There is No Such Thing as a Closed Deal

Published on June 27, 2024

If you were to tell me that you just closed the deal, my answer to you would be there is no such thing as a closed deal.

You see, a while back, I was involved in repositioning a major chemical manufacturer with the largest player in their industry. They only had 40% of their demand, and they wanted to get to 75%. That industry only bought on a bid for the lowest price every three years. Because my client invested so much in developing a new version that cut in half the cost of mining copper and saved a lot of the copper mines from going bankrupt, they needed a negotiated deal at a fair price.

So after 18 months of working with them and helping them reposition themselves with that customer, they actually secured the deal they envisioned in the beginning – a 10-year negotiated deal for over $200 million. Let the party begin! And boy, did they party hard! Until I decided to sober them up a little bit.

I said, “Listen, just because you have a signature on the deal it does not mean it’s closed. It means now you have to perform. For the next 10 years, if there’s ever a time when your client feels that they’re not getting the money’s worth and it’s in their best interest to cancel it, even if they pay you the penalties you have in the contract, then you will no longer have that deal.”

So, for every day for the next 10 years, you want to operate like the deal is not closed. Do the same thing that got you there. Keep staying on top of your customers’ changing needs and, if you have to, tweak the solution.

If you don’t, your competitors will find an opening and steal your business. There is no such thing as a closed deal.
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