Avoiding Last Minute Deal Breakers by lisafugere

[Doha]

   
Avoiding Last Minute Deal Breakers
by lisafugere

The issues that arise during the closing phase of a sale are arguably the most frustrating part of B2B selling. After putting blood, sweat, and tears into a sale, a flurry of questions, objections, and problems can demoralize the most upbeat salesperson.

Understanding how to expertly navigate a close to minimize those issues, and preparing for them before they blindside you, can lessen the sting of closing woes.
Collect a Concrete Commitment

You have done all that you can and your client has agreed to make a purchase. A few days later, you receive a message that the deal has been put on hold. Sounds familiar? The word commitment means something different to everyone. Some prospects may feel it's wrong to overturn a commitment after they've promised to buy your products, and others may believe a deal isn't a deal until they've signed the contract and the charges have gone through. Make sure you clarify to a prospect what a commitment entails.
Justify the Cost

It's a lot easier to sell to a business that understands the gains a purchase will generate than it is to sell to a company with no concept of the ROI your offering delivers. Prove that a purchase of X amounts will result in a prospect's business gaining Y amounts. When you do this, you're quantifying their problems. Put a price on something tangible before you ask for a lump of money.
Offer Testimonials

By the time you reach the closing portion of a deal, your prospect (hopefully) already knows what your products or services do, as well as how they'll help. Remind your prospects how great your products and services are. Send them success stories from existing customers, offer details from a new study that supports your products/services, direct them to a commentary or publication that discusses a relevant topic. Rather than pestering your prospect and asking when they'll sign a proposal, offer something useful so you stay top of mind and demonstrate continuous value to them.
Create Urgency

Some prospects are a lot harder to sell to than others. Some prospects will string you along for a long time before making any sort of commitment. Don't allow a prospect to take you on a never-ending journey of demos and sales calls. When you sense a prospect dilly-dallying, offer a time-sensitive discount. The time you'll waste selling to a prospect that feels no urgency to buy will offset the loss of funds that a price discount creates. Some prospects delay on purpose with the intention of getting a discount, so stick to your guns for as long as you can.