Autumn: the season of Extraordinary deal closing!
It is again that time of the season, when leaves start falling off the trees and it is getting rainy and cold outside. Yes! It is that time of the season when the best deals can be made! I am talking to you, about the start of the extraordinary closing season which is upon us!
Every customer and sales person knows, that Q4 is the season when the best deals can be made. Both in business and in private life.
As this has always been my favorite season of the year, here are some of my tips to help you get started and have a fantastic season. Let’s go!
1: Achieve headlines by remembering deadlines
If you can find out at an early stage, what the customer’s crucial deadline is. Then you will be able to use that, to take control over the closing negotiations. You can force a deal to close positively, if you can promise your customer that all deadlines will be met on time.
Even better, if you were able to determine early on, what a missed deadline would cost to your customer in terms of money. That’s why it is so crucial, to do your full qualification in the best and most structured way as possible early on.
Understanding time and the impact this has on your customers money and image, will accelerate your deal closing success rate.
2: Scarcity and FOMO:
You probably heard this term FOMO (Fear Of Missing Out) in the crypto markets. It is also very real and useful during the closing of a deal. Creating fear that the supply will run out or that the reservation will the lost, can really work to your advantage.
But beware and I can’t stress this enough: you must be able to prove with real use-case scenarios, that this is relevant, has happened before and will happen again if we don’t close on time.
You should not pretend and give false information. If applied correct and with proper timing, scarcity and FOMO will help you close more deals.
3: Close only at the top
Do not waste time with anyone, and I mean anyone, who is not authorized to make a final decision and sign-off on the actual deal that you are negotiating. No matter how tempting it sounds or how excited you are about being this far in the deal…. Forget about it!
Be Bold: Demand that you only negotiate with the top. Ask yourself, if this deal is that important and must close , then why would the final approver and contract signer not be part of the final negotiations?
Closing with the wrong people can hurt your deal and damage your forecasting credibility. These deals can be stolen from you in the last moment by your competitor. Or they will be postponed into the next year, because you have no control over the final process. And you never saw it coming…
4: Trade what’s cheap to you, but valuable to them
This is by far one of the most powerful tools in negotiations and final closing. And the best is that it works in all industries, deal sizes, in business and in private life! It sounds so simple, until you become aware of it and realize how powerful this can be.
In any deal closing scenario, we must be prepared to offer a final token at the end to close a deal. Again, going back to the importance of qualification at the beginning, find out what is extremely valuable to your customer and how you can achieve this in a relatively simple way. Maybe your customer requires full insight in the statistics of a software tool, detailed reporting for analytics? Maybe it’s extremely important that you can just ensure an on time or early delivery?
If you can meet those requirements, you have set yourself up for success because now you can demand a signature prior to your deadline.
Consider also to write up a short letter of mutual intend. And explain to the customer, that both parties have worked so hard and made it this far. And that it is in every one’s interest that neither party can walk away from the deal at such a late stage.
I will be looking forward to hearing from you, if you recognize these strategies? Even better, please comment below and make more suggestions. So that we can all share these and close more deals together, during this fantastic time of the year! Thank you.