⏳Late Stage Negotiating and Closing
Tried and true tactics on follow up, negotiating and closing those late stage deal
Hey there friends,
I’m thinking a lot about late stage deals and where we as leaders can help move the needle.
Often times, we’re staring down an hourglass hoping there’s more sand somewhere giving us more time.
So how do we better use the time we have? Read on…
In this week’s edition of Stretch Weekly -
Devin Reed and Kyle Coleman give us a helpful guide on how to close a legendary Q4
Insightful article by Brandon Fluharty goes in-depth into how to set yourself up for a monster year by doing the right things now.
Plus tried and true tactics on follow up, negotiating and closing those late stage deals.
THANKS for reading!!
-Grant
And lastly - as always, if you find this newsletter valuable- subscribe or share it with someone who might as well 👊.
STRETCH SHARES
How to Close a Legendary Q4
In case you missed it, the Gong-famous Devin Reed now leads content at Clari, and lucky for us joined forces with Kyle Coleman to give us this helpful guide on how to close a legendary Q4.
Highlights:
Get to the decision maker (without going over your Champion’s head)
“Who would feel left out if we moved forward and they weren’t included in this decision?”
Access is all about trust. How?
Lead them through the process and stand your ground
Build a solid business case for CFO approval
Research, research research
Focus on timing over price
Win over Procurement with Discovery and leveraging your champion
How to Close a Transformational Deal
This week is all about late stage closing. But this insightful article by Brandon Fluharty goes in-depth into how to set yourself up for a monster year by doing the right things now.
Key component #1: Create a distinct point of view for your industry (Discovery Stage)
Key component #2: Actively collaborate with the prospect on how to change (Insight Stage)
Key component #3: Drive home why the prospect needs to change now (Accelerate Stage)
Lastly, before getting into the procurement stage, providing optionality (3 choices) will increase your win rate according to extensive research by Dan Ariely (I can attest to this with a career closing ratio of 78% in the strategic enterprise space).
STRETCH SNIPPETS
♟At a tactical level, sales is more like playing poker than chess says Jeb Blount. The most effective way to get a peek at those cards is to keep your ears open and your mouth shut, says Jeb Blount in this podcast about using your ears to better negotiate. “Listening is where effective sales negotiators earn their stripes.”
🗣 John Barrows chats with Chris Voss and shares a few takeaways from his conversation. If you haven’t read the book - listen to this podcast first for some familiar learnings like Happy Ears, Selective Listening, Win-Wins leave you vulnerable, and more.
💸 If your goal is to MINIMIZE the magnitude of the concessions you give (i.e. discounts, flexible payment terms, bonus products) while INCREASING your customer's level of satisfaction, the solution is simple, David Priemer says: Give. In. Sloooooowly. And gives us 3 ways we can do just that.
✅ Instead of sending another “Just checking in” email, Jen Allen gives us her “waiting on a contract to sign” email template. 1: Acknowledge the hassle of buying. 2: Resurface the cost of inaction. 3: Invite the answer we don’t want to hear.
👉 Big things happen at negotiation tables, so it’s crucial that you’re ready for the moment when it comes. Amy Volas gives us her 10 tried-and-true rules that have made all the difference over the years.
🧠 Mindset
Thanks for reading!
My hope is if you find this valuable, consider sharing it with friends (or signing up if you haven’t already).
— Grant 👋
About stretch vp: confessions, learnings, and insights from sales leaders in SaaS
Compiled and aggregated from a network of sales leaders in SaaS, Stretch VP showcases learnings, insights, and experiences as well as best practices to overcome common hurdles, obstacles, and setbacks in your quest for excellence as a sales leader in SaaS.
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