Negotiating in Life, Negotiating Tips, Negotiation Tactics March 25, 2011

How to close the deal

The intention of most negotiations is to close the deal. Whether you are looking to purchase something or get a pay raise, you want the deal signed and formalized. How do you move a negotiation to close?

According to Dr. Chester L. Karrass, to close, the parties must stop taking in further information and make a final decision. However, sometimes one party has to convince the other to get to that point. It is important to have a positive attitude and to be reassuring.

Dr. Karrass shares the following techniques to get to closing.

• Make repeated requests for agreement along the lines “if not now, when?”
• Don’t talk too much as this may be seen as a sign of anxiety
• Request a reason for a lack of agreement
• Assure the other party that there is good reason to close
• Act as though you have reached an agreement and discuss the details such as delivery times, etc.
• Make a physical actions: start signing a document or shake hands
• Emphasize any LOSSES that would occur if an agreement is not reached NOW
• Provide special inducements only available if you agree NOW

Here are some other tips and resources on how to close a deal:

• From 5 Tips for Closing a Sales Deal from Startup Nation: Create the threat of competition
• From The Art of Business: Use Personality to Close That Deal,
  • “If you know a client well enough and can nail his or her behavioral type, you can skew your presentations with the appropriate communication method.”
• Bnet’s “How to Close the Deal ---Perfectly” says you should know exactly what you want the other party to do before you start.

There are many other techniques that have been used through the ages to close the deal. What are your favorite, tried-and-true ways to get to closing?