[This is a repost of the article I wrote for SaasSales.io]
I’ve lost a lot of deals in the past.
I’ve won a lot of them too.
I’ve sold all sizes of deals from 3-figures to 7-figures and beyond. And I often get asked:
“What’s the secret sauce to closing big deals?”
“Do you have a magic formula?”
The truth is, I’m nobody special and there is no “secret sauce” or “magic formula”.
BUT, there are common themes to success. Specific behaviors that will give you the greatest likelihood for success to secure new 6-figure partnerships. In 2020, you have little room for error so the details count in a sales process.
Here are 3 simple tips to closing 6-figure deals in 2020:
It may seem like a no-brainer, but what separates the good from the great is the preparation.
Large organizations that have the budget to spend 6-7 figures with a vendor get pursued by sales professionals from all companies—from your competition to salespeople that sell anything and everything. That means everyone is fighting for your decision maker’s time. Therefore, every type of outreach matters.
Preparation applies to all parts of the sales process—from your first call to your last closing meeting. Spend the time to properly research each part of this process. For example, if you were to prepare for a first Discovery Call with a prospect, here are some sample areas to tap into:
- The company to understand their goals, vision, and overall big-picture items
- The decision maker to uncover potential needs, wants, desires, pains, and interests
- Any other potential decision makers in the process
- Any relevant industry news that can be applied as part of your sales process
- Any past CRM notes that may help in the meeting
- Map out all potential questions you want to ask as a framework for the meeting to help achieve your objectives
You are not limited to the above as the more in tune you are with your prospect before you meet them, the more guided and productive the Discovery Call will be. This type of preparation applies to every single interaction you have with your prospect and allows each touchpoint to be intentional and impactful.
2. Uncover and Navigate All Decision Makers in the Process
As deal sizes go up, there are usually more people impacted by vendor choices. Essentially, that means there are more people that can either help or hurt the sales cycle. Fortunately, you can help reduce your risk by effectively navigating as part of your sales process.
Once you make initial contact, it is vital to start uncovering who the Buying Influences in making a decision are. For substantial deals, it is very unlikely there will only be one or two main decision makers. Start uncovering them early by asking your contact who is involved. Spend time digging deep to ensure you have clarity on how they make decisions.
As you uncover them, it’s also vital to get them involved in the process early on. This allows you to uncover their needs, wants, desires, etc. and to position your offering to help them as well. This further builds foundational relationships that can help you accelerate the sales cycle.
There is not a magic number of how many Buying Influences are in an account. The key is uncovering it and helping your contact uncover them as well. It’s not uncommon for large businesses to have a fragmented decision-making process that requires a sales professional to help them navigate. Uncover them early on and get them involved.
Another reason this is extremely vital is that businesses make changes all the time. So if your contact suddenly no longer works at the company, you can still salvage the opportunity if you have strong relationships with other Buying Influences within the account.
3. Mitigate Risk and Maximize ROI
At the heart of every deal, the Buying Influences are wondering:
“What’s the risk of choosing Vendor X?”
“What’s the greatest Return on Investment for each Buying Influence?”
Of course, they are not actually saying these things out loud but are constantly seeking answers to. As a sales professional, it should be your goal to provide these answers by mitigating their risk and maximizing their ROI at every single touchpoint.
To be crystal clear: this is what EACH BUYING INFLUENCE believes to be the risk and ROI. As deal sizes go up, every detail matters.
For example: Let’s say that you sell a very technical solution that requires a lot of specific details and specifications; if your email communication is laden with spelling and grammatical errors, the Buying Influences may see you as unprofessional. They are also likely going to be thinking:
“If they can’t handle writing an email, how can I ensure they get all my tech specifications right?”
The devil is in the details even more so for large opportunities. Control what you can and focus on minimizing the risk while maximizing the return for each Buying Influence.
At the end of the day, you do not need “special skills” or a “secret sauce” to close large deals in 2020. By being disciplined to the sales process and executing these three tips fanatically, there is not a speck of doubt you’ll be securing large partnerships in 2020 and beyond.