Even during stable times, no deal is a guarantee for a sales team—that's why closing can be such a thrill. In the past few years, we've experienced shifts that have revealed concerns and risks. The deal-making process is a delicate balance, and sales teams need support. The teams that come out on top prioritize a robust, efficient deal management strategy.
The objective of deal management is not only to add new clients but also to track the sales process in detail for future optimization. Deal management can involve many repetitive tasks because it's so standardized. This post will discuss how automation solutions like Wrk can benefit your current team. Automation can free up your sales teams. With the extra time, they'll be able to handle the worries of potential buyers more carefully and build strong relationships.
Deal Management challenges for Sales Teams
Who among us has the foresight to anticipate all changes and new challenges? Sales teams have to work hard to keep closing deals, making money, and driving growth. Sales automation tools can save time and increase your chances to meet the right prospects. In fact, companies saw a 451% increase in qualified leads when automation software was used.
Effective deal management affords increased visibility, so your sales team can see roadblocks before they happen.
This tumultuous year has disrupted all facets of the sales process. Buyer concerns are at an all-time high, and the market appears quite saturated. 60% of companies who hadn’t implemented sales call automation tools said they didn’t do so because they thought implementation was too difficult. With easy onboarding and attentive support teams, implementation is easier than ever before. As more sales teams are working remotely, it's more important than ever to have accurate data and a clear picture of how things are changing.
Why Deal Management Matters More Today
As deal-making becomes more fragile, sales teams can build a solid foundation for success by having a proper deal-management process. We'll talk about some of the most important parts of deal management and how automating this process can save money in the future. First, we will cover the areas where sales teams stand to improve through effective deal management.
Your sales teams and potential buyers will benefit from a consistent sales process. A consistent deal management strategy will standardize deal parameters and exit criteria for sales reps, ensuring an aligned, repeatable process and reducing human error. On the buyer's end, clearer messages are sent throughout the sales cycle when deal management is done consistently. This gives the buyer the knowledge and confidence they need to turn a prospect into an opportunity.
"As deal-making becomes more fragile, sales teams can build on a solid foundation for success by having a proper deal management process in place."
Having an automation strategy
Effective deal management also affords increased visibility over all stages of a deal. You can give your sales teams instant reports to avoid obstacles and help close deals. Deal management empowers sales teams to track where a potential sale stands and identify why it may have stalled. Sales reps can move the process forward by getting the necessary approvals or making changes to the deal.
With this greater sense of visibility comes a constant connection to the deals that sales teams are nurturing. When leads turn into qualified prospects, time is of the essence. Effective deal management gives sales teams the tools, updates, and information they need to react. As potential deals move forward, these extra tools will help them make smart, proactive decisions. The same goes for existing client relationships; the constant connection of deal management can draw attention to both cross-and up-selling opportunities, thereby extending the customer lifecycle.
Lastly, deal management can enhance sales teams' performance by directing them toward keyed-in targets. When sales teams have the perfect blend of data and personal contacts, they can tailor deal parameters to suit the needs of prospective buyers.
"Effective deal management gives sales teams the tools, updates and information they need to react—and to make proactive, informed decisions—as prospective deals advance."
Overall, strategic deal management makes it more likely that deals will be closed and speeds up the sales cycle. Deal management is also a vital part of the sales review process. It is essential because it gives businesses access to data and insights they can use later to improve how much money they make.
All well and good, but deal management sounds complex. Fear not: Wrk's Automated Wrkflows are here to assist!
Enhance your Processes with Wrk
It can grow tiresome to update every deal-nurturing step in your CRM manually. Likewise, administrative tasks can distract you from building more robust, personal relationships with buyers. Below, discover how Wrk's unique Automation Platform can help to improve and expedite four considerations of the deal management process.
1. Instant Data Collection
In the early stages of any deal, it's crucial to get clean, up-to-date, and well-organized data. Armed with quality insights, a sales team can hone in on the aforementioned buyer-specific targets and even play the role of a valued strategic partner to prospective clients.
Inputting data is also needlessly time-consuming for a sales team. You can entrust your data tasks to Wrk's easy-to-use automation platform. From labeling data with a customized Wrk Action to aggregating massive amounts of sales data with a one-click Wrkflow, our automation process delivers timely, reliable data through a blend of human and machine methods. Then, sales teams can focus on getting to know buyers better, which is made possible by collecting data.
Proper deal management can provide your team with a constant connection to ongoing deals they're nurturing.
2. Quick Access to Price + Inventory
Price and access to inventory help a sales rep and a potential buyer get on that all-important, clear line of communication. A deal will only close if the representative can efficiently show how pricing and inventory details directly address the buyer's concerns. Through automation, you can get instant access to price sheets and inventory lists, as well as the most recent changes to pricing and how inventory is divided. These new tools give the sales rep time to mount a convincing case for the kind of ROI that justifies purchasing when budgets are tight.
3. Break down silos: Collaboration + Accountability
A unified sales team with group accountability is at the heart of the deal management strategy. Having a team out in full force, managing multiple deals in parallel and at different stages of the sales cycle, is pivotal. Once again, the increased visibility of deal management comes to the fore as teams share the responsibility for the roadmap to sealing the deal. As a diligent, albeit silent, collaborator, Wrk's Wrkflows can help keep everyone on track.
4. Shorter Deal Lifecycle, faster closing
All of the above points to one thing that deal management should aim for: a shorter deal lifecycle. With clear access to data and pricing and a sales team collaborating on all cylinders, the journey of converting prospects into buyers speeds up—a win for all parties. Expediting the sales process need not come at the sacrifice of human relationships. Let nimble, automated Wrk Actions handle the tasks bots love while you secure trust and communicate value through interpersonal contacts.
Now is the time to spend resources wisely. If you switch to an automation platform today to make sales easier, you could set up your deal management processes for success for years to come.
Our Hybrid Automation approach is an easy, scalable solution to the most repetitive aspects of deal management. With more time on their hands, sales teams can focus on nurturing qualified prospects and laying the groundwork for a deal that can stand up to the roughest times.
To learn more about how Wrk’s Hybrid Automation solution can assist your sales team with deal management, visit our Wrkflows page.