“Customer is the king, so is their relationship”
For anyone who is working on sales he or she doesn’t need to be told that customer is the king every sales process revolves around customers.
It takes a lot of effort and hard earned money to develop your prospective customers database
You get your prospective customers from a lot of mediums like social media paid ads website visitors Google searches etc.
There are businesses where did dedicate their sales team in reaching out to these customers or I should say prospective customers or leads and then the sales teams contact each one of them and follow their sales process.
But during this process it has been seen that a lot of Leeds are lost due to improper follow-ups
Before going further let us understand what is deal management and how it should work,
Even before that let us understand who needs it.
The perfect deal management strategy
Any organization that sells products or services in a B2B modeled or to end customer where disclosing cycle is a bit longer and requires multiple interactions between the sales team and the customer
Such organizations need to have a proper deal management system in place so that they don’t lose their deals
A survey shows that profits can be increased by around 40% just by managing the deals properly
In a sales process there are a number of leakages which can be avoided by using a proper deal management system
Let us explain this by taking an example of a source-based B2B product.
You can replace this product with any automation solution like a photo copier machine or white consumer goods or any similar products.
Let’s see how your sales process starts,
First you get a list of prospective customers through several mediums and you give it to your sales team
Your sales team then contact each of your each of these customers either by visiting or by calling or by email or by SMS or WhatsApp.
Based on the customers response your sales team marks their action for next follow-up which could be another visit or call or another interaction in anyway
During these interactions there is a time when customers are educated by means of presentation or demonstration and then a proposal is sent to the customer.
Based on the proposal Your team may undergo negotiation and finalization of your solution and close the deal
Okay so far this all looks hunky-dory everything looks perfect but does it work so seamlessly
The answer would be no,
It has been observed that for companies like a source-based product often has 1 to 2% conversion rates out of the total number of days they are pursuing.
So how to improve your conversion rate,
By having a proper mechanism to monitor process and to action is your sales teams properly you can actually increase your conversion rates to almost double
There are various software tools available which provide you details and pipeline management for your sales team
Let’s see how you can use them
Deal management via CRM
Looking for a CRM product that specialize in deal management and covers all the deal stages
Nobody stages I mean creating contacts marking their priority and hot warm cold then they should have a customer interaction history so whenever your sales team open the contact they should have the entire history of interactions with that particular customer.
Then there should be capabilities for alert mechanism for daily follow-ups and interactions that are required based on the previous interaction with the customer
Manage and Access Deals from a Single CRM Platform
Let’s take the example of one such CRM software product call TimeKompas
It has got a very simple UI over a mobile app in which your sales team can simply login and see how many leads or deals and what are the action items today.
They can simply follow the action items which I coupled with smart reminders and start interacting with the customers
There are various reports like no action taken follow-up missing lead is not called reports etc. which will help your sales team as well as yourself to monitor and track each and every deal and avoid any kind of leakages.
Here is a small representation of how it works
With such a system your team would love to work on the details and forget about keeping notes in Excel or the notebooks and simply keep on working on what is required.
And you on the other hand can focus on maximizing your business by preparing strategies and planning instead of worrying about checking each and every deal yourself which help to grow your business.
Hope this helps.