Avoid these mistakes when closing a big business deal

Avoid these mistakes when closing a big business deal

As a salesperson, you have one thing on your mind: closing as many deals as possible. Regardless of how much time you put into the sales process, it all comes down to the “final push.” This is when you negotiate, discuss the finer details, and do whatever it takes to close the deal. There is nothing more stressful than this.

Have you struggled to close deals in the past? Are you wondering what you’re doing wrong? By reviewing your past strategy, you can make changes to help boost your conversion rate in the future. One thing you must absolutely do is avoid the most common closing mistakes.

Let’s examine 5 mistakes that you, as well as many others, may have made in the past.

1. Neglecting to put in work upfront

Above, we talked about how there’s nothing more important than the final push. While that is true, you don’t want to hold anything back at any point in the sales cycle.

It’s important to form a strong relationship with the buyer. It’s important to show that you’ll do whatever it takes to earn their business. Go the extra mile for that presentation.  Take extra time on that proposal. When you put in effort from day one, it will always pay off in the end.

One tactic that works well is getting your client a gift before the presentation. It not only shows that you appreciate their time, but also differentiates you from the other businesses that have done work with them in the past.

2. Assuming that your appearance doesn’t matter

This may sound a bit harsh, but many people will judge you by how you look. For this reason, you must dress to impress.

In fact, entrepreneur Neil Patel did this and found that Spending $162,301.42 on Clothes Made him $692,500.

Here are a few quick tips, especially if you don’t have $100k to spend:

  • Stay neutral. The colors you wear can go a long way.  Take the time to consider whether or not this client meeting is the time to wear that bright orange sweater.  Generally speaking, neutral tones like blue, black, and khaki are the most business forward colors stylistically. If you don’t have a huge budget, stores like H&M have good styles and affordable prices that have good cuts as well.
  • Stay well groomed. No, you don’t have to cut your hair off just because you have an important deal on the table.  However, you should take the time to make your appearance neat and tighty.
  • Think twice about the eyeglass frames you purchase. Bigger is better in today’s day and age, but this may not hold true for long. More importantly, now probably isn’t the time for bright red frames. Get a ‘go-to’ pair of glasses for presentation. Something simple and timeless.  You can find affordable frames on sites like Zeni or Glasses Gallery.

Don’t believe for one second that the people across the table aren’t judging you based on your appearance. This happens more times than not.

3. Forgetting to ask for the sale

With all the time you put into the sales process, there is nothing more exciting than reaching the end of the line. Unfortunately, some people don’t know what to do when they reach this point.

You should never forget to ask for the sale. This is as simple as saying, “are you ready to make a purchase today?” If the answer is yes, it’s time to shake hands and celebrate. If the answer is no, the sales cycle continues. Either way, you must have the confidence to ask for the sale.

4. Not knowing what the prospect wants

Every salesperson is different. Just the same, every prospect is different.

You must always know what your prospect wants and communicate effectively. From price to timeline and everything in between, it’s your job to know what the person is looking for and how you can deliver.

This is why it’s so important to pour your heart and soul into every aspect of the process. Knowing what your prospect wants starts with the first phone call, email, or face-to-face meeting.

5. Talking entirely too much

It doesn’t matter what type of deal you’re trying to close – from a business transaction to a new car – there are times when you need to close your mouth and let the other party do the talking.

Talking too much is one of the most common negotiation mistakes. Some people do this because they always have something more to say. Others do this when they are nervous.

There comes a time with every negotiation when you need to let the room go quiet. If you neglect to do this, you could sell yourself out of a deal. Remember this: there is a fine line between saying too much and not enough. It’s imperative that you tread softly, as talking too much could weaken your position.

Conclusion

There is a reason why 8% of salespeople get 80% of the sales. These people are willing to go the extra mile, even if it means hearing “no” time and time again.

If you want to close more big deals in the future, it’s time to adjust your approach to ensure that you’re not making any mistakes that could hold you back.

Read next: Instagram is trying to get a little more personal with a favorite friends list