How to Close the Deal

How to Close the Deal

In sports sponsorships or any type of deal, one of the most important aspects of a deal is closing it. To do this there are several things that one must do to reach this point with their client. Once the correct steps are taken, you can then “close the deal.”

Closing the deal starts with the initial sales pitch. Nowadays it’s more important than ever to be in-person when giving a pitch to your clients. As Covid-19 has led to more of a digitalized world we mustn’t forget the value of in-person interactions. 

Brandon Parks of the University of Tennesee, states, “I would rather go through the renewal process face-to-face.”

Most of the time in-person pitches are more effective because the client can see the facilities and envision their company partnering there. Overall, in-person pitches can lead to more positive outcomes than over the phone or zoom.

The next step regarding closing a deal is the discussion of costs. Many consider bringing up the actual cost a case-by-case decision. For some deals, it is better to bring up the cost after the pitch has been made, while for others it’s better to state the price right from the start. Understanding your client is the best way to make an educated guess on this matter. Sometimes the cost is not the most important aspect for the client. After the discussion of a cost is had it is more important to them what the inventory of the contract will be. Therefore, it is important to have a set amount of inventory that you can discuss with your client so they believe they are spending their money in the best way for them. Most schools and professional organizations will have predetermined amounts set for specific types of sponsorship deals. This increases the importance of the inventory as the clients already know the price range and will be eager to hear the content with it. 

The price tag differs depending on the team or school you’re working with. There are several different reasons for this. For example, It’s important to remember that every school and organization is different in how much they charge for IP rights. After all, IP rights are one of the most valuable assets that universities have. This means that it is essential that clients are understanding and attentive to explanations behind a school’s price point. 

Last but not least is the pitch itself. On the day of the pitch, it is usually a good idea to send the proposal to your client. Doing this too close or far from the meeting can sometimes lead to a lack of attention from your client. Yet again, understanding who your client is can help determine when to send them the pitch.

Parks states, “I like to send it an hour or two beforehand.”

Additionally, when presenting it is critical that you are not reading your presentation word for word. If this is done the client may get bored and even wonder why they came to listen in person. Remember, the pitch is where you and your client’s relationship begins. Therefore, make the presentation engaging and fun. After all, you could potentially be working with this team for the next several years. If you can show the effort and care that you will give to your client in your pitch, then they will want to reciprocate that and work with you. Then, finally, at this point, you have reached the point where you can “close the deal.”

To read more about closing the deal or to hear our podcast version, here.

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