Deal management is the process that involves coordinating and overseeing the sales opportunities and negotiating the terms and ensuring that everyone is happy with the outcome. Utilizing a specific digital tool, referred to as a deal management system could help to optimize the entire process, offering an integrated platform for managing pipelines and ensuring that agreements are moving forward as expected.
Workflows that are optimized
Standardized processes and best practices for dealing with opportunities throughout the sales cycle can stop common roadblocks, such as inadequate security documentation or sending out ineffective proposals, from delaying the process. Additionally, when everyone in the team has access to the same workflows, even a novice rep can quickly get involved in an opportunity and make the appropriate decisions to make the deal move forward.
Aim High
In negotiations, it’s important to keep your eyes on the goals of your potential client and their ROI for the solution you provide. This will prevent you from being caught up in the details of the contract or discussions about pricing. It’s important to have an idea in mind of the point at which you’re ready to leave the negotiation, your ‘Walkaway Point’.
To avoid costly mistakes and revenue loss to avoid costly mistakes and missed revenue, you must plan ahead and forecast anticipated revenues as early as you can. To achieve this, use predictive analytics tools to create accurate real-time sales projections. These tools account for aspects like stage and probability of closure.