Howard Shultz, James Pember, and Axel Rod (Billions character), what do they have in common? They are well-known master closers. While some people are born to talk their way out or into any situation, most people learn the art. The secret behind closing a deal is being a master negotiator. But sometimes, it is knowing something the other party doesn’t and leveraging it.
Anik Singal, notable online entrepreneur and digital marketing coach, takes us through his strategies for being a great closer. In Anik’s experience both on and offline, deals are always made, and while there’s always some compromise in the middle, the better closer is one who leads the deal along a particular direction more favourable to him.
In this piece, we will be looking at steps on how to achieve the ideal closing position. One thing that is most important however, is information. You don’t go into a sales negotiation without being armed, and your best ammunition is what you know that they don’t. So, it’s safe to say, do your homework first.
1. Learn to be patient
People often say the patient dog gets the fattest bone. This is true in sales (and any deal in general). It is important to know that closing a deal isn’t usually the hard part, but closing with better terms is. In any negotiation, the person who is in a hurry is most likely to compromise the most.
Watch the other party, gauge who needs what the most. Don’t try to rush the negotiation. It is important to show control, and if you are desperate, you’ll lose it. Anik says, “Patience is a critical factor in any business negotiation; acquire it, practice it and you’ll control the better part of most deals.”
2. Choose the location
In any battle, the person with an advantage is he who’s most comfortable in the environment. For example, consider this fabled recount of the Munich Agreement. Hitler and Neville Chamberlain were about to sign the deal, and the former slyly suggested an old palace that forbade smoking. Now, while Hitler was a teetotaller and non-smoker, Neville was a chain-smoker.
Neville had no idea. After about an hour and half of not smoking, an unsteady Neville was even willing to give Hitler his mother as a dance partner. Hitler got Munich according to his terms. The lesson behind this story is choose a comfortable place to close your deals.
3. Persist until you close
In any deal, don’t be quick to give up. Always ask for more time- this separates closers from sellers. In your sales arsenal, you should have a series of closes that enable you to keep asking and persisting, even after you have been told, ‘no’. We all grew up to believe that persistence is bad, wrong or unprofessional. As a result, this is a social issue that denies us many good opportunities.
According to Anik, defy all odds against the stigma of persistence. Winners are born from people who don’t take no for an answer. If you have any current sales, keep at it until you close.
4. Attach a financial goal to closing
Money is usually a good motivator. Although, you may not typically get this advice from your local expert, but it does help to put a value to winning your deal. Is it going to get you that much needed vacation? Or go a long way in clearing a debt? Perhaps this deal will get you closer to your company boss in some way.
When you tie a positive (or monetary) benefit to your deal, you are more likely to take it squarely, and with a winning attitude. Everybody has something they hope to get out of a negotiation. Clarify yours by making the value more visible.
Whenever you have a negotiation, remember Anik’s four strategies can help you achieve your goal.
