Closing deals is an imperative part of sports marketing.
There are two types of challenges that are important to note in selling sponsorship deals. They include “Selling us' ' and “re-sell the negotiations.” Selling us is selling the services your company provides. It can be hard because you're essentially selling a concept, but the goal is to inform them of what your company can do for them in a way that brings value to what they are currently doing. Re-sell the negotiations is a bit easier because they're already your client and can see how their company benefits from your services. They trust you. That doesn't mean you shouldn't take re-sell negotiations seriously. You still need to go into that meeting prepped and ready to showcase all the success they had in that partnership.
It's important to thank someone for the time and effort that they have put into the conversation and for their consideration. Show them they're important. It's important to show them from the get-go. When giving a possible new client a gift, do so in one of the first meetings. And then when it comes time to close a deal finish up with a handwritten note.
“Here’s my story between hand-written notes, only the best and most successful people I know still do it, and there is a reason they still do it, if they have the time then I can make time to do it,” Brandon Parks, Associate General Manager at the Vol Network said.
Additionally, it is important to have a set date of when to meet and discuss the partnership. Having a set date on when you can meet is a good thing because it shows commitment and willingness to go out and meet with them. Time kills deals, meaning that the longer people wait to close the deal, the more likely that a deal will die and not happen.
On top of the timing of the meeting, the type of meeting is also important. Zoom meetings and in-person meetings can both offer difficulties for different reasons. While Zoom meetings are easier as you can meet virtually anytime, anywhere, they're not as personal as in-person meetings. When you are able to meet with someone in person you can form a better relationship with that person and it will help when it comes time to close a deal. Zoom meetings offer a great option for check-in meetings but aim to meet in person when making important decisions and closing deals.
When it comes to closing deals, know that is healthy and normal to have some back and forth. Everyone wants a good deal. To be successful, you need to be transparent and you have to be willing to walk away if the deal isn’t worth it anymore. Sometimes an afterthought in the contract ends up being a big problem and it creates a rift between the two sides. Being open and honest with the school is very important because you want to give them the goal and number after presenting.
“On the seller side representing the school, both sides want to feel good about any agreement that you verbalize and move to contract, and you don't want to feel like you were taken advantage of just to get the agreement done, I know that I am willing to go so far to get an agreement done but there is that tipping point, where you have to walk away and it's incredibly hard for a seller,” Brandon Parks, Associate General Manager at the Vol Network said.
When closing the deal becomes hard, sometimes putting a little bit of pressure on both sides of the deal can make it easier to close. Both sides need to see the value and what they could be missing out on if they don’t sign. It is crucial to ensure that both the buyer and seller are happy with the deal. Both sides need to get the most out of the deal to find it valuable and worthwhile.
All in all, closing deals can be hard. But there are ways to find success in closing deals. For a more in-depth look at closing deals and tips and tricks to find success, listen to our episode of Knox Talk, here.