Closing Deals

Question 1

By the negotiation stage, where is the prospect at?

Answer 1

You’re the preferred supplier, the contract is negotiated, you have your champion but the deal isn’t closed yet

Question 3

What is stress testing? What is the power ‘but’?

Answer 3

People remember the thing after the ‘but’, and this is how you have to frame things

Front load your statements with the negative aspect first, BUT positive thing

Question 4

How will your prospect be feeling at this closing stage?

Answer 4

Doubtful and with cold feet. They will begin to doubt themselves and this purchase

Question 5

What is the biggest risk at this stage to the deal?

Answer 5

Not knowing the closing process. You need to know the process for closing:
- who signs?
- is there procurement?

Question 6

How can you use the power of ‘but’ when the client objects / asks questions?

Answer 6

Yes this is going to cost X, BUT it’s going to solve XYZ problems and get you to identified dream state

Question 7

How can you mitigate the risk of not knowing the closing process?

Answer 7

Build a closing map

Question 8

What are the 4 elements of a closing map? (linked to MEDDPICC)

Answer 8

Closing steps
Paper process
Economic buyer
Champions

Question 9

How do tactics differ from strategy?

Answer 9

Tactics are one-off plays you can use to help close a deal

A strategy is an overall plan that you have to close a deal from the start

Question 10

What are the two best/most common tactics to use to close a deal?

Answer 10

Urgency + Scarcity

Question 10

How should you be using tactics?

Answer 10

Use them carefully and unemotionally. Not every deal will need them.

And ONLY use them when you NEED them

Question 10

How does the urgency tactic work?

Answer 10

It’s time based
- date i need this done by
- date the discount ends

And it MUST fit into your plan (e.g., 2 weeks before the end of the quarter, you let them know that’s the deadline. DO NOT tell them a few days or 1 day before, that’s so annoying; they have restrictions, give them time)

Question 11

How does the scarcity tactic work?

Answer 11

it’s quantity based

remember: as the quantity for something goes down => price goes up

Question 12

What is a bad closing tactic?

Answer 12

Just simply saying something without context or notice

e.g., ‘we won’t offer the discount past Friday’

Question 13

What is a good closing tactic?

Answer 13

Giving context and a reason why you are using urgency / scarcity to drive demand

e.g., ‘in order to onboard you by X month, we need the contract signed by Y date. This will ensure we start solving this pain fast.’

Question 14

What is the closing process all about?

Answer 14

It’s just project management. You are managing a project with your Champion

Question 15

How does multithreading fit into the closing process?

Answer 15

Keep everyone who is involved in the deal (and who is needed to close) throughout the process with 1:1 emailing

Question 16

What is the ‘final call’?

Answer 16

When you send the contract across to the client, give them a phone call to check they have it and walk them through the signing process

PROVE HOW EASY IT IS, then get off the phone

Question 17

Why is the job not done when the contract is signed?

Answer 17

You still have to:

• ask for referrals to other teams or other companies (one more ask; this is when they’re hottest + most likely to refer)
• hand over the customer well to PS / CS
• give credit to the team