Closing Bigger Deals – Things To Consider
Are you ready to start closing bigger deals?
Have you, up until now, sold one product/service per customer? No, this is not one of those cheesy “buy now” articles so you can make $100,000 in the next 5 hours and buy your dream house on the beach. I don't use that type of language anywhere in my sales copy because it's too salesy for my taste. Instead, this article's intent is to get you thinking about how you might rethink your offerings and look for ways to manage closing bigger deals.
Selling Yourself & Your Client Short
Too often entrepreneurs make one of the biggest mistakes that not only hinders their own business, it hinders their clients' ability to achieve their outcome. The big mistake is projecting. Projecting your limiting belief about money, self-worth, and the value of your products/service onto your client and predetermining their own response to it (also known as mind reading).
Have you ever recommended the least expensive option because you were afraid of how the client might respond to a more expensive option? You might have even known the client needed the more expensive option but you were just too freaked out to recommend it. In those situations, who's being hurt? You are! And so is your client! You're hurting your business and you are potentially letting down the client.
Choice Is Better Than No Choice
During a client session recently, this concept of projecting reared its ugly head. My client had been asked to submit a proposal for some training. Initially, she was only going to give the client one option, a 90-minute training. When I asked why she wasn't offering a 1/2 day and full day option, her response was, “I've never done that before”. However, I know for a fact, she's capable and has the content prepared for both of these options.
We then got into the pricing discussion, she wasn't sure what she should charge for the 3 options. When I gave her suggestions on pricing, her response was, “I've never been paid that much, can I really charge more?” Her question had nothing to do with the value of her training or even what the client was willing to pay, it was a self-worth issue.
Self-worth and reframing pricing, as a result, is something I commonly work with clients on. After walking her through the reason for the price, it clicked. All of a sudden, she felt much more confident about submitting a price that actually made sense for her business and made sense for the client as well. Now her client has a few options to choose from and should they decide to go with the 1/2 day or full day training, she has increased the overall sale by a minimum of 40%.
This example above is just one way to start to close bigger deals. Instead of just presenting one option, give up to 3 options whenever possible. There is a strategic way you must lay out your 3 options to a client. This is something taught in the Pricing Course inside the Sales Maven Society training center.
Another way to close bigger deals is to look for opportunities to sell one-to-many. When you are selling to one person at a time, that's considered one-to-one. Selling one-to-many can show up in a few different ways.
One example of selling one-to-many just happened for a client of mine. When we were working through her product offerings, I noticed she hadn't ever offered her main program to a larger organization. She'd never even considered it. She was selling this as a one-to-one option. Yet, with a few minor tweaks, she could easily offer this to larger organizations who could then offer it to their members.
She was able to implement the few changes needed and began reaching out to larger organizations. She's already received her first interested organization. She submitted a proposal that when accepted will bring in another 20k in sales annually. The additional 20k in business will be a substantial growth in her overall revenue each year. What a perfect way to close a bigger deal.
So Many Options
So far you've been shown two examples of how stretching yourself to offer something you've never offered before may result in closing bigger deals. It can be challenging to come up with a new way on your own. This is one of the biggest advantages of working with a sales coach, masterminding or even having an accountability partner that's able to challenge your status quo. It's hard to notice your own blind spots in your business.
Generating new ideas on how clients can repurpose their offerings is one of my favorite things to do. It's exciting to witness clients finding new sources of revenue. It's even better to see clients closing bigger deals.
What new way or slight spin might you put on your offerings? Who else would find value in what you offer? And more importantly, are you willing to reach out and propose a new solution? Never be afraid to think big. When you have the content/product to support your big ideas, there's always a prospective client waiting to hear from you.
Wishing you continued success this week.
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