Turning sales prospects into actual customers is not an easy feat. There’s no better feeling in business than that moment when you convert a prospect into customer. And to do that, you need to do a lot of things right all at once to close the deal. But where do you start?
These savvy entrepreneurs share how to discuss the plan to make your negotiations more profitable and how to get that handshake that will close the qualified lead.
Be Omnipresent to Nurture Opportunities
Tom Ferry, CEO and Founder of Tom Ferry International, author of “Life! By Design” shared the secret to close significant deals. According to him, you need four things to close leads that can give you good business opportunities.
- List down the big companies or entrepreneurs you want to work closely with. Figure out their pain points and what matters most to them. Then, create content that clearly depicts how you will solve their problems faster, with better customer service at a fair price. Knowing the revenue value of one deal makes it easier for you what to spend on your prospects per annum.
- Build a pipeline to foster more opportunities. Take every chance, attend every meeting, accept every project regardless of its worth, just to show how you offer immense value. This way, your prospects eventually take notice. Make contacts and foster relationships. Don’t forget to ask for testimonials.
- Do something very inspiring to stay at the forefront of your prospects’ minds. Stay up-to-date with all the significant opportunities that you can get to work with those big-deal decision makers.
- Work hard and become the reliable name in the business industry. Mention your success stories and wins on social media – no matter big or small, that show your team efforts and products. As big companies that close huge deals want to work with winners.
Grant Cardone, Top Sales Expert, NYT- Bestselling Author of “Be Obsessed or Be Average” believes that while closing a deal of any size, you should communicate confidently and clearly, otherwise people won’t trust you. He uses recorders and videos to ensure his communication come across the way he intended.
He believes that he will reach the agreement, no matter what the buyer or other people say. The approach of knowing each other to close the agreement needs you to remove all negativity from your surroundings as it is a fatal disease.
Grant always remain positive no matter how the buyer behaves, he keeps things light, always smile and maintains a can-do attitude throughout the process of negotiations. Grant thinks when you succumb to negativity, there will be an outcome that is not good.
Communicate positively and practice smiling with every buyer in every situation you come across. Repeat the steps until you can negotiate and close the deal.
Negotiate for Fair Value
Tai Lopez, Investors and Advisor to Million-Dollar Businesses learned three tips that school doesn’t prepare you for doing deals.
- If your first offer is accepted, you probably don’t negotiate enough. However, don’t be upset if they don’t accept your initial offer.
- Don’t always try to get the best deal. Warren Buffett – the billionaire says, it’s better to pay a fair price for a quality product than a few bucks for a piece of crap. Tai says that sometimes he waited for too long to negotiate the business deal and ended up with nothing. It’s far better to pay a little more to have the real investments.
- Read the agreement before signing. As there are many people who sign anything without even bothering to read the document. He advised business founders and sales persons to read the contract in a relaxed, calm way and carefully know what you are signing. If possible, let some other people to spot things that you might miss.
Learn to Compromise
Com Mirza, CEO of Mirza Holdings, $500 Million Man, believes that big deals don’t come around very often. And when they do, think carefully to create a mutually beneficial contract. He follows some simple rules:
- If your terms and conditions are not met, be ready to withdraw. The deal only makes sense if you get what you are trying to achieve, otherwise, it’s useless.
- Always willing to compromise on your lower-priority terms and conditions. Once you get what you want to achieve, make sure the clients get what they want. Sometimes, you have to show that you care by negotiating on an unimportant part and confuse the other side about what matters to you.
- Focus intensely on creating a win-win situation for everyone involved in the deal. Because if a single person finds that they deal is not a win-win, they disrupt the deal.
Chris Plough, Author, Speaker, Founder Partner of ExponentialU, says that he closed six, seven and even eight figure deals. Some deals were easy, took days to close, while others were very difficult, and took months. It is always important to reach a mutually beneficial agreement that foster the relationship between you and your client. He wants business owners and salespersons to remember three things.
- Getting what you want starts before the deal. Negotiating and signing a contract is a small part of the whole process. Knowing people before closing the deal provides a foundation of trust and understanding to begin negotiations.
- While finalizing the deal, it is important to keep in mind what matters most to you and the other party. Ask the other party what is important to them and give importance to what they value most. This may cost you little, but it can make you money.
- Work as a team once you finalized the deal. Build a strong relationship no matter how difficult the negotiations. Work with the right people and foster a relationship as it carries you through difficult times and influences your success.
Follow the steps these entrepreneurs take to grow your business and reach new heights of success.