3 Simple Steps To Closing High End Consulting Deals

Are you looking to close high end consulting deals?

If you have ever tried to close consulting deals, and your attempts fell flat, don’t worry, you’re not alone 😉

I’ve been there several times, and I know it’s not a pretty position to be in.

According to consultancy.uk, the global consulting industry is worth $250 billion of dollars, and the reason for that is because there’s a growing demand from companies, Entrepreneurs, SMEs, etc, for experts in various fields to come in and help with advice and training.

There’s also been a rise in competition within the industry, as many firms and individuals are jumping on board the consulting train. This is causing clients to be more drawn towards price, as opposed to value and transformation.

The process of closing consulting deals has now become more like a tug-of-war, and when price becomes the focus for prospects, it’s easy for consultants and other service providers to fall into the ‘commodity trap.’

If you are a consultant who’s struggling when it comes to closing consulting deals, then let’s examine 3 simple steps you can use to turn things around in your favour, regardless of competition and market saturation:

#1. Get a good understanding of the problem

If you want to get more high end clients, your understanding of the problem a prospective client is presenting will be a key determining factor. As easy as it may seem, so many consulting deals are lost because service providers do not really understand what the client wants.

Most of the time, prospects will have a surface level idea of the problem(s), and if that’s the case, it’s your responsibility as a consultant or business adviser to dig deeper (do your research and ask the right questions), in order to find out the truth of the situation.

E.g. if a prospects is lacking sales conversions from his/her business’s website, it’s easy for him/her to assume that it’s things like poor SEO, or not enough traffic. But as a consultant in that field, your focus is mainly on the message the client is presenting to his/her visitors. In this case, it may not be about traffic, but relevance… does his/her message resonate with the website visitors?

The more you understand the problem the prospect is facing, the easier it will be to show him/her what needs to be done, how it’ll be done, and for how long, so that way he/she will know what to expect.

#2. Demonstration of practical knowledge

“Applied knowledge is power!”

That’s how I often perceive it, as opposed to… “knowledge is power!” When you’ve acquired enough information from the prospect through the questions you’ve asked and the research you’ve done, then you have to create a strategic approach to help him/her achieve his/her goals.

You need to demonstrate that you know what you’re talking about. How? By being more practical with your approach. In my case, I often use a piece of paper to draw out a road-map, if we meet face to face. But if it’s online, I make sure I do a screen share (on Skype, Google+ Hangout, or any other screen sharing software), and then use my paint tool to draw out the process.

My mum used to say to me when I was very young (about 9-ish) – “action speaks louder than words!” and that principle has stuck with me since then.

This process creates an experience for the prospect, and positions you as the right person to help him/her. This is how a ‘Trusted Adviser’ status is attained.

Being practical and demonstrating your knowledge will help you close more consulting deals. You don’t need to compete on price or say the same things others within your niche are saying. Stand out, and be more helpful when having an initial session with your prospects. Give them enough to help them make a more informed decision.

If at the end of the day, they choose to go for someone who’s probably offering a cheaper fee, then they were never your ideal clients. That’s why having a “filtering process” is always helpful, in order to avoid spending time with people who do not see the value in what you’re doing.

#3. Highlight the benefits of your services

When it comes to products and services, “features tell, but benefits sell!”

If you want to close consulting deals, you have to lead the conversation with benefits. Based on the practical knowledge you’ve demonstrated in line with the challenges your prospect is facing, now it’s time let him/her know how you’re going to help.

Most people will talk about how they are the best, the number of years they have been in the business, the types of clients they have worked with, and much more, which throws the spotlight on them (i.e. the consultant)… in a sense, there’s nothing wrong with putting forth your “credentials”, however, that’s not what the prospect really wants to hear/know.

The prospect wants to know two key things:

1. Is this problem solvable? If yes…
2. Can you help him/her solve it?

That’s all the assurance he/she needs (he/she is willing to pay to have to pain or problem taken away). So, in order to put him/her at ease, you have to align your services with the problem(s) he/she presented, and show him/her…

• How you’re going to help resolve the problem(s)
• How long it will take to get in done
• A projection of when to expect results (this will depend on the type of service)

If you do everything right (with confidence), then it’ll be a lot easier to charge a higher fee for your services.

To sum it up…

• The industry is growing, so is the saturation… be more creative with your approach
• Learn about your prospect prior to having a meeting with him/her… always be prepared
• Demonstrate that you can help, and use your initial session with him/her to do that
• Don’t try to sell yourself short, just because you desperately want to close a consulting deal
• Charge higher fees, and be sure to deliver on the promise
• If the deal doesn’t feel right… WALK AWAY!
• Focus more on benefits not features
• If you’re struggling to make this work for you, ask for help (contact me if you want)

Your turn… what strategies are you using to close consulting deals (especially high end ones)? Leave a comment below and share this blog to your social networks!

To your success!