The 7 Requirements of a Deal
“You’ll never close a deal you don’t ask for.”
- Grant Cardone
Introduction:
The 7 Requirements of a Successful Deal
Closing deals isn’t just about making a great pitch—it’s about meeting specific criteria that create the foundation for a successful transaction. Whether you're in sales, negotiating a partnership, or finalizing a contract, these 7 requirements can mean the difference between a closed deal and a missed opportunity. Grant Cardone's insights into these essentials will help you build trust, create urgency, and close deals more effectively.
Let’s dive into each requirement and how it contributes to a winning sales process.
1. Decision Maker
One of the biggest deal-breakers is pitching to someone who doesn’t have the authority to make a decision. Before diving into your presentation, make sure you’re speaking with the decision maker. This is the person who can ultimately say “yes” or “no” to your offer. If you’re not speaking to the right person, you’re wasting time and risking miscommunication along the way.
Tip: Ask direct questions to confirm decision-making power. This can be as simple as, “Are you the one making the final call on this?” or “Who else will be involved in making this decision?”
2. Wherewithal ($$$)
A great pitch is useless if your prospect doesn’t have the financial resources to follow through. Wherewithal refers to ensuring your prospect has the budget available to make the purchase. This is where qualifying your leads early on is essential. If they’re interested but don’t have the funds, it’s time to discuss financing options or alternative solutions that fit their budget.
Tip: During discovery, ask questions about budget expectations. This can help you tailor your pitch and avoid wasting time on deals that aren’t financially feasible.
3. Sold on the Product
Your prospect needs to see the value in your product. If they’re not sold on the product itself, then they’re not going to commit. This means clearly showing them how your product benefits them, solves their problems, or improves their life in some way. Focus on their specific needs and how your solution is the answer they’ve been looking for.
Tip: Use testimonials, case studies, and real-life success stories to demonstrate the value of your product. This builds trust and reinforces the benefits.
4. Sold on You
People don’t just buy products—they buy from people they trust. Even if they see the value in your product, they need to be sold on you as well. Trust and credibility are essential in any deal, so it’s important to build a strong relationship with your prospect and present yourself as knowledgeable, reliable, and committed.
Tip: Share your background, expertise, and experience. Be transparent and consistent to build trust over time.
5. Confidence the Product Will Solve Their Problem
Your prospect must have complete confidence that your product will solve their problem. Even if they’re sold on the product and on you, doubts about whether it will meet their specific needs can prevent them from moving forward. Addressing their pain points head-on and providing clear solutions helps alleviate any lingering concerns.
Tip: Tailor your pitch to directly address their unique needs and challenges. Show them how your product specifically addresses their pain points and why it’s the best solution available.
6. Written Offer/Proposal
A handshake or verbal agreement is great, but when it comes to finalizing a deal, you need a written offer or proposal. This document formalizes the agreement, outlines the specifics, and prevents misunderstandings down the road. It also provides a tangible next step, making the deal feel real and actionable.
Tip: Make your proposal clear, concise, and specific. Detail pricing, timelines, deliverables, and any other relevant terms to prevent any last-minute surprises.
7. Urgency
No urgency, no deal. If there’s no reason for the prospect to act now, the deal may get pushed to “later”—or worse, forgotten entirely. Creating a sense of urgency encourages your prospect to make a decision sooner rather than later. This doesn’t mean pressure; it means helping them see why now is the best time to act.
Tip: Use limited-time offers, scarcity (limited availability), or highlight how acting now will solve a pressing problem sooner. Show them the cost of inaction.
Putting It All Together: Mastering the Art of Closing Deals
Each of these seven requirements plays a crucial role in turning a lead into a closed deal. By focusing on these elements—speaking with the decision-maker, ensuring financial capability, building trust, and creating urgency—you’re not only setting yourself up for success but also building a relationship with your client based on understanding, value, and results.
Mastering these requirements takes practice and intention, but the payoff is worth it. Every deal closed moves you closer to your goals and proves the effectiveness of these strategies.
Remember: The best deals are those where both sides walk away feeling confident and satisfied. By following these steps, you’re making sure that’s the outcome every time.
Looking for more tactics on closing deals and maximizing your sales potential? Check out the rest of my blog for insights into achieving massive success through proven strategies and expert advice.
