Deal management is a process which involves overseeing and coordinating the sales opportunities and negotiating the terms and making sure everyone is satisfied with the result. A deal management system is a computer tool that will optimize the entire process. It offers an integrated platform to manage pipelines, and helps ensure that agreements are moving along in the manner that is expected.
Streamlined Workflows
Standardized processes and best practice for handling opportunities can prevent stages in deal making common roadblocks such as inadequate security documentation or sending out incorrect proposals from causing delays in a sale. Additionally, when all team members have access to the same processes, even the most novice rep can quickly get involved in an opportunity and make the best decisions to make the deal move forward.
Aim High
In negotiations, you must be focused on your client’s goals and the benefits of the solution that you’re presenting. This will prevent you from getting bogged down in discussions of pricing details and the minutia of the contract. It’s important to have an idea in mind of the moment that you’re prepared to end a negotiation–your ‘Walkaway Point’.
To avoid costly mistakes and revenue loss to avoid costly mistakes and missed revenue, you must plan ahead and forecast expected revenue as early as possible. To achieve this, use predictive analytics tools that can produce accurate real time sales projections. These tools are able to take into account various factors like the stage of the deal and the likelihood of closing.