Close That $1,000,000 Deal, Published on 2016-01-21
“Million dollar deals have a magic of their own.”
This statement would resonate, with both a rookie sales person, as well as a seasoned sales leader, a million times over. Million dollar deals are unique in the life of a sales person. They definitely get you noticed in the crowd. They make you a rock star.
But then, what makes you that million-dollar rock star? Here are the 9 hacks.
1. Meticulous Planning and Hard Work
Million dollar deals do not happen just-like-that. No one wakes up from bed one fine sunny morning and viola – million-dollar PO lands on their desk. Such deals require some meticulous planning and bloody hard work. Yes, there is just no shortcut here!
2. Build Trust Within and Outside
You must build trust at multiple levels within their own organization as well as the buyer’s organization.
You must build trust at multiple levels within their own organization as well as the buyer’s organization. Building trust in your own organization is the first step, for your organization needs to believe that you can indeed close the sale. Else, remember, the account will unceremoniously be shifted to some other more capable (perceived) sales person.
You must definitely build “personal trust at multiple levels” within buyer organization as well. Beyond one’s personal equations, you may even be required to bridge trust deficits between vendor and the buyer at organization level. And yes, it is your job to maintain it trust-positive at all levels.
3.Build a Definable Mutual Value
Mutual Value Creation is the core of your very existence. It is your responsibility to articulate the value of your solution and why it is a good investment at $1m or more. You must definitely be able to cogently articulate the value to the various entities in the buyer organization.
Similarly, it is important for you to get the right compensation for your product from the buyer. Unless the long term interests of your organization are met, it might be a lose-lose for your organization. Items like under-pricing services, maintenance, labour etc. through ‘side-letters’ and ‘verbal-deals’ and unrealistic commitments will not only turn out more expensive, but will come to bite you hard in your career even if you have moved on.
4. Patience and Perseverance
Million dollar deals are not like fast food. These deals do take time. Yes, they do. You would need to be ‘at it’ even at times when your own boss may not believe in the ability to clinch the deal. Your organization may even be too impatient to wait till next quarter and hence drop the focus.
You, the must build personal resilience mechanisms to be patient and perseverant. Patience is not about sending out a proposal and waiting for the PO to come by email. It is about meticulous perseverance to help buyer make a good buying decision.
5. Accepting Rapid Change and Status Quo with Equanimity
Phases of rapid change and status quo are just a given, usually because of the prolonged natured of such deals. Accepting such dynamics as reality will be one of the must have attitudes to be successful.
In all cases, expect changes in management team, people, product, environment or even the initial need (in both your and buyer organizations). The deal is big enough and many to get involved. So you must expect sudden activities of frenzy at times. There are equally good chances that someone would want to play safe, wait and watch. Accept both with equanimity. Inaction during the former and hyperactivity during the latter spells a definite doom.
6. Address Uncertainties Candidly
Uncertainties are the biggest stumbling block to closure on either side. Understanding any real or perceived uncertainties and addressing them is a must. A deal cannot be inked ever, with uncertainties looming around it. The quicker and complete your approach is towards closure of such uncertainties, the faster are you on track to have that signature on the dotted line.
7. Respect Competition
Competition is a given. It would be naïve not to expect any competitor or challenger.
You must respect your completion, not deride them.
You may still sail through the deal with very little resistance from competitor. But for that you must understand the competition very well and not fear them. You must respect your completion, not deride them. Such approaches show the strength of your character and easily earn respect from your buyer.
8. Honesty and Integrity
At the core of all sales, is honesty to yourself and your acting with integrity. There can be many short-cuts. But it is important to understand that these deals do not happen by pushing important things under the carpet. There are enough smart people to smell the rat. You can then forget your deal and your career forever
As long as you are acting with integrity and you know you are doing the right thing, you are on the right path.
9. Be a Lucky Wizard
Believe that you are lucky. Even after have done all the things right, the luck factor pretty much determines between your hit and miss. Lady luck only comes to the rescue of those that they believe are lucky. Seldom does she encourage negative mind-sets. Get her on your side. Believe that you are the lucky charm to grab the deal.
History is replete with Army Generals who were (believed to be) lucky. Major Roy Franklin from The Guns of Navarone [fiction] or for that matter George Washington who was considered Either Lucky or a Wizard, and no one will ever know. They did win big time.
All the best!
___________
The author has over 20 years of experience in the technology industry in sales and marketing, leading large sales teams in Fortune 100 companies. As Managing Partner at Futureshift Consulting, he often advises large businesses and new start-ups to optimise their sales resources to and generate predictable revenue.
