Closing deals is part of doing business. The right deal allows us to accelerate business plans, and goals, achieve a return on investments and increase sales. However, negotiating and creating a win-win situation to close the deal of a lifetime, is not always for the faint of heart.
The average sales win rate is just 47%, according to the research by the RAIN Group Center for Sales Research. Closing a deal required skills, data, strategy, and technique: it is a coalition of both art and science. In this guide, we will go through the different stages of the process to close a deal that could make your business thrive.
How to Close A Deal?
Every business deal is a two-way exchange. With the dynamics of a business partner’s expectations evolving, you always have to be prepared to revise your approach and strategies.
Step 1: Research
Before planning out an effective strategy and executing it, it is crucial to evaluate your prospective business partner or customer. There are various business models like B2B, and each business model requires a different pitch strategy.
According to research conducted by Harvard Business Review, 50%+ of customer loyalty is based on the sales experience – from calling to closing. Entrepreneur and B2B sales leader Anthony Lannarino states that by caring enough you will become of value to customers: “If you get that part right, selling is easy”.
The first step to depicting your authenticity is to perform the groundwork. Understanding the dynamics of your client’s company can help you realize their perspectives and approach.
This will help you tailor-fit your pitch to match their expectations and earn their approval. Performing extensive research also provides insights and enables you to add a personalized touch to the pitch. You can also find some of the most lucrative and fulfilling business deals examples and derive insights.
Step 2: Discuss The Budget and Timeline
Often pursuing techniques and strategies on how to close a deal results in neglecting the budget and timeline attributes of the deal. Marcus says, “People respect you more if they get the truth as opposed to a bunch of fluff.”
Ensure that you clearly discuss what your business can offer to prospective clients and state the delivery timeframe. Outline the details and milestones of the entire process and showcase that you are ready to make modifications to suit your client’s needs.
This establishes your authenticity and depicts your organizational and planning prowess. One key point to note is not to over-promise your services, and this can ultimately backfire, and you may wind up with a dissatisfied customer and diminished credibility.
Step 3: Offer Solutions to Close The Deal
This is perhaps one of the most crucial steps in compelling your prospects to choose you. Sell the solution and not the products that your company offers.
Remember that your prospects are only interested in discovering a solution to their problem. Your product may be advanced or manufactured using state-of-the-art technology; however, the pitch will fail if you do not convey how your product would solve the problem. Appeal to their specific needs and help them envision the benefits of accepting this deal.
Step 4: Endure Objections and Resolve The Issues
It is natural to encounter concerns and objections pertaining to your pitch. Your pitch might be compelling however your prospects will have some unresolved queries.
Ensure that you are well prepared for them so that you do not feel off-guard. Listen to their queries and resolve them in a way that satisfies and validates their concerns.
Step 5: Ask for The Sale
Once you feel that your prospect is happy with your answers, ask for the sale directly. To create a sense of urgency, you can also set deadlines but make sure that they are realistic and that your prospects feel comfortable and certain while announcing their decision. This is the pinnacle step in “how to close a sales deal guide.”
Step 6: The Follow-Up
As tempting as relaxing seems, any “how to make a deal” guide will emphasize why following up with the post-deal process is essential. Since you usually aim for long-lasting relations, ensure that you utilize this opportunity to showcase how responsive you and your entire team are.
This consistent interaction throughout the process acts as a stimulant in strengthening the relationship and loyalty.
Being successful in making deals means thinking about how to close a sales deal in the most effective and efficient manner. With this how-to close a sales deal tips article, you can augment your odds of winning a deal and reaping direct deal profits! Make a compelling pitch, and be patient and confident to close the deal!
- What is deal origination, and does it help close the deal?
Deal origination is a process during which you source various investment opportunities and find suitable targets. This process ensures that you shortlist your targets and make the right decision to benefit your business.
- What kind of businesses can find opportunities on Opportunity Network?
Opportunity Network offers myriads of business opportunities to businesses irrespective of their niche or scale. Every CEO and business leader will find abundant and exciting worldwide offers.
- How to close a sales deal by using closing techniques?
There are various closing techniques like summary close, a sharp angle close, demonstrative close, question close, etc., suggested by how to do business deals guides. You can evaluate the merits and demerits of employing these closing techniques and make a call based on your pitch.
- What are some of the qualities required to present a perfect pitch?
You need to be a good listener to be able to resolve the objections raised by prospective clients. Additionally, you need to be patient, confident, knowledgeable, and proactive in order to present a compelling pitch.