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Top 5 Ways to Close a Million Dollar Deals

January 10, 2023

Deals

Let’s face it: Earning the first million-dollar deal is the hardest. Once you get the first million, you will know how to work, how to invest, how to spend, and how to save.

In business, if you are not growing, then you move backward. So, how do successful entrepreneurs do it? To hit your goal and close large deals, it is crucial to think smarter and bigger than your competition. 

You should work on forming relationships, investing in technology, involving your team, creating a vision built on mutual purpose, and avoiding deals that can harm you.

Of course, the road to success won’t be an easy one. Many obstacles can block your progress. But, with the proper planning and strategy, you can create a compelling case that can hold the attention of potential investors. 

Here you can learn how to manage the conversation with a buyer, push a client to get what you want, and score big deals.

Build Positive Relationships

Closing million-dollar deals are the same as closing any other contract. The only difference is you have to build momentum. 

According to experts, inexperienced negotiators rush through building relationships to succeed. But you can’t forge a lasting business relationship when you push a person without a good strategy. 

Remember, you are doing a deal with people, not spreadsheets. 

Have lunch, coffee, or go out for drinks with the investor. 

There are many benefits of getting to know the individuals you are making a deal with. 

First, you can work through different obstacles together more effectively. Secondly, you can manage conflict more efficiently. And finally, if the client is interested in your product, company culture, or prospects, they may pay more for you to succeed. 

So, the time spent building relationships is worth it when you want to progress toward a specific goal.

Talk about anything that’s not related to business. 

Investors like to see that you are motivated. They don’t like giving money to a company that needs it – but to a company that knows how to use it well. And motivation is more than just dollar signs. It comes from how you express yourself, passion, satisfaction, and cooperation with your team. 

You should show what the biggest source of your motivation is. For example, your family, goals, or targets. If you need to bring the clients to the office, you can have core values office walls installed, display significant projects that you worked on and proved to be effective, and so on.

Here is how you can create a positive relationship to close deals.

Mind What You Say

To create a positive environment, you should avoid discussing sensitive topics like religion or politics. Take into account any cultural differences as well. 

You could ruin a good business deal if the investor feels criticized or insulted. 

The best way to close a deal is to be completely transparent, reinforce trust and prepare your signature move. Engage the audience with alternative and open-ended questions. 

Please don’t talk about your competitors unless the buyer brings them up. When you bring the competition into the game, you increase the odds of the buyer putting the deal on a halt to look at the potential prospect they didn’t assess. The buyer might need more time to compare the two. 

If the client does bring up the competition, don’t insult them. This type of behavior makes you appear insecure about your services or products.

Also, don’t delay your responses too long and use excuses as your email gets buried. The longer you delay, the more sacrifices you make to catch on to things.

Learn to Negotiate

Confidence is key in closing big deals. An entrepreneur who lacks confidence is the same as a lawyer who isn’t competitive. 

If you know your product inside and out, and you genuinely believe in your product, then confidence can come naturally. When socializing, it is vital to communicate your messages effectively and add value to every conversation. 

Don’t forget to dress for success. Dressing well can help you feel confident.

Focus on Body Language

The best sales reps are those who listen well. And by listening, we don’t mean just words – we mean listening to what the body says. What the client’s body is saying should be a clear sign of what you can do next. 

For example, did that person raise an eyebrow at a particular answer or question? Did they lift the chin? Focus on these signs as they show that the person you are talking to is interested and you have their attention.

To make things happen, you can’t afford to make simple mistakes like not tuning in to verbal cues. The best advice for sales reps when closing multi-million dollar deals is to learn to identify disinterest and interest and respond appropriately to any comment. 

Be a Straight Shooter

You can’t afford to talk in circles. There is a reason why honesty is the best policy, and a straightforward person can quickly get to the heart of the matter. 

You can have a meaningful conversation with a genuine exchange of thoughts. 

Straight shooters often prove trustworthy because they tell the truth, remain direct, and stick to their promises. 

So, ask precisely what you want to know and then be ready not to get it. For example, you can ask buyers what they won’t bend on. What are their biggest deal breakers? You can also talk about your vision and values and have a positive outlook on things.

Outsource, Automate and Invest

You are taking a giant leap when you jump from $100k to $500k, or $1 million in yearly revenue. When a business grows too fast, it can become disorganized and swamped. You can’t let your business outgrow the technology you use to manage it. 

To close a million-dollar deal, it can help if you increase your capacity for what one person can do. And the companies that do succeed invest in technology, outsourcing, and automation. Gamification can help with that.

Gamification is a persuasive technology aiming to influence behaviors to engage and motivate users. Sales gamification is a method of taking the parts from games and applying them to work settings outside the traditional game environment.

Recent statistics show that gamification is one of the top business and learning tools in the US and around the globe. On an international scale, 70% of 2,000 companies are using gamification in a certain way. Across the United States, 50% of startups are using gamification.

What Makes Gamification a Good Fit When Making Big Deals?

Considerable wealth and asset management firms want to use a strategy that can be a strong pull for investors. Gaming techniques can create empowering and enjoyable work habits. Therefore, firms estimate that gamification can revolutionize relationships and client experience. 

Ultimately, gamification can lead to better investment outcomes and investor loyalty. 

For front sales leaders, gamification is mainly about figuring out how to influence innate human psychology to engage and motivate reps. When incorporated correctly, gamification can create successful, productive, engaged, and functional teams that generate more revenue

Karl Kapp is an instructional technology professor at Bloomsburg University. In Karl Kapp’s gamification book “The Gamification of Learning and Instruction: Game-based Methods and Strategies for Training and Education,” he talks about the impact of gamification.

  • Gamification is a powerful weapon for behavior change, marketing, and learning. It is a strategic attempt at improving performance intelligence, services, systems, activities, and business organization. 

Based on the Gartner gamification glossary, it’s essential to distinguish gamification from loyalty programs and video games to make a game an effective work environment. That’s because gamification uses strategies from behavioral science to encourage people to achieve their goals.

So, let’s say you are launching a campaign in APAC. Many APAC campaigns make a case for gamification. In the Asia Pacific region, APAC gamification remains one of the more creative tools for winning customers’ attention. 

According to Tom Uhlhorn, the Head of Growth at Fresh, gamification can make a campaign “sticky.” The biggest opportunities lie in customer retention. That’s where gamification can come in handy. 

Study shows that roughly 30% of companies that used gamification managed to enhance registration conversion rates by more than 50%.

Gamification Can Help Navigate Workplace Paradoxes

Classism in the workplace is common. Any workplace can have tension between employees. Although these problems have existed for ages, gamification can offer creative ways to overcome any performance paradox. 

With gamification, you can keep employees in the direction you want without taking their autonomy. You can use gamification mechanisms to provide rewards to motivate people. You can create objectives, targets, and achievements that align with the company’s goals. 

Try raffles if you need a motivational tool to boost employee mood and engagement. An employee raffle is a great way to get everyone on track with the latest company goal and make them aware of the new process or product.

Call In Backup

Your sales team probably has many resources to draw from whenever you want to pitch a big deal to a new client. Use the incentive structure for sales to your advantage.

Impress your potential buyer by customizing the pitch. Use real-life examples of how your service or product can fix their problem. 

Do all that by using customized materials provided by your marketing, onboarding, and product teams. Even if there are one or two people on the team, they can help you create an excellent pitch that you can use to bet on goals.

To succeed in scoring deals, it is best to start early, over the long term, in a diversified manner. 

When you score the biggest deal, your company succeeds. And with a group of talented and dedicated teammates, it is possible to achieve this goal. 

For some businesses, the 4th quarter accounts for up to 75% of their annual sales. If you are having a challenging year, not only does the 4th quarter shipping period hold more importance, but it also gives businesses a chance to recover their losses of the last couple of months. So, you might want to boost 4th quarter motivation to get the desired result.

Create a Shared Vision

In big businesses, people at different authority levels make decisions. To succeed, you can’t just sell your contact the service or product you provide. You need to have a clear value proposition that the contact can use to sell the idea of your product or service to other key figures in their organization.

How to make this happen? Work with the contact to create a meaningful product vision built on mutual purpose. The vision for your product or service must be:

  • Purposeful – It must be closely tied to the company’s mission statement and/or vision. Including the visions for other services or products in the same portfolio. 
  • Customer-focused – It is specifically designed for your target audience.
  • Concise – It is easy to understand without the additional fluff. 
  • Aspirational – It should direct the team to the future and create the perfect picture of what the product is supposed to achieve. 
  • Achievable – It should be attainable, practical, and grounded. 
  • Well-documented – Good documentation adds value to your product, reduces the need for support, and increases the company’s reputation. Data tables Google sheets are fine for basic document and collaborative document editing. But you can also gamify the documentation and communication process. 

An excellent investing coach or financial advisor can help if you don’t know where to start. A co-coach can give you a clear picture of how wealth-building and investing work. They can also help with saving, budgeting, and tax reduction.

Don’t Sign a Deal That Can Harm You

If a deal has the most zeroes, it doesn’t always mean it is suitable for the company. Don’t say “yes” to everything, even if you are in the early stages of developing the company. 

For example, don’t grant a partner exclusivity to certain features, products, or markets. Be in charge of pacing the delivery of your product so you can manage your manufacturing.

Take the Plunge

Landing a multi-million dollar deal won’t happen with luck. Working diligently is the only way to sell more deals and get good revenue. Get your teams involved throughout the sales process, know how to act, and invest in technology. Every ambitious business should focus on the positives and be willing to transform, plan and strategize. These are the key factors for landing a multi-million dollar deal. At Spinify, we can help you bring gamification to your work environment and boost employee motivation and engagement. Book a demo today to learn more.

Put those insights into practice.

Set your team up for success by improving their performance through gamification.


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