3 Simple Steps To Close A Sales Deal 🤝
How to Close a Deal
From the first impression to the final signed contract, successful sales presentations and the deals that follow usually consist of a variety of proven techniques and components. To become a deal closing professional and close a deal in any industry, you'll need to get your client to agree to the deal, agree upon the terms and conditions of the deal, and then sign your business contract to close the deal.
Getting the Deal
Develop your pitch and prepare.You'll need a comprehensive knowledge of your product or service, but you should also know which facets of your product or service your client is most interested in. Have a list of key features that sets your product apart from the rest, and avoid giving a presentation that is generic and doesn't engage your audience.You might also read up on how to deliver a good pitch. You can prepare for your pitch by:
- Making an appointment to meet with clients and give your pitch.
- Adjusting your product presentation to meet client expectations.
- Grooming, if necessary (haircut, manicure, etc.).
- Choosing your clothing for the meeting.
- Mapping out your route to the meeting.
Investigate your client's financial health.You don't want to waste your valuable time during the workday pursuing a deal that a client can't afford. If you are meeting with a representative of an established company, you should look into the business history of that company.This may involve:
- Investigating profit making/spending trends
- Checking stock history (for large companies)
Review your pitch prior to meeting with clients.Take every opportunity you have to test and refresh yourself on the organization of your pitch. You may want to practice your opening in the car, or review product information while in the elevator. The night and morning before your pitch, look over your outline and information, both to review and to be certain that your materials are well organized.
Express terms clearly from the outset.You might feel a little self conscious talking about money or compensation early in your presentation. However, by clearly stating the terms of your deal and your expectations, you can save yourself from spending time and effort trying to close a client that isn't willing or able to meet the conditions of your deal.
Execute your pitch.In your mind you should have a clear idea of the order in which you will present your product or service. Identify any areas that seem weak, or even areas a similar product might surpass your own, and think of how you might address these points with your client.
- Stay confident under pressure and make the best use of your prospect's time. From the moment you arrive, you're on the spot to perform.
- A firm handshake and a warm smile are important, but avoid too much small talk. Look your potential client in the eye and get down to business.
Confirm the deal.All potential deals have a something in common: there's a decision to be made. While a "yes" from a junior executive or assistant may not be the final step, your job is to get to the next decision maker. After you have made your pitch, ask if the terms of the deal are acceptable and any additional steps that need to be taken.
- Subordinates are great allies. If you are respectful and convincing, they may accept you as part of the team and want to help you succeed in closing the deal.
- An initial "no" doesn't always mean your deal will fall through. "No," in some cases, can indicate that your client is interested in negotiating terms of your deal.
Work through the points of your deal.To be sure the terms and expectations of each part of your deal are acceptable to both parties and understood, you should address each point of your deal one by one. Larger deals can take several meetings to clarify the terms and language of the deal.
- By patiently addressing each aspect of your deal, you can help prevent your client from backing out last minute with the excuse, "I didn't know."
Manage your emotions.The ability to control the mood is the hallmark of a great closer. In most cases, your prospect will prefer a confident and light attitude. But always be aware of the atmosphere. Humor can be a powerful tool for building rapport, but can sometimes be inappropriate.
- Practice using and reading body language. You can best control the direction of the presentation by avoiding confrontational words and moves. Your prospect will respond most positively if he sees you as an ally, not an adversary.
Commit your client to the deal.This technique is also called the "assumptive close." With this technique, the goal is to ask your client a question that, when answered, serves as passive agreement to the deal.Be careful if you employ this closing maneuver, as inexpert use might make you appear manipulative. Some examples phrases you might use for an assumptive close are:
- Who should I forward this contract to?
- Can you think of any reason that, if we remained at this price, might prevent your company from doing business with ours?
Set a time limit for your deal.You will need to agree upon a time limit beforehand with your client while discussing the terms of your deal, otherwise he might feel like you are trying to pressure him into an agreement. Once the client has agreed to the timetable, you can arrange deadlines according to both parties' schedules.
- This strategy is very useful as a stepping stone to the final closing of a deal as well.Once a timetable has been set, you should check in with your client to see that in between steps are being finished in time for closing.
Ask directly for the sale, if appropriate for your situation.This is a very safe technique to employ, as it does not come across as manipulative.If your pitch has gone well, at the end of your presentation you might simply say:
- "I believe I've answered all your questions. If you don't have any more, shall we move forward?"
Signing the Contract
Evaluate your contract.Even if the legal team of your company has prepared the contract you will be using, it's best to at least skim the document to make sure it is the contract you need and all necessary components are in place.Every contract should have:
- An offer.
- An acceptance of the offer.
- Sufficient and clear "consideration" as to the exchange that will occur with the acceptance of the offer.
Identify the legal parties who will sign the contract.Legally, this may include a person authorized to bind a company to an agreement, a corporation, or a limited liability company (LLC). Clearly determine who will be signing the contract and whether or not that person has the legal ability to sign your contract.
Check for deviations in wording.Errors in wording can render your contract null and void, which can lead to legal repercussions down the road.If you are dealing with a company that uses a fictional name, this information should be included along with the full legal name of the company with which you are doing business. An example of this might look like:
- This agreement, dated March 12, 2019, is between ACME INDUSTRIES, INC., a Michigan corporation, and JOHN SMITH CONSULTING, INC., an Ohio corporation doing business as the Consult Expert.
Verify that you are using the correct legal entity.An unaware business owner or client might not know the consequences of using a fictional business name or using an imprecise Doing Business As (DBA) company name. A sole proprietorship, as an example, is not separate from its owner in legal terms.Check and be sure that you have the correct full name for the company or legal entity you are signing a contract with.
- Company names and DBAs can be checked at the Secretary of State, or in the state records of the state the company was formed. Many of these searches can be done online for free, though some states may charge a small fee.
Re-confirm the terms of contract and sign.Take a moment before signing to go over the terms of your contract with the signing party. Double check that the person signing is the legally correct person to enter into a contract with you. Once the terms are approved, have all necessary properties sign and date the contract.
- Depending on the nature of your service, try to make appointments to save time, which is especially valuable if you're working on a commission basis. Be punctual.
- Sales professionals know the power of a kind word or a gift. Something as simple as chocolates or a gift basket can lighten the mood and open doors with secretaries or receptionists.
Video: How to Close a Sale - 5 Reasons Clients Don't Buy - M.T. N.U.T.
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