In a time of uncertainty and intense competition, there are ways to close the big (and little) deals that can make or break your business..
Fortune.com offered up 5 ways to overcome a climate of uncertainty and move from talk to contract.
1. Help the deciders earn more
Ditch the mindset that you’re pitching a company.
You’re selling to people who are motivated by self-interest, like anyone else.
Get to know the folks with the power, and do some detective work to find out what their bonuses are based on.
Make it clear how your products or services will help the key influencers meet their numbers.
Homa Files Note: : I often tell students: The route to a person’s heart and soul passes thru their wallet.
2. Quantify the cost of delay
After talking about the benefits you offer, explain exactly what your prospects will lose in time, reputation, money, and quality if they don’t buy from you – immediately.
Homa Files Note: Research shows that people will do more to avoid a loss than to score a win.
3. Get them to put skin in the game
When you put together an elaborate pitch on your own dime, you’re the only one who is invested in the deal.
Once they’ve put time and money into teaming up with you, they’ll be primed to move much more quickly.
4. Submit three proposals
Don’t try to compete with low-balling competitors.
When bidding on business, send three proposals to a client, offering different levels of pricing and service in a way that shines a spotlight on your strength.
If you’re known for a speedy response time, you might give pricing for same-day, next-day, and five-day service.
Homa Files Note: : When people are offered 3 alternatives, they almost always reject the highest priced and the lowest priced and pick the one in the middle
5. Hire an influencer
In many industries you need to have the right person on your team to win certain deals.
You’ll need this well-connected individual to call in favors for you to get any consideration.
ire him as an adviser.
It will cost you, but even if he makes just five key phone calls a year for you, he’ll more than earn his keep.
Excerpted from fortune.com’s, “5 Ways to Close Big Deals Now”
Edit by BJP