Best Ways to Close Sales
Closing a sale is not always easy and can cause added stress for a salesperson. And having a sales manager say 'just close the sale' bumps the stress level up even further. If you have performed each of the step leading up to the closing presentation, your close should be smooth and easy. However, making certain mistakes during the close can still cost you the sale or at least make it more difficult.
So, let's look at some of the best techniques to help close the deal confidently so you can increase your revenue and grow your bottom line.
1. Value Your Prospect’s Time
Meeting etiquette is one of the most essential aspects of a sales presentation. However, many teams drop the ball at this point. You must show your prospect that you value their time and business. Surprisingly, especially for new salespeople, is the thought that it is ok to be late for the meeting, but this is a big NO! Things do come up like traffic, train issues, or another engagement taking longer than expected. Just place yourself in your prospect's shoes and think about how frustrated you feel having to wait for someone. If you find that you will be late, even by 5 minutes, call the prospect and explain the situation. This shows that you value their time and allows them to decide if they wish to wait or if the meeting should be rescheduled. Remember, the first impressions that the prospect forms of you establish the tone for the entire process.
Also, once you have reached the meeting, shut off your phone so that you give undivided attention to your prospect. You may feel that you need to respond to your boss, family, or other client's text or calls, but doing so disrespects your potential client. They need to feel that they are the only thing that matters when you are working with them.
2. Maintain Eye Contact
Keep in mind that you are still building a relationship with your prospect even during the close. One of the easiest ways to continue building your relationship is to show that you listen to what they say and maintaining eye contact.
Remember that interacting with someone is both verbal and nonverbal, with nonverbal seen as the most telling. Maintaining eye contact nonverbally lets your prospect understand that you are focused on them and their needs. The more you focus on the prospect and their needs, the more trust is developed, and trust leads to the close. This simple technique will put you ahead of other salespeople who only show up, write numbers, and walk away.
3. Be Genuine
Some salespeople think that using industry jargon/slang forms a good impression on the prospect. However, it's the other way around. Yes, you want to show the prospect that you understand their industry. But unless you have a profound understanding of the industry, using jargon can come across as fake. Likewise, if you truly know the industry, your prospect should be able to gain this understanding in other ways. Being prepared for the meeting is important, but coming across as too calculative during conversation is a sure way to lose the sale. Sometimes, it is best to let the prospect know that you understand their industry but are not an expert in their industry. This is followed by explaining that you are an expert in your product's use, its benefits, and how it can help their company. Doing this shows your prospect that you are genuine and eager to learn.
Prospects can sense quite easily if you genuinely care about their concerns or just the deal. Convey the message that you are interested in solving their problems. Ask open-ended questions and then just listen to their responses. After they have fully explained their problems/needs, repeat them back to the prospect for clarity before discussing solutions.
4. Come up with Flexible Pricing
Giving choices to your prospect is another effective way of closing the deal successfully. Bundle services together that meet the prospects' needs and offer them options. When buyers have two or more options to choose from, they feel empowered. It's part of the human psyche that you feel that you have control when you have a choice.
Also, be smart with your pricing strategy. Initiate the deal with a slightly higher price than your desired figures. Give them different pricing options, and ultimately negotiate down to your desired price. This makes the price seem like a bargain to the customer, and they will eventually close the deal at your desired price.
5. Be Ready to Overcome Objections
During a sales process, your prospect will ask many questions, and they will also raise some objections. Thoughtful questions and objections are good as it means your prospect is truly considering buying your product/service. But it also opens situations where you might get caught off-guard and require time to think of a solution.
However, you can avoid such scenarios with thoughtful analysis and a detailed outline of the anticipated problems.
Sit with your sales team and prepare a 'sale pitch landmine map.' Have each member come up with as many possible objections as possible and map out a response to each objection. Make sure the team keeps an open mind and considers each idea. Then practice asking the objections and providing your response so that it comes out naturally and in your own words.
6. Don’t Talk Past the Sell
This error can happen in three ways. First, the salesperson does not recognize that the prospect is signaling that they are ready to buy. Second, the salesperson brings up a new idea during the closing. Third, when nearing the close, the salesperson makes a slip of the tongue.
To alleviate the first issue, pay attention to how your prospect is responding to your close. Don't get so caught up in your presentation that you forget to focus on the prospect. Remember that they are what is important, not your presentation. It may be the best presentation ever created, but if the prospect is ready to close the deal, close the deal. This may mean cutting your closing presentation in half or skipping it in total. Some ques to listen for are statements like "what is the best price you could offer us," "I think we would start with a quarterly contract," "could this be up and running by next month," or "what is the next step."
The second mistake, bringing up a new idea during the close, happens for two reasons. When the closing is going great, and greed sets in, and the salesperson tries to add one more product to the mix. The other is when the close is going wrong, and the salesperson tries to save the deal by bringing up an additional product at a discount. In either situation, if you have reached the closing, you need to stick with what has been previously discussed.
The third mistake is when a salesperson makes a slip of the tongue, turning the tables on your close. Slipups happen when you are not prepared to close the meeting. You have finished your presentation, there is silence, so you bring up an outside topic. Coming off as being too casual or worse, you bring up an issue that the prospect finds offensive. Obviously, everyone knows to stay away from genuinely offensive subjects, but it could be a comment about their favorite team, performer, or type of music.
The sale's closing presentation can be stressful as it is when your prospect either says 'yes' or 'no.' Although by respecting your potential client, being genuine, preparing for objections, and looking for signs that your prospect is ready to buy, your stress level will decrease and your close rate will increase.
If you would like to learn how we can help grow your business and implement these techniques in your organization, please email us at email@example.com.