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Closing your Sale

24 Minute Sales

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Unit Video

Unit Summary

The 3 tactics to watch out for when closing a sale with your clients.
They could attempt to reduce your profits by:
  • Breaking up the negotiation to small parts
  • Claiming that if there is no deal
  • Promising of better future terms

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Transcript

Hi. In this video we will learn about creating better negotiated outcomes.
Negotiation happens all the time within the organisation, with suppliers and with clients. If done well, it strengthens the relationship between the two negotiating entities by ensuring that expectations are clear and the outcome is in the interest of both parties.
Many negotiated outcomes are jeopardised due to these 3 tactics:
  • The negotiator breaks up the negotiation to small parts so that you approve one element just to find that there is another that is then introduced. Always make sure that you only give your final answer after knowing all the elements that would be negotiated.
  • The negotiator claims that if there is no deal if they don’t get what they want. If the negotiator is being one sided and not ready to take your point of view, then it is better to disagree early than to get into a one sided relationship. Most of the times they are bluffing.
  • The negotiator takes from you what they want today with the promise of better future terms. No one can guarantee the future unless it is in a contract, so don’t count on empty promises.
Everyone in the organisation should be aware of good negotiation tactics so they preserve the interest of the company in all their dealings and to reach better outcomes.
Remember that the best possible outcome is a Win-Win situation where both parties win in the negotiated agreement.

Case Study

Annie is getting excited about closing her first few deals selling the new product that her company is promoting. After talking to many people, qualifying some of the opportunities, sending proposals to a few of these opportunities, she is now ready to negotiate with the “hottest” prospects. She meets with her first prospect and even though she is focused on a win-win outcome, she is conscious of the client trying to play hard. The client tries to get a better deal by pointing out to Annie that she doesn’t have any references yet, and that if she doesn’t give him a better price, he would take a competitor’s offer. Annie instead of giving a cash discount, offers to extend further post-sale support to comfort the client about this being one of the first few deals. They both get a Win-Win deal and shake hands on agreement.

Quotes

If you are not taking care of your customer, your competitor will. Bob Hooey