5.1 Closing the Sale
Once you have successfully hooked your prospect into the sale and they desire the product, you are ready to begin the close.
Ensure you have fully completed the previous steps as if you try and close too early, you can lose the sale as you will scare the prospect off. Closing can be stressful if you let it, so try and keep your cool and focus on the prospect, not the commission. Don't expect the close to come in the first contact - usually it will be a few phone calls away, so don't rush it!
You may need to call your prospect back to close the deal, potentially after they have had time to think about it, review a written proposal, etc. When you call back, confirm all you have previously agreed and get them to re-agree to it all again - getting them to say lots of “Yeses" makes it easier to say “Yes" to the sale. This is a trial close because if they say “No" to anything you have the opportunity to address it.
A typical conversation might look like this:
“When we spoke last time you told me that...." [e.g. they are unhappy with an existing product]
WAIT for them to respond with a “Yes" or “Correct"“
"And you agreed that [our product] would be cheaper for you to run?"
WAIT for them to respond with a “Yes" or “Correct"“
"You also confirmed that you liked the terms and conditions we can provide"
WAIT for them to respond with a “Yes" or “Correct"
“Since your existing contract is up for renewal, now are you ready to take advantage of this offer?"
WAIT for them to respond with a “Yes" or “Correct"
Maintain your enthusiasm throughout the call and keep the focus on meeting needs, not on making sales - transferring your enthusiasm will make the sale as much as the product.
5.2 Qualifying Your Prospect
You need to ensure you have thoroughly understood your prospects requirements, before you propose a sale. This is called qualifying.
To do this, you need to answer five questions affirmatively:
1. Are you speaking to the decision maker?
2. Does the prospect need the product or service?
3. Can they use it? (For example, technology with little buttons is not suitable for many older people).
4. Can they afford it? (Payment plans can only go so far, they need an income at least, avoid
unethical sales).
5. Do they want the product or service?
Once you have established these facts and the prospect has indicated a desire for the product andwishes to receive the benefits it can offer, then you are ready to begin closing.
5.3 Closing Techniques
There are many well-established techniques to close sales and the more you know, the more confident you will feel and you can draw upon the most effective one for the situation you are in. Knowing how to effectively close will also reduce the fear of rejection faced by all salespeople and greatly increase your confidence.
The Approach Close
Use this method near the beginning of the call, asking for a decision about the product by the end of the call. The decision you want is regarding the suitability of the product and NOT the sale itself. This prevents them brushing you off and asking for time to think it over after you have finished. At the end of the call, you ask for the decision about the suitability of the product.
“Jim, I'm not going to try and sell you anything today, but I would like to share with you some of the reasons why our product has so many satisfied customers. All I would like is for us to look at the ways it could reduce your costs and you can tell me one way or the other if you think it would be financially beneficial for your company. Would that be ok?"
Demonstration Close
Qualify your prospect as early as possible, to get a clear statement that they are in a position to pay for the product.
"Mr Harper, if I can demonstrate to you that we have a once in a lifetime opportunity, are you in a position to invest £2,000 immediately to secure this offer?"
If the answer is no, then find out how much they could afford. This changes the focus of the sale - they have said they do have the money, so all you need to do is prove the value you are offering. This is a tacit agreement to the sale that is difficult for them to back out of.
Another option would be to qualify, based on decision making capacity.
“Ms Michaels, if I can show you the best CRM system you have ever seen, are you the right person to talk to about placing an order immediately?"
The Hot Button Close
80% of buying decisions are based on 20% of the product features. Find out what your prospect's hot buttons are and mention them frequently. Find ways of bringing up their favourite features often and showing how they meet their needs.
Capture the hot buttons in your summary and lead into a close.
The Trial or Check Close
This is used to gauge how likely the sale is and how well the sales process is going. You can present a part of the product or service, then stop to check how they are responding.
“Does that sound good so far?"
“Does this feel like it will meet your requirements?"
“Is this better than the one you are currently using?"
“Does this colour suit you?"
Asking questions about their feelings towards the product or service will ensure you are on the right track and help you focus on objections and hot buttons!
The Power of Suggestion Close
We are all much more susceptible to the power of suggestion than we realise! Use emotions to help them imagine the product - thereby suggesting they already own it. Instead of thinking about if they are going to buy it, they are thinking about how much they will like it.
“You are going to love how soft the fabric feels"
“I bet you can imagine how nice it will be when it arrives"
“Are you excited about the possibility of it arriving tomorrow?"
The Invitational Close
This defers the decision to buy and instead asks them to try it out (with a money back guarantee). It implies they have other options if they change their minds, so they won't feel as pressured.
“How about you give it a try, risk free?"
The What If Close
Remove the objections and ask “what if" questions. Once they have mentally overcome an objection, the mind is more open to the idea of a sale. You will need to overcome objections before closing.
"What if we could find a way that money was no longer a problem?" “What if we could prove it would pay for itself?"
The Reverse Close
Take their objections and reverse them!
For example, if they say they cannot afford it tell them “that's exactly why you need it!'. Then explain why this is true!
The Secondary Close
Find a minor point to agree on, which de facto closes the deal. Making relevant choice seals the deal - in your head and theirs.
“By the way, do you want the CD or MP3 option or both with the integrated stereo system?"
This same can also be used to create an 'Alternative or Preference close'.
The Assumption Close
Choose words which assume the sale is going ahead and start to wrap up details.
This is an effective, but a little less ethical, method, as it is a psychological trick - people are too embarrassed or polite to say there has been a mistake in your understanding.
“How would you like to make payments?"
“What address should I put on the invoice?"
The Take Away Close
Start to suggest the product may not be available in the future or stock is limited. This increases how much they want it!
The Summary Close
Review and summarise all you have discussed and get as much agreement as possible. Once you have reviewed the myriad of reasons why the product would meet their needs, simply ask if they want to take it (since it is now obvious they want and need it).
Your Own Close
After some experimentation and finding your own feet, you should create effective closes of your own. What works for you and your products is very unique - invent your own closes!
5.4 Personal Development
How successful you are as a salesperson is down to you!
Your own development in the role and acquisition of skills will escalate you to excellence. How successful do you want to be?
5.5 Time Management and Goal Setting
This is an essential part of the sales role and you need to very actively manage your time and set some goals. The simple act of setting goals makes them more likely - using formats like SMART goals (specific, measurable, attractive, realistic, time bound) help to make them more achievable.
What goals would you like for your:
Personal success
Financial rewards
Enjoyment of the job
Number of calls
Number of sales
Relationship building
Personal development
Once you have decided some goals, you can plan your day to ensure you start to meet them.
For example:
SMART Goal 1: I will research a new business every day, find the decision maker and initiate contact. Plan: Set aside 20 minutes first thing in the morning to do the research and contact the new prospect.
SMART Goal 2: I will ensure I make contact with existing customers on a fortnightly basis. Plan: Work from 10am to 11am calling and emailing existing customers about new products and getting feedback.
SMART Goal 3: I will enhance my communication skills and public speaking, by joining a Toast- Masters Meetup group. Plan: Set aside one evening a week to attend and practise my public speaking skills. Planning should take up about 10% of your weekly time - dedicating this amount of time will pay off significantly. Well planned calls and activities are radically more effective than just doing what you feel like!
5.6 Analyse Your Results
The only way to know if you are progressing is to analyse your own results. Look at your figures for number of calls and success rates. What variables impact your successes? You need to capture data about yourself to understand your skills and progress, to make adaptations as required - this is data driven decision making. What can you capture or monitor that will help you understand how you are most effective?
For example you may find that you are getting sales but the order value is very low. This would highlight the need to increase your upselling or cross selling of other products in the sale. Think carefully about what data you could capture and how you are going to capture it.
5.7 Skills Analysis
-Use this list of skills to determine where you need to enhance your knowledge or get practice.
-Honest reflection will help you progress - you have to help yourself.
-Rate yourself for the following skills as: Expert, Knowledgeable, Average, Limited, Poor, No idea!
Skill Personal Rating
-Active listening
-Articulate
-Confidence
-Determination
-Focused
-Intrapersonal skills
-Organized
-Perspective
-Reflection
-Research
-Self-motivated
-Solutions focussed
-Time management
5.8 Exercise: Personal Action Plan
Estimated Time: 30 minutes
The difference between a good sales person and an excellent one will come down to taking action.
Proactive selling includes self-development.
How will you ensure you are the best?
Identify your short and long term vision for your career and develop a clear statement of what you want.
Describe your SMART goals and a time frame for when you will review them (e.g. weekly/monthly).
Reflect on what skills you already have - don't be modest, build your self-esteem by seeing how great you are!
Determine some priorities for areas of development and how you will improve your skills.
Reflect on your life as a whole, where would you benefit from making changes (diet, exercise, social life)?
Remember, you are in charge of your life and your career - you determine the success of every moment and that includes the financial returns. Sell well.
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