The traditional art of closing a deal conjures images of boardroom meetings, formal handshakes and many contracts. But today, that isn’t always the case. Successfully closing deals often relies on further meetings that could involve treating a prospect and framing your offer.
Meet in an Informal Setting
You don’t need to stay in the boardroom if you even have one! Some of the best business deals are made when everyone involved is enjoying themselves. An informal setting can help improve relationships and increase the chances of a successful outcome. For instance, a corporate golf membership can offer professionals a safe and consistent space to cultivate solid business relationships, and a relaxed prospect is often more open to hearing your pitch.
Give Your Prospects a Treat
Okay, so golf isn’t for everyone. Of course, there are many other places you can take the sales pitch to, and these can be more effective than a round of sports. For example, pretty much everyone enjoys being dined, and a prospect will almost never say no to a meal at a popular restaurant. Other examples include nightspots, retreats and even fancy hotels. Then, there are niche treats that appeal to a prospect personally, such as a sports game with their team.
Successfully Closing Deals Relies on Rapport
Excellent sales teams are experts at building a rapport with clients and prospects. Of course, not everyone is born with this talent, but boosting your people skills is a major advantage. It also helps to remember that successfully closing deals varies by industry. For instance, mergers and acquisitions have a success rate between 30% and 50%. There are some tactics you can use to build a rapport, such as paying attention, relaying shared experiences and staying authentic.
Frame an Offer to Suit the Client
You can’t rely on a single generic pitch to work on a multitude of different clients. Therefore, you must learn about a client as quickly as possible to frame a pitch that they will respond to. Open-ended questions are an ideal way to progress conversation, such as “What criteria are important for you?” It also helps to weave the value of the product into natural conversation. While doing this, you can take the opportunity to share success stories of previous clients.
Get the Timing Right
Timing is critical for success. This makes the case for getting out of the boardroom and into somewhere more enjoyable. A powerful way to begin a pitch is waiting for the conversation to shift towards business. However, this is best used as a segue into a sales pitch. A closing can be best utilised when you have demonstrated the value of a product that resonates with the client. Of course, a relaxed mood helps, which is why an informal setting is often necessary.
Don’t Skip the Follow-Up: Where the Real Deal Often Happens
One of the most overlooked steps in deal-making is what happens after the handshake—or the golf swing or the shared dessert at a five-star restaurant. Following up with a professional recap, a clear summary of deliverables, and the next steps can be what truly seals the deal. This is where a Board Review can become invaluable. Whether formal or informal, a board review allows internal teams to assess the quality and viability of the deal, address any red flags, and ensure alignment on execution. It turns a verbal agreement into strategic action—and prevents those promising conversations from fizzling out in your inbox.
Summary
Meeting in an informal setting is a powerful method of successfully closing deals outside of the boardroom. Of course, it also helps to build a rapport with clients and prospects for a successful outcome. But even the best pitch for easy prospects is ruined if you don’t get the timing right.
