Closing the Deal: When They Pick Up the Pen, Stop Talking!

Often when we are closing a deal with a client there is an awkward moment before initiating a conversation about money.  Nobody particularly enjoys talking about money – least of all us Brits!

If you tuned into our webinar, you will have done all the hard work of proving concepts and showing how your product will help solve the pain points of your ideal client.  You’re likely to have already negotiated a win-win scenario, so next you need to close the deal.

Now it comes down to the part that everybody dreads: asking for the money.  One of the reasons this moment is uncomfortable to broach is because it feels like the part where the deal is most likely to fall apart.  

Worry not!  At Elevate Founders, we have all been there too.  Here’s what I have learnt along the way as a business coach and as a founder myself.

Initiate the Conversation Early On in Your Business Pitch

A good way to ease into the conversation about money is to embed it into your business pitch.  By talking about fees and prices much earlier on in the conversation with your ideal client, you are preparing them for the closing conversation about money.  

For example, in your pitch you might want to say: “Oh, we’ve had a very similar client to you, who had the same problem.  They paid for our services and we came in and solved that problem for them in no time.” This way, you are already approaching the negotiation with the payment solution in mind.

Project Confidence

Be confident and leave any embarrassment behind when you are talking upfront about money.  

Approximately 55% of communication is through body language and 38% is voice tone.  This means that if your body language and voice tone are not congruent when you discuss fees and prices, your ideal client will very clearly notice that difference, especially compared to other conversation where you may have projected more confidence.  

The best way to align your body language and voice tone in your closing pitch to ensure you are projecting confidence is always to practice.  Rehearse what you want to say and practice your line until it comes across congruent and natural.

Know When to Stop Talking

In insurance sector of the City of London, brokers have a saying: when the underwriter is about to pick up the pen and sign the contract, close your mouth.  It is applicable in all areas of business.

There will be a point in your closing conversation with your client where you reach an agreement.  At that point, you will sense that everything is fine and your hard work will be rewarded. Your ideal client will get ready to pick up the pen and close the deal.  It is at precisely this point that you should stop talking altogether and let this sign the deal – whether that means signing is a physical contract, making the payment transfer or shaking your hand.  

If you carry on talking in that moment, the only thing you will do is talk them out of the deal.  However helpful mentioning any additional benefits might seem or discussing a new feature of your product, introducing a new idea will only open up a completely new train of thinking in their head and bring more questions to mind that they have not asked.  

We have all talked ourselves out of deals at some point of running our businesses.  This often happens by not being well prepared enough for the closing conversation, so the natural tendency is to talk too much.  Avoid this by becoming aware and heightening your sense around when someone is ready to close and seize the opportunity.

Be Prepared to Bite the Bullet

But what if that crucial agreement where you sense your ideal client picking up their pens never arrives?  Well, at some point you are going to have to say ask whether the prospective client wants to go ahead with what your business has to offer and initiate the agreement.  

Most of the time, you have to ask for the close.  It is a common mistake to avoid talking about money and not to ask directly for the close, which may then leads you to wonder why people never pay up.  Don’t expect somebody to come to the decision and ask for a contract, as very few potential clients will ever do that.

Logic and Emotion

Sales processes are usually logical and formulaic.  The vast majority of purchasing decisions are, however, emotionally driven.  For instance, when we seek to buy a house, we find our dream home or the area we want to be in first, and then we work out the details, such as loans and a mortgage, afterwards.  But, the driver for the purchasing decision of that house is usually emotional.

The same is true for business.  Most decisions are based on the emotions: the money you are going to save; the opportunities you are going to create; the efficiency the product will bring your business.  

Before you enter into the conversation to close the deal, make sure that you have that emotional connection with someone and that you know their emotional drivers as to why someone will do a deal with you.

Initial No

If your ideal client initially says no, it might not be the absolute and final decision.  A ‘no’ might actually mean that the benefits and solution your business offers is not clear yet or they do not have enough information to say yes.

When preparing for closing the deal, be unequivocally clear on the outcome you want.  For our tips on how to practice this, have a look or refresh yourself on the tips I shared in my recent article on negation.  The more you practise this conversation, the better you will become at it.  Know how you are going to get to the agreement, taking into account your body language and voice tone.  Rehearse each possible scenario so that your message is congruent and confident to get to that handshake.

As a business coach and Co-Founder of Elevate Founders, I love engaging with other Founders of fast-growing businesses.  Do you have a story about closing a client?  Comment below and tell me how it went.

Next week I will be writing about the next stage: establishing a great working relationship with your new client.  You’ve put my tips into action, you’ve hustled, negotiated and closed the deal with your ideal client, now the hard work really begins: delivering on the solutions you’ve promised.

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