December 18, 2023

How to close win-win deals?

What’s better than closing a deal where both parties are satisfied? You’ve managed to secure a deal, and your potential client is pleased as well, everyone is happy. What more could you ask for? However, such cases don’t happen out of thin air. You have to work towards them. The times when all you had to to do close a deal was praise the product for a few days and provide a 30-minute demonstration are in the past. Nowadays, if you want everyone involved to be satisfied, you have to be prepared to make compromises. Don’t worry, the so-called win-win deals are not a fairy tale, but they do require knowing a few tricks.

Many traders believe that they can achieve a win-win deal by immediately lowering the price and offering a discount. However, in such contracts, you must go deeper. It’s not just about compromises; it’s also about building a long-term relationship with the potential client. If you lower the price, only the prospect wins. If you want to work towards a mutually beneficial agreement, focus on truly understanding what your client needs. Instead of offering a discount, highlight the return on investment that the client will gain from the product, even at its full price. That’s the win-win deal you’re aiming for.

Honestly, you won’t always succeed in closing a win-win deal. Sometimes, such a deal simply isn’t possible – but it’s always worth a try. How to go about it? We have a few tips for you!

1. Before you pick up the phone, do your homework and prepare thoroughly for the potential client.

Don’t waste your time (or theirs) by asking questions that could be answered with a bit of effort. Instead, impress them with your knowledge and quick reactions, as well as ideas that your product can provide.

2. Think about what your potential customer wants, ask questions, and learn.

Let them talk, listen, and when they delve deeper into their problem, you can surprise them with your own suggestions.

3. Find out what your potential customer is willing to give up.

We all have boundaries we won’t cross, but we’re also willing to make compromises. Although we don’t know each other’s limits, it’s important to find out what the potential customer is willing to let go.

4. Change your approach and try to see potential customers as lifelong clients.

Don’t chase after a quick win. If you build a strong relationship during negotiations, you’ll gain long-term trust and a reliable customer who will stay with you for years to come.

5. And final piece of advice?

Be reasonable but also realistic. An approach where you have to “squeeze the maximum” out of every deal and never relent is not effective in the long run. At the same time, you don’t have to give up everything right at the beginning. If you see potential customers more as partners than customers and meet halfway during negotiations, you’ve reached the ideal agreement.

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