1. Ask
A reminder to what we all hear, but often forget. If you don't ask for the sale you won't get it. This may sound simplistic, but many salespeople forget this basic rule. It's the most important sales tool you possess and also the most effective. Of course you need to adapt and find the most effective way and best timing to "ask for it" for your particular industry and product - but you have to ask!
2. Tenacity
You are not going to close every deal on the spot. By implementing a good system to follow up will help you go from good to spectacular. During the boom times we often let follow up slip. You can't really afford that in this economy. One of the simplest ways is to enter a reminder in your email or CRM program. Then you can forget about it until it pops up due. This simple system can assist you following a prospect for years until you land the sale (or give up).
3. Them
Plan each point from their perspective. Turn as many of your I's (meaning you personally and your company) into you's as you can. For example, replace 'I think' with 'Do you think' or 'Wouldn't you agree', and 'I want' with 'Wouldn't you want?' This brings the person you're negotiating with more personally into the discussion.
4. Fair
If you clearly have the upper hand, and the other party is vulnerable, don't be ruthless. This is not being weak - it demonstrates real leadership and is ethical. Besides, you may want to deal with the person again in the future.
And finally,
5. Silence
Silence is golden. Think of how you hate awkward silences. The state often takes over when both parties have spoken, and a concession is due. Learn to wait out the silence to your advantage.