10 Ways To Close A Business Deal
Perhaps it can be said that all business people know the stress associated with trying to close a business deal. While it can be said that you can’t guarantee that every deal can be closed, it also can be said that with a little insight, preparation and time you may be able to reap the rich reward of closing more deals.
We have provided a 10 step process that may assist you in reaching your desired business goals in 2020.
If someone responds to a business Ad. and reaches out to possibly work with you the first thing you should do before you respond back it to do your research on the company. Find out as much information you can about the prospect client before your respond back. This may include company profits, losses, goals, online traffic, social media reach, publicity status etc. The more you know the better.
Find out what your prospect clients competition looks like. Find out what they are doing better than your prospect client and find out what they are doing worse. The purpose is not to imitate the competition but to bring something to the table that the competition is not doing and bring that to the table. Also, this will give you time to find a way to do what the competition is doing, only, 10 times better.
When you finally make the initial call to your prospect client, the research that you have done will help you speak with clarity and confidence because now you know fully what you can bring to the table. Your confidence will earn you trust on the initial contact.
Look for opportunities to genuinely commend your prospect client. It is true that they need your service but there are many things that they have done right. The will appreciate you noticing. Your warm commendation will make your option more appealing than others who may also be submitting proposals.
Identify Prospect Client Needs
The only way to identify the client needs fully is to be a good listener. While doing your research you may have found areas about their company that you don't fully understand. Don’t be afraid to ask questions. The more you know the more prepared you will be to provide real solutions for their needs.
Provide Multiple Solutions
After you have asked the client probing questions to better ascertain their needs and you’ve listened respectfully and quietly, set up another meeting with the prospect so that you can put together multiple solution options. You want to have multiple options on the table. This will increase your likelihood of closing a business deal.
Be honest about what you can do and be honest in the amount of time it will take to accomplish it. Of Course you can’t predict everything perfectly but if you are unsure of how long it will take to achieve certain results, communicate that. You don’t want to stress yourself out trying to meet a deadline that is impossible to meet. Not only will it stress you out but it will also make the client feel that you are not fully prepared.
Prompt Contract Execution
Once you have had your second meeting be sure to draft a contract that reflects the needs of your prospect client. The contract should be drafted within 24-48 hours after the second meeting. The time and legality wording should also be specified in the contract. Keep in mind that the prospect client may not like the draft and you may have to go back to it a few more times so be sure to save your work.
Sometimes prospect clients are very particular about giving away how much they are willing to invest on a project. It is important that your fee honestly reflect what you reasonably deserve to make on the project. Be open to negotiation but communicate to the client you’re willingness to negotiate because you really think you can do great things with them. If you made it this far and you’ve done your research, this should be your honest feelings on the client. If you don't’ feel that way about the client then we recommend that don’t be negotiate. You may end up regretting the decision. Know your worth, have a bottom line the price you would be willing to negotiate down to and follow through.
Once you and the prospect have negotiated the final terms of the contract, have it reviewed by your legal team if possible, and discuss the terms of the new contract with the prospect client. If both parties are happily on the same page then finalize the agreement and get the contracts signed!