How to close any deal 101 🚀
Closing deals is a Top priority for salespeople. Salespeople don't just prospect, cold email, cold call or negotiate. These are all steps towards the only result they want: closure. In sales and especially in closing, knowledge is power. Below we have gathered the questions and answers of the masterclass “How to Close deals ?” with Bechir Neifer, Business Developer at MajestEYE held during our bootcamp.
Question 1: What Distributive bargaining means ?
Distributive bargaining is a key dimension of every negotiation. It’s about claiming value for oneself, typically by reducing what the other party gets. With the Distributed Bargaining method, the end goal is not to achieve a win-win situation, but to win as much as possible. Both parties will try to obtain most of the assets or resources that need to be allocated.
Question 2: What are some common techniques for Distributive bargaining?
To sum up, the following are some common techniques for DB :
- Manage sequence of concessions, which means in every step send a message or claim reciprocity.
- Use of psychological biases: Framing a situation and beware of own vulnerabilities.
- Tactical use of benchmarks: Analyze which benchmarks are favorable to your claims and collect relevant data.
Question 3: When a customer says that they don’t need my services right now, should I keep negotiating with them or not?
This particular customer must remain in the pipeline. You can ask him when he thinks it is time to renegotiate or re-discuss the proposal. So here you can conclude that your offer or your proposal is important, but now is not the time to talk about it. Choosing the right time is the “key” in negotiation.
Question 3: Do we really use distributive bargaining in real life?
Yes, whether in Tunisia or abroad. It is mainly used between employees or between partners. It is true that it is unhealthy and usually does not end in a good way, but to be honest, everyone is using it because you need to show your good personality at certain moments, and at other times you need a threatening and solid personality.
Question 4: Should I reduce my price in order to have more clients, or should I stick to the present one regarding the value that I’m delivering?
Basically, it’s a trade-off. If going to choose one of them you will gain something, and you can lose other things. After all, adjust your price based on value and other important things without hurting your brand.
Question 5: How many members of the sales departments should go for negotiation?
According to my personal experience, we have 4 members, and they all have specific things to talk about. We know every detail, we do simulations before negotiations, we try to put all the questions that may be asked on the table, and we rehearse our pitch many times.
Question 6: In our Tunisian ecosystem, which language is mainly used for negotiation?
The majority of time French or Tunisian!
Question 7: Any advice to improve my negotiation skills?
Negotiation is all about practice! So, whenever you find the opportunity, practice it until you master. Reading books help learn more about the topic and gain the fundamentals.
