Negotiating & Closing
Convincing a partner to work with you is only one part of the battle. Cementing the deal and nailing down the details is a process where many deals are unfortunately lost. Fortunately, there are ways to avoid losing a deal and to revive a dying a deal, such as utilizing a champion, gaining leverage, and speeding up time-to-close. This section breaks down these matters in full-detail.
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One of the biggest challenges in sales and business development can be inspiring urgency to get a deal done. Just because someone perceives value in your offering, doesn’t mean they’ll make it a priority. There are a number of tactics I’ve used to push deals through the finish line. Though most of these have been in the context of API partnerships, these strategies can be effective in many situations.
Here are a few tactics I’ve used to reinvigorate a cold conversation.
When trying to get a deal done, we seek internal champions. To an arms dealer, no champion is more important to an arms dealer than the people that are paying them for a product or service. They’re the lifeblood of their business. Thus, if you’re able to convince even just a few clients that they need your offering or to lobby for it, that could be your ticket to that mega partnership. If nothing else, you can rest assured you’re on their radar.
In the sales/deal funnel, ambiguity can be a very comfortable position. It always feels better to know you still have a chance to close than getting out right rejected. But you need to be honest with yourself about why this ambiguity exists. Is it because you’re being patient, respectful, or waiting for a strategic event? Or is it because you’re preserving your ego and/or afraid to stray from your comfort zone. If you’re in the latter camp, you’re not taking all the ground you could be.