The Art of Closing the Deal

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You know the many benefits of your product inside and out. You’ve made the pitch and discussed in depth how it will help your prospect. Suddenly, your heart starts to pound as you begin to sweat the idea of closing the deal.

Many professional women, whether in sales or fundraising for a nonprofit, dread that moment when they have to ask for a commitment or money. With the mere idea of closing the deal looming large in their minds, how can women negotiate without all the anxiety?

“This idea of closing gets a lot easier if you stop thinking of ‘The Close’ as a dramatic moment just before the end of the sales conversation, and instead think of closing as something you are doing every moment throughout,” wrote Janet Ryan in the Thinking Aloud newsletter for Women in Business and Technology.

Instead, she suggested that women focus on achieving buy-in throughout the conversation, getting agreement along the way, until all the little agreements add up to an action that can’t be evaded. The buyer or potential client naturally and easily gives the desired commitment. In getting customer buy-in throughout the sales process, start the conversation with thoughtful, targeted probing about what your client wants, and then ensure that you understand what they want. Next, you should further polish and clarify that objective and double-check that you have captured their goals correctly, explains Ryan. “Obviously, if you fail to get agreement at any step of the way, you back up and probe and listen and clarify again, until the agreement is there. Without it, there is little reason to move forward toward your offering.”

Finally, you could inquire about competitive concerns, price sensitivity or any other issue troubling your potential client. If you meet any obstacle to an agreement, stop and analyze the situation, and work toward an understanding that will let your proposed deal solve that persistent problem.

Most buyers hate a hard sell, no matter what you’re selling. Customers prefer the soft touch; in other words, they would like to feel that they’ve bought merchandise or a service over being “closed.” So be careful how you use your words, according to Thomas Phelps, president and owner of PWS, Inc., a service-based business that focuses on delivering professional writing, sales coaching and consultative services to sales professionals and sales businesses worldwide. Avoid using phrases like “close this deal,” and instead say “earned a sale.” It may seem trivial, but don’t underestimate the power of your words.

In the art of closing any deal, persistence pays off. You’ve probably heard the advice to ask for the sale, but did you know being rejected once isn’t necessarily the end of that interaction? It may takes as many as three attempts before you can get a commitment, commented Phelps, who has been in sales, sales management and sales training for more than 20 years. “If you ask for a sale and receive a ‘no,’ that only means that you either haven’t answered all of your prospect’s questions or haven’t built enough value around your product or service.” The problem could be that some professionals tend to stop after the first “no.” In approaching the close, you need to keep building value, developing rapport and showing your prospect that you and your product will provide the solution to her needs. Stop after one “no” and you might as well have not asked for the sale at all.

Negotiating a contract is much the same as closing a deal. The secret is to be wise, not smart, according to Rony Ross, founder and executive chairman of Panorama Software, a provider of business intelligence software to 1,600 customers in 30 countries. She remarked that “the secret to successful negotiating is to take the ego out of the equation.” For a woman, being ambitious can be viewed as aggressiveness, so keeping the focus of the negotiation strictly on results and the best long-term deal for both parties is crucial. “By taking the emphasis off the people involved and keeping it on the facts, the negotiation is less likely to become hostile,” stated Ross.

Whenever you negotiate, whether it’s a contract or a campaign pledge, remember that it pays to stay calm. Never show that a ridiculously low counter-offer or an annoying delay tactic has upset you. Use your levelheadedness to unnerve the person who is negotiating with you. If the prospect becomes angry or irritated, don’t take the bait to strike back. Stay confident and cordial; remember that argument is not negotiation.

Remember that in the art of closing the deal or negotiating a contract, the relationship between you and the customer doesn’t end there. Follow-up can lead to repeat business or word-of-mouth recommendations to other potential clients.

Sources: inc.com and forbes.com.