My Personal Rules for Deal Making

I have one rule that is true for every type of sales is never chase losers. If someone is unwilling or unable to commit to deal, cut your losses and move on. The sooner you do this the better. Every day you spend chasing a deal that is unlikely to close is one day you could spend finding the right buyer, partner, investor, or client. Closing deals isn’t about spending time with the prospect; it’s about find the right prospect.

I can’t emphasize this enough. It doesn’t matter how hard you try to close a deal; if you’re not talking to right person, it will never happen. The smartest sales people in the world spend 90% of their time figuring out who will buy and why, and 10% of their time closing. If you’re doing the opposite, you’re being ineffective.

– Engage the prospective customer.
– Show the prospect the value being offered.
– Find out what the prospect wants. Listen carefully. Ask questions.
– Does what the prospect wants match with the value being offered?
– If not, kill the deal.
– If it matches, present the benefits and terms without talking price.
– Push for a verbal commitment.
– Set a deadline for closing.
– If the prospect doesn’t respond positively, find out why.
– If it’s not a good fit, kill the deal.
– If it’s a good fit, negotiate terms.
– If the customer won’t close, find out why and overcome the obstacles.
– If the obstacles are too large, kill the deal.
– If the obstacles can be surmounted, address issues and reset deadline.
– Close the deal.

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