Trade Show Close Quarters Negotiating and Closing
- Carl Henry
- Mar 13, 2024
- 5 min read
Updated: Jan 27
For skilled sales professionals, few things are more exhilarating than finalizing deals at trade shows. This phase of the sales process effectively leverages the momentum and anticipation that have been building up. At this point, you present the prospect with an opportunity to participate, revealing the key advantage, which simply necessitates a signed order form.
We are considering an urgency close. Essentially, you have engaged with an enthusiastic prospect (or group of prospects) and heightened their excitement through a live demonstration. The final step is to proceed naturally by requesting the order.
Many books and seminars address the challenge that numerous sales professionals face when it comes to requesting a purchase from buyers. Although mastering the skill of closing a sale is crucial for success, this discussion will not focus on that aspect. Nonetheless, it is important to continue asking for the sale until you either achieve it or determine that you are unable to resolve the customer's objections and concerns.
At a trade show, it is essential to eliminate all unnecessary activities and focus on securing actual sales. Time is of the essence. If you encounter a standstill during closing or negotiation with a prospect, promptly schedule a follow-up appointment for soon after the event and proceed to the next opportunity. It is more detrimental to spend hours attempting to finalize a deal that is unlikely to materialize than to not secure an order at the trade show. Therefore, avoid such situations. Time is always limited, and astute sales professionals manage it effectively.
You will often observe that when you have delivered a strong performance, customers exhibit reduced resistance. This phenomenon is linked to the trade show mentality, where there is a predisposition to purchase. Furthermore, as the event continues, their apprehension about departing without making a purchase heightens. The fear of missing out, which can sometimes prompt salespeople to prematurely lower prices, proves beneficial in this context, frequently leading to expedited sales.
An effective strategy to sustain momentum is to eliminate obstacles. Address all paperwork and details prior to commencing your presentation. This approach ensures that, after presenting the benefits and key points, it becomes straightforward for the buyer to complete the agreement. The momentum of the situation will naturally propel them forward, so your objective is to remove any hindrances while advancing the sale.
It is important to note that the process may not always be straightforward. While trade shows typically facilitate organic sales, eliminating the need for aggressive tactics, some individuals may present more challenges than others. This difficulty often correlates with their experience level and the number of trade shows they have previously attended.
For individuals attending their first trade show or those who seldom leave their home office, the vibrant atmosphere, characterized by bright lights, sounds, and the excitement of engaging with numerous industry professionals, can be quite overwhelming. These attendees are often keen to make purchases, influenced by the immersive experience. In contrast, experienced veterans, familiar with the trade show environment, perceive it as an opportunity to demonstrate their negotiation skills rather than as a mere social event. Some are so skilled in their approach that it seems as though they are the ones conducting the sale.
When interacting with these individuals, the rules remain consistent, though the expectations may differ. You will still be required to present your demonstration and generate interest, but anticipate a potentially challenging discussion regarding pricing and other topics. Frequently, these individuals are looking for a bargain and are determined to negotiate until they achieve one.
One effective strategy is to enhance value without significantly diminishing your own margins. How can this be accomplished? By offering solutions that provide substantial benefits to the buyer while minimally impacting your company's finances. For instance, service and warranty plans can often be included in a sale with little additional cost. Alternatively, you might encourage the customer to purchase a floor model used at a trade show; this allows them to save on shipping costs while you avoid the expense of returning it to your facility. These are just a couple of simple examples, but the key takeaway is that although customers may request discounts, there is no obligation to provide them in monetary terms. They are ready to make a purchase, so consider innovative value solutions that enable you to preserve your margins.
Closing deals at a trade show is generally a rewarding experience, as it often involves presenting your demonstration, addressing a few inquiries, and then requesting the order. The time and setting work to your advantage, as customers have just engaged with you in person and have observed unique aspects of your company and team in this environment. This excitement and familiarity contribute to a swift sale.
It is essential to recognize that, as with any sales process, the initial effort is critical. Gain a thorough understanding of your buyer, ascertain their needs, and provide an engaging demonstration. By successfully executing these steps, the probability of a swift and seamless closing is significantly increased.
Pullout: Show Specials and the Bottom Line
It is well understood that price is the predominant objection in any sales context, irrespective of the time or location globally. Frequently, customers instinctively assert that they cannot afford a product; they often express reluctance to pay even before the cost is disclosed.
A significant portion of this behavior is influenced by habitual practices. Buyers have consistently found success in persuading sales representatives to provide discounts. Essentially, salespeople, often eager to close a deal and alleviate negotiation pressures, tend to agree to a minor price or fee reduction at the last moment to secure the order and earn a commission.
At a trade show, this tendency becomes even more evident. As previously noted, numerous companies depend on trade show specials to secure orders, leading buyers to expect more favorable pricing at the booth. Concurrently, it is likely that some less competitive companies will be distributing discounts as readily as promotional items. Maintaining your profit margins becomes considerably more difficult when potential clients frequently mention that they can make purchases elsewhere at a reduced cost.
Does this suggest that maintaining your profit margins can be overlooked? Absolutely not. It is important to recognize that your company is making a substantial investment in the trade show booth, and your customers are prepared to make purchases. You can utilize both these factors to your advantage and uphold your pricing by consistently addressing price objections with value.
When a customer expresses concern about pricing, it is important to acknowledge their perspective and then emphasize the value and benefits of your offering. Given the presence of numerous competitors in the vicinity, the customer's engagement indicates a genuine interest in what you provide. Recognizing this, they may be prepared to pay the full price, or even more, to acquire it. At this stage of the sales process, your responsibility is not to create interest but to maintain it and ensure you receive appropriate compensation. The most effective strategy is to consistently redirect the conversation to highlight the advantages you offer.
As previously noted, there are exceptions to this rule. Certain businesses incorporate substantial discounts into their trade show strategies. I have observed some vendors prepared to sell at a loss to gain a larger market share. However, these decisions are not made at the booth. If you are considering a significant sale, you will employ both strategies. Assuming you are not, capitalize on the urgency of the trade show buying environment to highlight value rather than price to your customers.
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