How to Close a Deal

You might have discovered that closing deals is harder than it looks. In researching this fundamental business tactic, I found several common threads and ways to close a deal that I will explore here. One thing I found was that quite surprisingly, it seems many sellers are simply afraid to ask a potential customer for a deal. People fear rejection and they are secretly worried the answer might be no, thereby all their hard work they did to develop the opportunity turns out to be wasted. But since closing a deal is so important, I found out there are several classic closes that science (or art) has over time developed, and I have listed some of them here.

1. Assumptive Closing – means that when you ask a question, and the customer answers it, it commits the customer to the sale. You can use this when you are not certain the customer is convinced, talking about the details will either confirm the customer’s decision to purchase or allow further discussion.

2. Making a deal time sensitive – means that you have attached a time limit to the deal that the customer has already let you know about.

3. Direct Question – You can summarize the conversation and ask for the sale such as “We’ve answered all the questions you have, let’s move forward with this deal”.

4. Always treat leads like buyers – Regardless of the circumstances, whether it’s no money, no budget, not the decision maker — always treat the buyer like he is a buyer. Treat them as a buyer and they will turn into a buyer.

Stay confident. Always maintain that we can come to an agreement, no matter what I am told by the buyer or those around me. The saying goes: “Where there is a will, there is a way.” This mindset of knowing you will reach an agreement requires you to eliminate all negativity from your environment as though it were a disease that kills, and be assured, it does.

Closing a business deal starts with keeping the end in mind. The most rewarding and profitable outcome is what is known as a ‘Win-Win.’ According to Steven Covey, the author of The 7 Habits of Highly Effective People, “It’s not about being nice, nor is it a quick-fix technique. It is a character-based code for human interaction and collaboration.”

Finally, the single most important part of negotiation is preparation. The groundwork starts with your ability to be specific and transparent about what you want and why someone should negotiate with you. Understanding needs and motivations will help you build bridges to benefit everyone involved.

Close the Deal

The point here is that there are many ways to close a deal and they are all dependent upon how well you prepare and execute. If a win-win is unattainable, as a last resort, learn to walk away. “Sometimes your best investments are the ones you don’t make (Donald Trump).”

If however, you’ve manage to secure a win-win for both you and your customer then congratulations. Always remember to get the details in writing and never forget the follow through. Be firm, honest and fair, which is good advice in any situation.