Every sales process involves getting a buyer, understanding what they want to buy, why they need it and how you can fulfil this need or want (as the case may be). After going through the preliminary stages of negotiation (in the event you are able to satisfy this need), the next action in the line of duty is to conclude the transaction process which entails getting the prospective clients to take the necessary steps in trading you the value you desire for the value that they desire.
This is one very uncomfortable part in the art of negotiation. This is where your true marketing skills are displayed and if you don’t get it right, you may just miss the opportunity. How about we check out these steps which guide us from start to finish of a sales transaction?
- Convert your prospect to a buyer by making your intention known in advance. In the first few seconds of interaction with the buyer, be sure to create a good impression. Properly introduce yourself and what you do. Depending on whether you have an existing relationship with the customer, deal your cards right. If there is an existing relationship, go straight to business and not try to create a great impression. If there is none, you should have already created the impression in their minds by virtue of your comportment, confidence, eloquence and style. Remember, this is you selling your entire brand to these prospective clients. If you get it right, your prospect may just move up to the stage of a buyer.
- Discuss price before the presentation of the product. Before you get down to demonstrating what your product or service can do, it is essential you discuss price first. Let the customer have an idea of the price in advance so they know if it falls within their budget range. Naturally, they would want to beat the price down. This is where you use the demonstration of your product to blow them away. Expertly show how your product or service meets more than they are willing to pay for.
- Get the buyer to make a move. After negotiations, some buyers want to think it over before finally deciding to go for your product. At this point, you need to be really assertive. While you subtly look for opportunities to push for them to take steps towards buying your product, be concerned about time. You don’t have to feel pressured or desperate. So long as you have sold your product very well at the stage of presentation, there is a high possibility that the buyer would do the exchange – give you want you want for something they want.
- Make the transaction really simple. This takes us back to the second stage. Once you get these prospective clients or customers hooked on your product, you are a go. You need to put the whole shebang of “understanding your customer’s needs”, in play. The only four reasons why a prospective client would not purchase your brand is – money, time, stalling and the product. Often times, the majority of deals that don’t close is because the customers are not convinced about the product.
- Allow for the star of another to shine. It is always wise to go in the company of another when trying to close a deal. Your business shouldn’t be all about you. Taking a co-worker or even an administrator in your business shows transparency. This forms trust and a show of confidence to your customers that they are in safe hands.
Master the art of negotiation and know your game very well. Constant practise and rehearsal of this skill may seem irrelevant but it is the very essence and most critical thing in closing a deal. Let the words of the co-CEO of William Moris Endeavor, Ari Emanuel, always ring in your mind whenever you want to close a deal – “I have never cared what something cost; I care what its worth”.