Deal management is the process of evaluating and managing sales opportunities, negotiating terms, and ensuring that all parties involved in the deal are pleased with the end result. Utilizing a special digital tool called a deal management system can help to optimize the entire process by providing a centralized platform to manage pipelines and ensure that agreements are progressing as expected.

Workflows that are automated

Standardized processes and best practices for dealing with opportunities throughout link the sales cycle can avoid common roadblocks such as inadequate security documentation or sending out incorrect proposals, from delaying the negotiation. When everyone in the team is capable of accessing the same workflows, the new rep is able to easily manage an opportunity and make the right choice to make the negotiation move forward.

Aim High

During negotiations, you must stay focused on your customer’s goals and the benefits of the solution you’re presenting. This will keep you from getting bogged-down in the minutiae of the contract and discussions regarding pricing. It is also important to keep a ‘Walkaway’ in mind that is the point that you’re willing to walk away from any negotiations.

To avoid costly mistakes and revenue losses, you should prepare for the future and forecast your expected revenue as early as is possible. To accomplish this, you should use predictive analytics tools to produce accurate and real-time sales forecasts. These tools are able to take into account various factors like the stage of the sale and the probability of closure.