Deal management is the method of observing and monitoring the progression of business opportunities through your sales pipeline. This includes identifying bottlenecks as well as delays, and then taking action to speed up or eliminate them. It is also crucial to ensure that all documents, contracts and other relevant information are stored in one central location in order that sales representatives and prospects can access them easily.
Management of business deals is a continuous process that requires patience and thoughtfulness. To ensure that both parties will be happy with the final deal it is crucial to negotiate in a fair and reasonable manner. It is also important to know when you should quit a bad deal. It is crucial to maintain solid business relationships, but in the event that the situation becomes untenable or detrimental to your company’s development and stability, it could be time to look at alternatives.
Proper deal management can help you increase revenue and decrease the number of deals that fall through. You can streamline your processes through virtual data storage: driving efficiency in deal-making the use of automation tools to support deal management and keep up-to date on information about prospects.
A good CRM will give you an overview of each phase of the sales process. Your team can spot deals more efficiently when they are aware of the different stages and exit criteria. For example in the event that a potential customer has not completed all required steps to make the sale move forward it is possible to set up a series of follow-up emails which will remind them to finish the remaining steps.
