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Tuesday 6 February 2018

The Secret to Closing Big Business Deals

There’s a reason why you bring out the big guns when you’re trying to close a big deal. While all your business deals will ultimately bring value to your company, it’s those big deals that can cause an explosive surge in your organization’s value and enrich your portfolio.
Big business deals involve far more people than your typical sale, and you’ll need to pull out more resources to support the various people and processes involved. And now that you’ve shifted your mindset to think big, ask yourself: What do I have to do to close this deal?

Meet Them At Their Level

Big business deals mean that you’re not the only one bringing out the crème de la crème of your organization. They are too. So beyond having all-hands-on-deck as you scramble to prepare to present to big clients, you need to also think about who will be in the room during the presentation.
Because big deals mean a substantial amount of money is involved, you’ll most likely be dealing with senior leaders from their organization who will be complemented by trusted support such as advisors and maybe even lawyers. In turn, you should also be prepared to match their senior people with your own.
Having your own senior sales team, senior officers, and experts mean that you want to ensure that the most productive conversation takes place that can easily transition because all the decision-makers are already present.

Speak Their Language

It really pays to do your homework. And it pays even more to know your audience. It’s been said that a good salesman can sell anything, even ice to an eskimo. What’s not mentioned in that idiomatic expression is how the salesman most likely went to the eskimo’s turf, talked to him in terms he could understand, and related to him on a level that made him feel as though his needs were being looked after.
And this is why it’s important to do some investigative work on the people with the decision-making power. When it comes to that moment when you’re given your moment to shine, get straight to the point and give your prospects what they need. They want to know how they benefit from this deal. They want to hear that you’ve done your research, know their pain points, and can offer them solutions.

Create a Sense of Urgency

Your pitch should always end with a mild threat that there’s an expiration date on your offer. While this isn’t always exactly true, encouraging a verdict to happen sooner rather than later is better for everyone involved. Quantify what a delay in decision could potentially cost them.
When it comes to closing big deals, perhaps the most important thing to remember is that your prospects are motivated by self-interest but on a much larger scale. Unlike your typical sales, big deals involve a substantial amount and high-profile stakeholders which also means a considerable risk.
Besides, and in a lot of ways it is easier to do things on a large scale. For one thing, it takes just as much time to close a big deal as it does to close a small one. You will endure as much stress and aggravation; you will have all the same headaches and problems. It is easier though to finance a big deal. Bankers would much rather lend money for a big project than for a small insignificant one. If you succeed with the big project, you stand to gain a lot more money and at the same time accelerate the building of your brand in a much more significant way.
Now go and make a killing.

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1 comment:

  1. This is really very good information, hope so you write a post related to commodity. Free Commodity Tips.