We often make a mistaken assumption about sales- that it entails only taking a customer’s money and giving them a product. A salesperson would heartily disagree, for they know the enormous time and effort that the whole process takes. However, closing is perhaps the trickiest part of it all. All your work in effective prospecting, nurturing, follow-ups, etc. culminates here. It is hence no wonder that 35% of professionals call closing the toughest part of their job.
For such a high-stakes activity, you need to put your best foot forward. To help you do so, we’ve made a handy guide on the tips and techniques that can help you close deals like a pro!
The Steps for Deal Closure
You have a sure-shot chance at success if you have a proper approach towards closing. If you try to start negotiating hard for a purchase after only the first interaction with a prospect, you will surely blow the deal. You hence need to understand the various steps involved in the closure process and accordingly plan your activities:
Step 1: Engage in the conversation with the decision-making authority. It is vital here that you identify the right person to reach out to, otherwise, you will go through the entire sales journey with a prospect who isn’t in any position to take the final call. The next step is reaching out to them. Choose the communication channel that has proved most successful for you or learn from the practices of other top-performing organizations.
Step 2: Get to the depths of their pain points and pitch them a value-adding solution. 86% of consumers foster strong relations with a business that shows them empathy. Thus, take time to hear them out. This will not only help you serve them better but will ensure that you’re going after the right prospects who match your ideal buyer profile. Most importantly, do not blatantly pitch your product, but rather offer them a solution that can help them.
Step 3: 8 out of 10 prospects raise objections during a pitch. You must be prepared to tackle and overcome these. Start by listing down the potential objections you may face and prepare answers beforehand. After doing this, you need to create a sense of urgency for your prospects and nudge them towards closing. But remember not to be aggressive and rush your prospects. The trick is to incentivize them into closing the deal faster by offering them something in return.
Step 4: All that’s left to do now is to end your pitch with a powerful statement. Most salespersons falter at this step and hence the average closure rate for a salesperson is less than 20%. However, if you choose the right sales closing phrases, you can get highly successful outcomes. Along with using these phrases, it is important to ask for the sale. Most professionals don’t do this or wait too long to do it. But if you take the leap and time it well, it can boost your closure rates.
Best Techniques for Closing Sales
Now that you’re aware of the various stages that closures go through, you need some powerful techniques in your arsenal. We’ve put together a list of some of the best sales closure techniques that have been widely adopted by organizations across industries. Each of these techniques is suited for different types of situations and buyers, so thoroughly evaluate both these aspects before choosing a technique.
- The Now or Never Close: This is closely linked to the creation of urgency that we explored in the section above. It works best when your prospects’ main objection is not having the time to decide right away. Offer them a limited-time period discount or tell them that the product is fast getting sold out. This will invoke FOMO in them, and they will rush to close the deal.
- The Takeaway Close: If some features or aspects of your product are not useful for your prospect while others are, then this should be your go-to approach. It entails taking some of these unnecessary features off the table and cutting down costs for your prospect. Both parties have something to gain here- you get the sale, and your customers are saved from paying for things that they don’t require.
- The Puppy Dog Close: Let’s start with a quick story of how this name came to be. If you’re given an adorable puppy dog to keep for a few days, would you be able to give it back? No! That’s what you need to do here with your product. Let your customers use it, and see how it works, or how it benefits them. This will make them more inclined to purchase it.
- The Assumptive Close: This is not so much of a technique, but rather a mindset you need to adopt while closing. Assume, and be firm in your belief that you’ve done your job and got the closure. Be confident in your interactions, and even the language you use should reflect this confidence. You should go for this approach only when your product is a perfect fit for your prospect’s needs.
How much ever you try to learn strategies or follow the precise steps for closing, it all boils down to your customer. Techniques will only get you so far, but the true game-changer is reading your customer’s psyche well and understanding their side. Once you nail this, you can win them over and close an exponential number of deals!