Written by: Rajendra Singh Sisodia
About the author: ex Executive Director, Indian Oil Corporation | Chairman, Bitumen India Forum | Strategic Advisor & Consultant | Globally acclaimed Speaker | Mentor to Startups | LinkedIn 19000+
To clinch the Business deals, Sales person has to display his skills like, Communication, Knowledge of customer’s business, Interpersonal relationship, Negotiations etc… effectively
In today’s dynamic market, everyone wants to clinch the deals quickly. However in this process many basics of sale, marketing & negotiations are compromised or missed out. As a result in many cases such deals are not able to deliver the intended results physically or commercially. So in today’s blog I am going to pen down the brief for this process based on practical experience.
First I will talk about the global facts based on studies & statistics of business deals conducted world around the globe. The gist of this study is that as per the world average, minimum five meetings/interactions are necessary for finalization of a successful business deal. Again modalities of each step is different for each customer & business situation, unlike any Engineering or Medical project where there are SOPs for each step.Therefore the job of the Sales person is very challenging, dynamic & he needs to change gears for handling each situation differently. So much so that if one business is tied up with one strategy this year, the same may not work next year.
Suggested contents of five meetings are as under,
Establish a contact with the right person in the customers set up. It is desirable to connect personally or over phone. Communication on mails or messages in only good for beginning to know business requirement & numbers.
Understand the techno commercial details of the customer’s requirement for business tie-up. Seek clarifications in writing if required.
With total understanding of customer’s requirement, seek internal mandate for quantity to be supplied & for competitive commercials to clinch the business deal. Approach customer for meeting to discuss the terms to finalize & respond to customer the readiness to participate in the negotiations.
In this meeting go prepared with full understanding of customer’s business & processes. Try & find out if you can assure help in such difficult area. This will surely help you to get customer’s favorable inclination. This is called as “going an extra mile”. For example if you are pitching for Fuel business but if you offer help to customer’s difficulties in the area of Lubricants, you are sure to get his favorable attention for Fuel business.
This is generally termed as full & final meeting. Here you have to display your best negotiation skills which is an art. In this meeting you must be able to keep some commercial under your sleeve to offer to customer for clinching/closing the deal to always make the customer happy that he has won in the negotiations. In the end you must thank the customer for deposing the faith in your company & assure best after sales service.
Finally, it is great idea to organize a lunch or dinner for both sides involving senior management to prepare for a long standing business relationship.
While I will be too pleased to receive any suggestions or comments, Important takeaways of this blog for Professionals & Students are…..
- Understand customer’s requirement in full details
- Work out internal strategy for supplies & commercial mandate
- Understand customer’s business thoroughly
- Identify the areas to help customer beyond your business
- Display your best skills during negotiations
- Take initiative to celebrate the finalization of business deal for both reams for a long standing relationship
3 thoughts on “Five meetings needed to clinch Business deals effectively”
please share your valuable views , comments & experiences on the subject.
Excellent tips, Will be helpful in clinching deals.
Well noted with thanks to your contribution.
Would be nice if able to advise the best route to obtain acknowledgement from an investor/banker.
Many thanks in advance.
Rgds Prashant Chandran