How to Seal a Deal without Any Unexpected Obstacles
Many times, I’ve witnessed deals that get stalled at the final stage.?
The cause?
Conflicts and discrepancies over commercial terms.
These could include payment terms, legal documentation, knowledge sharing agreements, IP protection, data privacy, data residency, etc.
Sales is a Process
Sales is a process that requires upfront effort. I always recommend that you address commercial terms early, even before you discuss the price.
Besides the value proposition, the business case, and the business value, include the terms and conditions in your proposal.
This ensures a complete approval without any unforeseen surprises or additional requirements.
Understand the Customer
Whenever you meet customers, be interested in their workflow. Keep in mind, process knowledge precedes their decision criteria.
Consider the process of decision making first AND then their criteria for decision making.
That is how you manage deal progression.
As a wise man said, “Sequencing is the essence of experience.”
Global Business Development |Digital Transformation Leader |Legal |Board Advisor |Coach
1 年Great advice, how many times did I see deals forecasted fall apart at the last minute due to failing to validate commercial terms and contract terms early enough in the sales cycle. At times the chase of the deal blinds the team on the basic checkpoints. One solution I found helps the team avoid this pitfall is to have a summary checklist of key actions that need to be verified and completed to avoid challenges at the last mile. The Account manager and supporting account team need to also be familiar with the key steps within the different sales stages of the opportunity/deal. Another way is to set time during the weekly forecast call or deal review meeting and validate the status of key actions related to a deal. With a good CRM, the opportunity owner can also validate and get flags if a step is missed.