How to close a deal successfully
Whether you’re a brand new business or are well established, many owners agree that figuring out how to close a deal successfully can be a frustrating and time consuming process.
What if you had a better way to close a deal successfully? By making some small, powerful adjustments to your sales process, you might be able to improve your sales approach.
Once a proposal is created, it makes sense to focus on techniques that can help you lock in how to close a deal successfully and reduce the time it takes to hear back on any concerns from your prospect.
Set a date to review the proposal with the client
How many times have you spent hours crafting the perfect proposal, only to send it out to your client and never hear back again? This is a frustrating occurrence that happens quite frequently.
A common problem is that we’re expecting our client to comb through various pages in the proposal and either like everything within it and approve it on the spot or to take the time to get back to us on every item that they didn’t like on the proposal. This takes time out of their day and some clients decide to put it off until they forget about it.
Instead of simply sending a proposal to a prospect and hoping for them to provide feedback, setting a specific time to walk through the proposal together on the phone or in-person can improve the closing ratio of your proposal. Being with your client while they review the contract is helpful because you can gauge their response to what you’re presenting, you can answer any immediate questions that they might have and you can make edits on the spot.
Help a customer overcome their barriers
As you perfect the art of successfully closing deals, avoid assuming the person to whom you’re sending is the final decision maker within the company.
Even if they are, their company might have an approval process that you’re unaware of and that alone could delay the time it takes to hear back on a proposal.
By asking prospects what’s needed to get to the next step, the prospect will tell you what concerns their boss may have on the proposal, or they will reveal a specific pain-point that needs to be solved for them to make a definite decision.
This gives you an opportunity to clarify those concerns on your proposal or even create additional supporting documents and presentations that can ensure that when your proposal gets to the true decision-maker, you increase your chances of closing the deal.
Establish costumer confidence
In today’s competitive market, chances are that you’re not the only business in your field providing similar services or products.
As you learn how to close a deal successfully, remember customers have the luxury of comparing you to many other businesses similar to yours on the dimensions of price, quality, and most importantly, the level of confidence that they feel from you.
Even if everything on the proposal seems right, if the client doesn’t feel like they’re making the right decision, then they will choose to go with another business for their needs.
They should feel that they can trust your business to do what was agreed and that they should feel that they are spending their money wisely.
Every customer has their own unique needs, so making them feel confident that you can also achieve similar results with their business is vital to creating trust.
Electronically Deliver your proposal to make it easy to sign
Remove every barrier you possibly can, including the process of signing the proposal. Nothing is more frustrating to a busy business owner than having to print out a document, sign it, scan it and then finally send you a signed copy.
Implementing a digital signature application into your proposal process is perhaps one of the easiest things you can do, and it will save you and your clients time.
There are a variety of different digital signature services that allow you to simply upload your proposal, and then define which fields you need your client to fill out and sign. You can even assign multiple signers in the event that there are multiple stakeholders in the project who need to sign.
Managing this process electronically is a great way to also have clients fill out fields like their business information, payment forms and any other notes that they want to add. Once they sign, you're instantly notified of the completion and everyone gets a copy of the proposal.
Managing this process in this manner is one of the best ways you should be signing documents and contracts today. Your clients will appreciate the simplicity of the whole process and it will make it easier for them to approve your proposals.
Scope of work
You often need to include legal verbiage in our proposals to make sure you’re covering our bases in case things go south with a client. This often takes the form of multiple page contracts that are stuffed into our proposals.
A scope of work is basically a scaled down version of a proposal that will outline the deliverables of a project, along with a timeline to complete everything.
Pricing is also included in the scope of work, along with very high level terms such as fifty percent of payment due upon signing. Once your client agrees to a scope of work, you can send them a full length contract with all of the legal terms, but at this point the hard work is done.
You ultimately want your client to first think about what you’re providing and make a decision based on solely that.
You don’t want to add additional anxiety and confusion by also adding in that if they don’t pay on time you’re going to add a late fee. This is all material that can be dealt with later, once your client has agreed to do business with you in principle based on the scope of work.
These terms should be kept to only crucial agreements that have been made with the client, such as agreeing that fitfy percent of payment will be made upon signing and fifty percent upon completion. The objective is to simplify the decision making process for your client, get them to agree on what you’re going to do for them, and commit to their intent to do business with you.
Legal terms will need to be solved once the client has made this initial agreement to work with you. A contract is still necessary before the project can start, of course, but that contract can come later down the road, not when you’re just outlining the needs for their project.
Make small changes to get big results. Knowing how to close a deal successfully sounds easier said than done. But a number of small changes and refinements can greatly improve your ratio of wins to losses. Much of this comes down to making your proposals simple and easy to navigate. It’s easy to overcomplicate your proposal with big words, legal language and more information than the business owner cares to read. Business owners don’t want to make more work for themselves, the fewer steps they need to take to deal with you, the faster they can say “yes” and sign a proposal.