Sales Masterclass 8: Sealing the Deal - Tactics for Social Selling, Referrals, and Price Negotiations

Actionable tactics you can implement today to increase your social footprint, drive referrals, and achieve better outcomes in pricing calls.

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Episode highlights:

Strategy is important, but eventually you need to get down to the brass tacks. This masterclass will cover three tactics that will help you close more deals. We start with some tips and tricks into social selling on LinkedIn, move on to leveraging the power of referrals and end with how to manage price negotiations that reflect the value your product provides. 

What you’ll learn:

• Tips for better engagement on LinkedIn

• Referrals techniques

• Price negotiation guidelines

Meet the expert: Simon Gerstler has been doing sales for 27 years, and was on the co-founding team of 2 tech companies that were both acquired. 4 years ago he co-founded Pipe Global, where he advised over 120 companies on their sales and marketing strategies.

Navigating the Waters of Social Selling

LinkedIn is a treasure trove for entrepreneurs and salespeople. Why? 92% of potential buyers engage more with domain experts, and LinkedIn is an excellent place to show your expertise and gain their trust. 

• It starts with your brand - make your LinkedIn banner eye-catching and reflective of your brand's core message. Ensure this branding is consistent across all team member profiles to effectively represent your company's collective ethos.

• Personalizing connections - adding a note to your LinkedIn invitations can seriously improve engagement levels. Refer to Dor’s masterclasses for strategies for connecting effectively on LinkedIn.

• Knowing the algorithm: There are two important things to know about LinkedIn algorithm. First, it prefers content that engages and demonstrates expertise over repetitive sales posts. Second, the performance of your content in the first hour will determine its exposure. Engaging posts with immediate likes, comments, and shares gain more visibility.

• Staying on your prospects’ radar - to keep track of your prospects activities, use LinkedIn's notification feature. Keep your existing clients engaged with your content to remind them of your value and share your successes.

• Participating in industry communities - create and grow LinkedIn groups in your field to establish your authority and build trust. Start with engaging content and invite participation to strengthen your industry relevance.

Maximizing Referral Potential

Referrals work wonders for businesses. People are four times more likely to buy something if a friend suggests it. Referrals make everything faster and better: When someone is referred, they usually spend 16% more over time. Sales happen 69% quicker, and those referred customers are more likely to stick around and spend more.

Although 83% of happy customers are ready to make referrals, only 29% actually do. Why do people refrain from referring? Mainly because they're not asked. The best way for companies to get more referrals (and by extension, customers) is simply asking for them.

Tips for better referrals:

• Provide exceptional service: obviously, less than exceptional service won't set the proper foundation for referrals.

• Communicate your need for referrals: tell clients your business grows through word-of-mouth and ask directly for introductions.

• Reward referrals: offer incentives like discounts, additional service months, or gifts to appreciate their effort.

• Personalize your appreciation: send handwritten thank-you notes to make a memorable impact and show genuine gratitude.

• Specify your ideal customer: clearly define the type of client you're looking for.

• Leverage happy clients: ask clients who have provided positive testimonials to introduce you to others or share your business on social media with a pre-crafted, easy-to-use message.

• Keep it professional: ensure your outreach is polite, appreciative, and tailored, emphasizing the mutual benefit and maintaining a high standard of service.

Strategizing Price Negotiations for Success

After mastering social selling and referrals, the focus shifts to pricing strategy. Your pricing should be clear and simple, open to testing and adjusting, and not seeking perfection from the start. Use customer feedback and performance metrics to gauge how changes in pricing impact your sales outcomes.

When entering negotiations, never offer concessions without securing something valuable in return. To manage this, develop a negotiation strategy detailing potential concessions and desired gains.

Concessions might involve enhancing deals with extra services or licenses instead of reducing prices, offering flexible payment schedules, or contract lengths. You could also propose non-monetary perks, like seeking testimonials or case studies, to add value in ways that deepen customer engagement.

On the winning side, aim for longer contracts to ensure stability and show long-term viability. This is particularly valuable for newer products.

Throughout the negotiations, adopt a collaborative standpoint, proposing solutions that benefit both parties, such as "If we agree on X, can we proceed with Y?" This approach strengthens the overall sales relationship.

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With these tactics, you're now prepared to improve your sales game, efficiently close deals, and accurately reflect the value of your offerings in every transaction.