Automation Sales Seal the Deal: A Look at How Automation and Deal Management go Hand-in-Hand Cameron Moneo Nov 13, 2020 8 mins read In the best of times, no deal is a guarantee for a sales team—that’s arguably why closing can be such a thrill. COVID-19 has introduced many new hesitations, concerns and risks into the already delicate deal-making process, forcing sales teams to step up their game. The teams that come out on top will be those that 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 company optimization. Because of its standardized nature, deal management can involve a host of extremely repetitive actions. In this post, we will discuss how Hybrid Automation solutions like Wrk can ease this burden of repetition, freeing sales teams to closely manage the concerns of potential buyers and build relationships with them that last beyond the deal. Challenges for Sales Teams During COVID Who among us foresaw—with the proverbial “20/20 vision”—how this year was going to shape up? According to the UN Department of Economic and Social Affairs, the global economy could shrink by 1% in 2020, counteracting a previous prediction of a 2.5% growth. Both B2B and B2C sales teams have been hit hard by this reality. Reports suggest that up to 50% of B2B buyers are freezing their purchasing budgets in response to COVID-19. Against these odds, sales teams face the challenging reality of having to continue to close deals, generate revenue and drive growth. Effective deal management affords increased visibility, so your sales team can see roadblocks before they happen. (Photo credit: Y. Peyankov) This tumultuous year has disrupted all facets of the sales process. With buyer concerns at an all-time high, sales teams need to spend more time listening, and adapting their approach, during the nurturing stages of a deal. Accurate data as well as capturing the shifting landscape is more vital than ever, as is a unified strategy, especially as sales teams work remotely. In fact, these are core components of any successful deal management strategy, no matter the climate. Why Deal Management Matters More in 2020 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. Later, we will explore some of the core aspects of deal management—and how these can be automated for cost-savings. First, we will cover the areas where sales teams stand to improve through effective deal management. Practicing consistency in your sales process is of mutual benefit to both sales teams and prospective buyers. A consistent deal management strategy will standardize deal parameters and exit criteria for sales reps, ensuring an aligned, repeatable process as well as the reduction of human error. On the buyer side, consistent deal management results in clearer messaging across the sales cycle, instilling the kind of knowledge and confidence that can convert 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.” Effective deal management also affords increased visibility over all stages of a deal, giving sales teams a real-time roadmap with which to avoid obstacles and help close deals. Deal management empowers sales teams to track where a potential deal stands, and identify at a glance why it may have stalled. From here, sales reps can seek the necessary approvals or make the appropriate deal adjustments to propel the process forward. With this greater sense of visibility comes a feeling of 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—and to make proactive, informed decisions—as prospective deals advance. 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 a sales team’s performance by directing them to keyed-in targets. Equipped with the appropriate blend of data and personal contacts, sales teams can tailor deal parameters—e.g. service offerings, potential discounts—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.” All in all, strategic deal management increases the odds of closing deals and of accelerating the sales cycle. Deal management is also fundamental to the sales review process, giving businesses access to data and insights that they can later use to optimize revenue-generation. All well and good, but deal management sounds…complex. Fear not: Wrk’s Automated Wrkflows are here to assist! Enhance your Deal Management Processes with Hybrid Automation It can grow tiresome to manually log each and every deal-nurturing step in your CRM. Likewise, administrative tasks can distract you from building stronger, more personal relationships with buyers. Below, discover how Wrk’s unique Hybrid Automation platform can help to improve and expedite 4 key aspects of the deal management process. Data Collection Collecting clean, up-to-date and properly consolidated data is crucial to the early stages of any deal. Armed with quality insights, a sales team can hone in on the aforementioned buyer-specific targets, and can even play the role of a valued strategic partner to prospective clients. Inputting data is also needlessly time-consuming for a sales team. Luckily, your data tasks can be fully entrusted to Wrk’s easy-to-use automation platform. From labelling data with a customized Wrk Action™, to aggregating massive amounts of sales data with a one-click Wrkflow, Hybrid Automation delivers timely, reliable data through a blend of human and machine processes. Sales teams can then focus their attention on deepening the buyer relationships that data collection paves the way for. Proper deal management can provide your team with a constant connection to ongoing deals they’re nurturing. (Photo credit: Ashkan Forouzani) Price + Inventory Access Price and inventory access help to establish that all-important, clear line of communication between a sales rep and a prospective buyer. A deal won’t close if the rep can’t efficiently show how pricing and inventory details directly address the buyer’s concerns. Access to price and inventory sheets can be instantaneous through automation, as can up-to-the-minute changes in pricing and inventory allocation. This leaves the sales rep time to mount a convincing case for the kind of meaningful ROI that justifies purchasing when budgets are tight. Collaboration + Accountability At the heart of deal management strategy is a unified sales team, with group accountability. This means having a team out in full force, managing multiple deals in parallel and at different stages of the sales cycle. 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 to keep everyone on track. Shorter Deal Lifecycle All of the above aspects point to a single desired outcome of deal management: a shorter deal lifecycle. With clear access to data and pricing, and a sales team collaborating on all cylinders, the journey of converting prospects to 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 that bots love, while you secure trust and communicate value through interpersonal contacts. Now is the time to spend resources wisely. Pivoting to an automation platform to ease the sales burden today could seal success in your deal management processes for years to come. Conclusion Hybrid Automation is an easy, scalable solution to the most repetitive aspects of deal management. With newfound bandwidth, sales teams can devote energy to the nurturing of qualified prospects, laying the solid foundations for a deal that can withstand the shakiest of times. To learn more about how Wrk’s Hybrid Automation solution can assist your sales team with deal management, visit our Wrkflows page. 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