4 Steps to Take When Closing Your Next Deal
Closing a deal is the ultimate reward for all of the research, preparation, and follow up that goes into building new relationships and maintaining a high level of client satisfaction.
Every now and then, it’s important to remind yourself to go back to the basics of selling to ensure that you’re not simply closing a deal, but instead, opening a new relationship that has future growth potential.
So, when the time is right and you’re ready to close your next deal, remember these four tips:
(SLA) Service Level Agreement
SLA stands for Service Level Agreement; in other words this is the document that outlines the timing and delivery of the products and/or services you will provide. This is a critical point in the sale because this is where all expectations need to be set and understood by both sides.
When you close a deal, it’s not enough simply to get the sale. You want to be able to leverage the sale in the future. To do this, you need to confirm with the customer that he or she feels your level of service is superior and that you did more than simply meet the minimum requirement. So, when formulating your close, review what the minimum deal is and then determine what else you can add. Be sure that you have added in enough elements to your deal to get that agreement.
Review a sale you are closing now or have just closed. Decide what you can add (product, service, conditions terms, etc.) to enhance the service level without increasing cost to you.
Sales continue even after the close. As the seller, you are the “face” of the sale to the customer. So, the customer will always look to you to explain and validate every step of the implementation even after the close. Therefore, meet with your internal team and carefully review who does what, when, why and how. Then, repeat the process with the customer explaining who on your team will be taking over the implementation on your side. Be sure to always point out the value of each person taking charge of the steps in the implementation. This builds rapport and helps pave the way for future sales.
Think of a current sale and review your on-boarding process for the account once you close the deal. Use a tool like the following to think through all the steps in on-boarding. This will help you be ready to both explain the process to the customer and to ensure the process goes smoothly.
A single sale for a single deal may have a finite point. However, the superior seller knows that each successful sale leads to another... and another…. You can leverage past success into future success by ensuring that the job you do with the first sale is not only adequate but superior, beyond expectations – in effect, stellar. This way, you develop equity within the account and draw upon that equity to pursue one successful sale after another.
Review a current or upcoming sale. Review the terms of the offering. Find something that will help the sale exceed expectations – something you or your company will do, a “deal sweetener,” etc…
Strategizing the Right Time to Ask for Additional Business
A major goal of the consultative seller is to position him or herself as the “conduit” of a range of products and services that address multiple functions within the account. This process is called “evergreening.” To successfully evergreen an account, you have to be extremely observant to what you see and hear and what you can deduce to identify opportunities all the time. Then, when you spot an opportunity, you move on to that one if your present sale is going well. This way, the present sale “evergreens” into additional business. Account selling is not linear.
Review all your active accounts. For each, think of additional opportunities and note how you think you can transition from your present deal to the future opportunity even before you close the first one. Use a tool like the one below for your analysis.
Before closing your next deal, take these four things into consideration and utilize them to your advantage by ensuring that you: set expecations up front, properly on-board new clients by clearly outlining how your product or service will be implemented, understand what a future opportunity might look like, and strategize the timing of asking your client for additional business.
Editor’s Note: This post was originally published in December 2013 and has been updated.
About Steve Bookbinder
Steve Bookbinder is the CEO and sales expert at DMTraining. He has delivered more than 5,000 workshops and speeches to clients all over the world and has trained, coached, and managed more than 50,000 salespeople and managers. Steve continuously refreshes his training content to reflect his latest first-hand observations of salespeople across industries and regions. Through him, participants in his workshops and coaching sessions learn the best practices of today’s most successful sellers and managers across industries. Steve understands that sales is a competitive game. To outperform competitors and our own personal best results, we need to out-prospect, out-qualify, out-present and out-negotiate everyone else, not merely know how to sell. Through his specialty programs in Pipeline Management, Personal Marketing, Great First Meetings, 2nd-level Questioning, Sales Negotiating, and Sales Coaching, Steve trains sales teams to master the skills they need to overcome the challenges they face in today’s world… and keep improving results year over year.