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Want to close more deals while also filling your pipeline with more qualified leads? Who wouldn’t, right? Well this article will show you a hack that will help you do just that.
Here’s how you can close 80% more deals starting today.
How to Handle Budget Objections
One of the most critical components to closing any deal is handling budget objections from your prospect. Asking your prospect to pinpoint the price they are comfortable with for their investment into your agency is one of the most important questions to ask a prospective client who has budget objections.
But before you can get to this point in the closing process, you first need to determine your area of flexibility. This is the room that you have built into your pricing strategy so that you know exactly how low you are willing to go for any given deal.
If your prospect gives you a number that is within your predetermined area of flexibility, then it’s imperative that you negotiate as high as you can within your area of flexibility.
Discount Contingencies
If you feel that offering your prospect a discount for your services is necessary to close the deal – make sure that you include one of the following three contingencies with your discount.
Referral Contingency
The first contingency is the referral contingency. This is an established agreement between you and your prospect that they must refer you to three to five new leads that can use your services. Adding their business, plus the addition of others is a win-win situation for your agency operations.
* Pro tip – require your prospect to refer you to other prospects each month or each quarter, instead of just throughout the general lifetime of the relationship.
Social Media Contingency
The second constituency involves the ever valuable marketing tool of social media. In return for offering your prospect a discount, require that they promote you on each of their social media channels.
As social media has officially become the way the world communicates and looks for goods and services – gaining access to your prospect’s audience is a great way to get more leads in your pipeline.
Testimonial Contingency
Finally, the third discount contingency is to require a testimonial. You will likely need to deliver some results for your new client before they can authentically give you the testimonial.
But declaring it as an expectation for a job well done in exchange for a discount will ensure that you can count on their social proof of your agency’s effectiveness. Just make sure you get their testimonial by the end of month one or two.
Grow Model
Now that you have your prospect committed to one, two, or all three discount contingencies, it’s time to align them on your grow model. This is the business process management tool you will use to grow the profitability of your existing accounts.
To create your grow model – you must determine the specific goals that you must hit in order to increase your revenue with your once-new prospect back to your full non-discounted price. You also need to establish the business process management KPIs to track your goals.
Usually, if you are able to hit your goals, you can move your client back to full price within 90 days. All while you are still adding three to five new clients during that period though the discount contingencies you established when closing the deal.
Want More Hacks?
The best way to get the best hacks and strategies to fill your pipeline with the best quality leads is to work with the best. That would be us – 8 Figure Agency. Contact us today to grow your pipeline and see ROI positivity in just 90 days.
