For sales professionals all over the world, there’s no single word more enshrouded in mystery and enigma than closing. Looking at most sales jobs descriptions, it’s clear to see that companies always want to hire closers.
There’s a strong mythology or belief built around closing that implies it’s a rare skill possessed by a few top tier salespeople. But the harsh reality is that closers are like unicorns or leprechauns – they simply don’t exist. Turns out you don’t need any special skills or a silky smooth tongue. This segment aims to educate on how to close more deals the smart way.
Want to Close More Deals? Then Prepare to Lose More Sales
When looking to close business, there’s a wide range of deal breakers you need to watch out for. Two of these deal breakers that pertain to our topic today include hesitant negotiation behavior and area of risk.
See, to close a deal, you actually have to bring the deal to its final conclusion. Whether the outcome is positive or negative, the deal has to conclude. This means that in order for you to close more deals, you must be willing to lose even more. The problem comes in when sales reps cling to extenuating maybes which prevent them from conclusively closing a deal. So, how do you know when it’s time to make your move?
Asking the Tough Questions
When attempting to close, you need to be willing to ask the toughest question of them all – “Are you in, or out?” Whatever the answer, accept the fact that you might not like it. It might mean walking away and shutting the door to future deals. But we’re not interested in the tough questions for your prospects. If you really want to get the timing right, ask yourself these questions.
- Have you done your homework in problem evaluation and diagnosis?
- Do you have an established rapport with the prospect?
- Have you offered a thorough prescription?
- Have you had a frank discussion with the buyer about objections?
If all signs point towards yes, then it’s probably the best time to close the deal. Successful reps need to be brimming with confidence. Sure, it’s okay to let the pie sit on the sill and cool a bit. Just don’t be scared to ask the buyer if they want a slice while it’s still hot.
Best Closing Strategies of All Time
Doing business is like getting a 50-ton Boeing off the ground and into the air at hundreds of mph. By contrast, landing such a plane should be easier than taking off. I mean, gravity is in your favor so the plane will inevitably come down. Think of closing deals like landing a plane; it’s simply the act of bringing business to its natural conclusion. That said, here are a few choice strategies that should help you close before you hit the runway.
i. The Direct Approach
This is arguably one of the best closing strategies preferred by top tier salespeople. In its core, it can be summed up by slogans like “Just do it” i.e. Nike. With this approach, you just ask the tough questions directly. “What are your thoughts, can we make it happen?” Worst case scenario is the deal fizzles out. But if you’d taken all the steps we’ve mentioned above, chances are you’ll move faster towards a positive closure.
ii. The Minor Point Close
More often than not, a small aspect of the deal can put off a potential buyer. If you come across a situation where the buyer seems opaque and/or confused, it’s time to apply the minor point close. This involves asking how the buyer feels about particular sections or clauses in the current contract. Granted that you may not know where the problem is. But asking will allow you to gauge interest, identify issues and move dialogue forward accordingly.
iii. The Alternative Choice Close
In situations where the direct and minor point approach seem too risky and presumptuous, you could opt for the alternative choice closer. In this scenario, you just offer your potential buyer a bit more choice or variety. This could be as simple as asking, “Do you want the 10 year contract, or would 5 years be more feasible?” Just remember not to confuse your prospect even more with too much choice.
iv. The Opportunistic Close
Introducing what is hands down the most manipulative type of close, the opportunistic approach works like a charm when successful. It’s common to see companies and businesses pressuring buyers with limited time frames and discounts. Timeshares and infomercials are notorious for giving people ‘opportunities’ where if they act now, they’re likely to save more money than if they wait. But be very careful with this type of approach. Its manipulative nature means it tends to backfire a lot.
v. The Balancing Close
When looking at the balancing close, we could term it as the noblest closing strategy of them all. Here, sales reps simply help buyers honestly weigh the pros and cons of the deal they’re about to make. There’s something honorable about taking the higher ground and helping buyers go through their entire consideration process so as to make a more informed decision. Even if the cons prove too overwhelming at the deal strikes out, this is the only approach where even negative outcomes could mean more business in future. After all, building trust and a rapport with customers is the ultimate way to close more deals in future.
Remember; closing deals is like landing a plane – it’s based on the momentum you established during takeoff and the course of the flight. How swiftly and smoothly you bring her in for a landing is just a matter of how well you directed her towards the runway. To close more deals, you must understand how customers and prospects think. That’s the only way to provide them with the best solutions for their needs. And to achieve this, you need the right tools at your disposal.
This is where Veloxy Mobile and Veloxy Engage excel ready to take interactions with prospects to the next level. With Veloxy, companies can keep track of their customers’ needs, expectations and behavior patterns. With all this information and technology on your side, closing business will be an effortless daily habit.