress in a variety of spreadsheets or in the pivotal role of VDRs in asset management and acquisitions emails, your team can work together in real time in a single secure location to manage their deals. This allows them to make decisions based on data from the entire pipeline.

Increased efficiency By automating and cutting down on the administrative tasks, your sales team can spend more time on high-value activities. For instance, utilizing software that will automatically inform the next person involved in the handover procedure reduces time that is spent on manual tasks, and also the possibility of omitting crucial details.

Better performance monitoring — Data analysis can provide the teams with a lightbulb moment on how to improve their performance at different stages of the investment process. If you discover that you’re losing deals because of poor pricing, then employ a tool to optimize your discount levels.