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The Efficient Way of Closing Deals During the Negotiation Process

Negotiation is an unwanted flood that is difficult to avoid. The only way of dealing with this process is calmly and wisely. Closing any deal during the negotiation process requires persistent and correct steps so that both parties find the outcome acceptable.

“A negotiator should observe everything. You must be part Sherlock Holmes, part Sigmund Freud.” ~ Victor Kiam

It’s useless to drag any negotiation process for long, as you never know what curveball an opposing party may throw at you. That is why you need efficient closing strategies for making the process successful.

Here are some tips that you can follow for a closing deal

  • Be aware of your client’s position.

While dealing with this process, do not rush into settling things. Instead, keep your client a priority. Investing in a solution is a major decision, and that is why it is important to communicate with your client about every step you are taking. In case they refuse to accept the solution, there must be a reason for it.

Work on barriers that are forcing your client to settle. Put yourself in their shoes and make necessary adjustments.

  • Do not delay

Sometimes these processes get delayed due to certain unforeseen reasons. No matter how many concerns you address, there will always be something that causes a delay. The longer the delays, the more time-consuming the process becomes.

“Delay is the deadliest form of denial”- C. Northcote Parkinson.

Understand the client’s demands, what’s stopping them, and work on issues that need immediate attention.

Another technique is Nibbling, which is quite common where the buyer will try to increase the demands to gain control. However, as a seller, you should know when to stop it!

  • Create urgency

Another effective technique of making this process successful is by creating urgency, which helps in closing deals quickly. You can attract the buyers by offering them an agreement which they can’t refuse. It’s not decreasing the price, but it’s about adding benefits. Communicate that this offer is for a limited time, and they should act on it immediately.

  • Show them reviews

Another technique is presenting yourself as a strong choice by showing facts and reviews of your previous deals.

  • Show them facts and figures supporting results
  • Show them proof of positive outcomes
  • Show them your previous work
  • Customer reviews
  • Justify your demands in the deal
  • Do give them a reason for settling immediately
  • Set a benchmark

While in this process, it is important to set a realistic benchmark. This will enable both parties to move forward and reach a conclusion before the deadline. Imposing this move also helps generate different and creative ideas for resolving the issue within time.

  • Find common platform

Offering both parties a common platform helps in initiating cooperation and collaborations from both sides.  Building a rapport is also essential because the way a negotiator treats their members plays a key role in bringing them to a common platform..

  • Brainstorming solutions

While brainstorming for resolution, you should distinguish between people from conflicts, thus producing an acceptable solution for both parties. This will provide creative, multiple options, appropriate solutions, and remove ownership of both parties. And thus, making them feel that they can trust your decision for finalizing the deal.

  • Hold open communication

Lack of clarity in communication plays a barrier, and that is why it is important to hold discussions and run frequent evaluations.

Summary

Negotiation is a brutal war that cannot be won without the right armor. You might not get through the deal at first, but professional hand-holding and well-planned negotiation exercises will make this whole process smooth.

BIZCATALYST 360°
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