Any seasoned businessman or businesswoman would certainly agree; the most important part of the deal is closing it. It is the culminating moment when a negotiation becomes realized into a deal.
If you’re in the midst of a deal, but waver when the closing time approaches, everything that came before it would have been done for nothing. It is for this reason that anyone involved in business should take the time to learn how closing a deal is done.
In this article we will look at a few things to keep in mind while closing a deal.
Create A Sense Of Urgency
Throughout all phases of the deal, but especially during closing, it is important to instill a sense of urgency into the person or company you are doing business with. Some kind of deadline or time crunch always puts the cards in your favor.
This is a classic tactic and can be seen throughout all types of deals, whether it be in the business world or the political world. By establishing a sense of urgency, you will place yourself at a great advantage.
The “take away” move is a classic psychological tactic used in all types of negotiations. In this tactic, you offer to reduce the price, which is obviously in their favor, but also make a reduction in what they are are receiving.
More often than not, they will focus on what they are not receiving and will pass up the discounted offer, only to accept the original one. It harkens back to the classic fear of missing out or a child’s longing for the toy that has just been taken away.
Find The Decision Maker
There is always someone who has the final word or bears the burden of responsibility for making the decision. It is in your interest to discover who this person is and cater to them directly.
If you can’t get in touch with that person, then don’t worry. Try to have someone else in the company get to them. There’s no way around it, you will need to get to the decision maker somehow.
There are many different ways to close a deal and countless nuanced approaches. The methods discussed in this article are some of the most important, however. Follow these tips and you will feel much more confident about closing deals.