4 STEPS TO CLOSING A BUSINESS DEAL
If next to running your business on a daily basis you carry the "burden" of identifying New Clients, it would be useful to have some basic principles in mind.
Whether you are trying to acquire New Sales through Cold Calling , Internet or Face to Face meetings the basic steps involved in the process, from Lead identification to Close, are 4.
Over the last 18 years, I made thousands of phone calls, sent out an equal amount of emails and attended a high number of face to face Sales meetings. This process has enabled me to develop his skills by learning from my mistakes and ultimately allowed me to increase my success rate in closing New Business Deals.
Understand how your offering benefits your target group
Match your product or service with the right audience
Break the Ice.
When generating leads from scratch you should be able within seconds from engagement to make your prospect feel relaxed. Your ability to build rapport plays a decisive role in your overall success rate.
Generate General Interest.
Assuming step one was successful you should now be focusing on generating General Interest. If for example, you are active in Online Healthcare Communication you should be able to generate interest regarding the benefits of Online CME. Try to back up your claims with third party testimonials (studies, articles etc )
Generate Specific Interest.
Having gone over the third barrier as well you should now be focusing on Generating Specific Interest ( related to your company, products or services, and the solutions these offers). Again backing up your claims with third party testimonials is very important.
Close the Deal.
This should be the easiest part since you have already managed to cover ¾ of the distance but in reality, we all know that it is anything but easy. It requires experience and you should be prepared to fail before you are able to enjoy the laurels of your success. One major factor that will determine a successful outcome of this step is your ability to obtain a commitment from the buyer.
Why are many attempts Entering International markets fail ?
Sales is the backbone of Business Development and Localization is paramount. Perhaps many of us know localization as a term in the Language Industry Dictionary. Localization, however, is an absolutely vital element of a successful Sales Strategy in a new International market. In simple words the adaptation of a product or service to meet the needs of a particular language, culture or desired population's "look-and-feel."
Of course, products or services are complicated to " localize " however both the marketing material utilized to effectively communicate the product as well as the Salesforce responsible for carrying out the process of establishing new partnerships on foreign soil can.
Putting it simply it is a lot easier for a European to close a deal with a European and for a Chinese to close a business deal with a Chinese. The successful brands are the ones that have understood this and have incorporated it in their Strategy.