If negotiation is a journey, closing is the final, decisive stride towards the destination. This step represents the culmination of meticulous preparation, strategic positioning, thoughtful exploration, persuasive presenting, and skillful bargaining. As such, mastering the art of closing requires an understanding of both the science and the psychology of negotiation.
1. Recognizing Closing Signals:
Observing both verbal and non-verbal cues is crucial at this stage. When your negotiation partner starts asking about next steps, specifics about the agreement, or makes comments that suggest acceptance, these are usually strong indicators that they are ready to close.
2. The 'Now or Never' Close:
This technique leverages the principle of scarcity, creating a sense of urgency that encourages the client to act immediately. However, it's important to use this sparingly and ethically, ensuring that any constraints or limitations presented are genuine.
3. The Summary Close:
Here, you neatly summarize all the points of agreement, emphasizing the benefits your client stands to gain. By presenting a comprehensive view of the deal, you allow your client to visualize the value they're getting, facilitating their agreement.
4. The Assumptive Close:
This method operates on the premise that the deal has already been made. Phrases such as "When should we deliver?" or "Let's start the paperwork then," delivered with confidence, can guide the client towards closing without asking for explicit consent. It's a bold move and should be used carefully, considering the rapport and trust established so far.
5. Trial Closes: Throughout the negotiation, 'trial closes' are mini questions you pose to test the waters. They help you gauge your client's readiness to agree and can provide useful insights to adjust your strategy.
Let's imagine a negotiation scenario at Meliá Varadero Resort with a multinational corporation. After an intense negotiation, the Sales Director observed a change in the corporation's representative's posture - a subtle uncrossing of arms, a relaxed lean back in the chair. Recognizing these signs of readiness, the Director skillfully moved into the summary close.
He recapped all the agreed points, from the custom services that perfectly catered to the corporation's needs to the competitive pricing. "So, with these tailored services, we'll be able to provide your team a home away from home," the Director concluded. This reinforced the value proposition, painting a vivid picture of the benefits the corporation would enjoy.
Sensing agreement, the Director then slid into an assumptive close. With a confident nod, he asked, "Shall we proceed with drafting the contract then?" Before they knew it, the room's atmosphere transitioned from intense negotiation to jovial celebration. A joke about the untouched refreshments lightened the mood further.
Such instances highlight the importance and impact of mastering closing techniques. The final step is not just about concluding a negotiation, but also about solidifying a business relationship and setting the stage for future collaborations.
In our next entry, we will delve into the post-negotiation phase - delivery and follow-up. Stay tuned!
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