Time kills all deals
There are many things that can get in the way of you closing the deal: high price, bad sales approach, competition, or lack of the knowledge of the customer’s pain points. Still, time is perhaps the number one reason marketers fail.
What does “time kills all deals” mean?
If you are a sales representative selling your company’s product or service, and the sales process with a specific buyer continues for way too long for reasons you can’t identify, no good would come. While closing a sale, time isn’t your friend; it’s the enemy of every deal.
“Time kills all deals” is a statement relevant to many different industries, but it’s used most commonly in sales. Every sales rep knows that the most efficient and effective sales are performed fast. Once you lose momentum, your chances of closing the deal drop considerably.
Time gives the buyer more time to re-think the reason for the purchase. It gives freedom to unforeseen circumstances that can arise any minute to derail the deal. What sales representatives can do is to give a gentle push to the customer to go forward and keep them on track to closure.
Techniques to force the deal
Here are some ways for you to force the deal while negotiating:
Give feedback on time
You might make your customers wait for too long for you to get back to them about estimates or responses. With every passing minute, you are killing the deal. Respond to all buyer’s questions the same business day they are received.
If some points need to be approved from a source that is unavailable the same day, provide an explanation for the delay. Don’t allow yourself to be the reason for delaying the deal.
Help to make a decision
Very often, customers hesitate to make a purchase at once. If your business terms are questionable and hard to understand, prospects start to consider other service providers and compare your product to the others. Give them all the needed information for making the right decision.
Eliminate deal procrastinators
Some clients won’t make a decision until you announce that it’s too late for the purchase. Make them feel worried because of losing a good proposition. Set deadlines; for example, “The discussed conditions are available till tomorrow evening only.”
Find out how much time they need – a couple of days or a week – and say “Ok, I’ll call you in a week, does that work for you?” Limit their time for making a decision. If they say “no,” cross them off the prospects list and move forward.
Come to an arrangement with your customers
If customers aren’t satisfied with the price, think about a small discount. Keeping the deal alive and getting the product sold is always more important than having an unwavering price, provided that the two amounts are pretty close and don’t make a significant difference. You will get the result in the end – isn’t it worth a slight discount on the price?
Take care of your reputation
“Our reputation is more important than the last hundred million dollars.”— Rupert Murdoch
Don’t let a buyer ruin your reputation. It’s a small world, and bad rumors can quickly spread, hurting both you and your clients, now or in the future.
Learn from professionals
Adam H. Michaels, an inspirational leader who is passionate about selling and leadership, shared his ideas on the importance of time while closing a deal:
Wrapping it up
So, the most crucial things in carrying out a successful deal are to prepare well, gather the strength, and keep the dynamic through the whole business sale process. Be creative, be decisive, and don’t let time work against you.