No matter the size of the deal and how it's closed, sales are sales across the board. Often I find it to be very much so the same exact process, except for a few differences here and there.
However, when it comes to closing large deals, we’re faced with either lack of opportunity, skill, confidence or all. Rest assured, however, you’re in the right place. Today’s blog is all about how you too can begin closing not just million-dollar deals, but multi-million dollar ones.
Let’s get right into it, shall we?!
Like anything else, we’ve first got to determine the foundation of the skill and result we’re trying to accomplish. With that, we must address any obstacles, before we begin to build off of them.
If you’re in a position where the idea of closing multi-million dollar deals sounds great to you, however, you find yourself lacking opportunity, skill, confidence, or all, then this part of the blog is for you. For those of you who don’t have either of these concerns, then I’d suggest you skip down to the next section of this blog.
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Let’s break these three obstacles down accordingly.
1) If you lack the opportunity:
This tends to be more so the case than not, so let’s talk about it. Assuming that you currently have a job that pays your bills and then some, however, your job doesn’t allow you the opportunity to close such large deals.
What do you do, you may ask?
Well, a few things. First off make sure you are in a role that allows you to make a decent salary and the ability to add to your earnings with a commission structure in place that rewards you for each sale you generate. These roles allow you to make more money than the average person with your salary and it even motivates you to make more for upcoming life expenses and such.
Now some of you may already be in a similar role yet not have the opportunity(due to the role) to expand your book and begin working on larger deals. In that case, it may not hurt to look for another sales role that gives you that opportunity.
What about, if you really enjoy your main job but still want to close larger deals? What can you do?
Create another stream of income. Allow yourself to learn a skill that’ll help you generate a substantial opportunity to double your income. In other words, create a side hustle for yourself so you can really have your cake AND eat it too :)
2) If you lack skill:
This is a great time for you to brush up on the sales skills you already have. By taking it up a notch(or maybe two), you wanna set a goal for yourself so it's attainable yet still stretches you. This challenge you create for yourself can really make things a lot more different in the long run.
By that I mean, get yourself either an accountability buddy, team and/or a coach. Seek out people that you know will push you and hold you accountable for the goals you see to achieve for yourself. With your main goal, create smaller goals that feed into it. To take it one step further, you wanna reinforce a reward and a punishment for yourself if and/or when you were to achieve or not achieve such goals.
3) If you lack confidence:
This can come from fears, self-esteem confusion, or just your environment. So with that, let's dissect all three.
Let's say you have a fear of closing such deals, however, you have an undeniable desire to. You can go about this one of two ways, either begin working on yourself on your own or hire someone; as a coach to help you do so. This step is certainly a big one to swallow, but once you’ve uncovered what’s holding you back internally and freed yourself from it, much good can come out of it.
The other area to consider here is the notion of self-esteem confusion. This is where you can begin to become confused by what your self-esteem really consists of and if it's powered by your true belief in yourself or if its by your face belief in yourself; hence your ego. If you find yourself in this category, then further evaluating where it's stemming from and diving deep within yourself would be a good place to start.
Now for those of you where the above isn’t as applicable, yet still find yourself lacking the confidence to produce such large deals, you may instead be subject to a toxic environment that could be the reason behind your inability to do so. This is where you wanna take a serious look at your circle and who you choose to be influenced by. This can take place in a series of ways but must be done, so you can allow yourself the freedom to spread your wings and achieve what you know you're capable of.
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Now that we’ve gotten any possible obstacles out of the way, let's cover the basics.
When we start off any sales interaction, we want to ensure a series of things. Firstly, we have our bases covered. Those include:
we’ve found a lead that meets the needs of our product
we’ve planned out a cadence on how we will reach them and how often that’ll be
we’ve prepared a presentation that’ll give us the opportunity to solve a problem they’re facing and be able to showcase our product in the best manner possible
we’ve gotten together an onboarding process and/or team that’ll help move the sale forward and nurture it to help breed more leads from there
Now these steps here can be and will be adjusted in a series of ways. However, the best way to determine how they may help you lead to closing larger deals is to dissect your current process and look for areas of improvement.
The best way to do this is to stay organized and review each stage of your process.
Finding a suitable need:
This is where you wanna review your lead gen strategy in place and determine if it's suitable to your needs and if the leads you are provided with will help you close larger deals. If not, come up with a solution to get to that result. This can be to either outsource the task or find a way to do it yourself.
Come up with an appropriate cadence:
Learn what is most appropriate for your industry and determine how that can be strategized inside of your operations. Figure out how often you can reach out to a lead without burning the opportunity and with that, determine who you’ll try to get a hold of as well as, what will be said.
Create a valuable presentation:
Come up with a presentation in which you can show your prospect. This is where you allow yourself time and space to learn about them and ensure it's a safe environment where they can share their problems which you seek to solve. Share just enough about your product and ask for their business in return.
Nurture the new client:
Ensure there is an appropriate process in place to make sure the new client is well taken care of and kept safe and fed with what they signed up for. Make sure that they are happy and are seeing the results they’ve paid for and expected.
Overall, the art of closing multi-million dollar sales is equivalent to any other sale. The only difference is those who have the opportunity, skill, and confidence to do so.
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Until next time my friends, keep your head up and know that whatever “obstacle” comes your way throughout your business journey, it's really just a blessing in disguise.
XO
-Bauer
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