Why would salesmen put all their efforts into generating a lead, establishing contact, negotiating and other various steps of the sales cycle? Well for obvious reasons – to clinch a deal. Other reasons include a buzz of enthusiasm, an increase in commission, and most significantly, a real contribution to the prosperity of any business.
But the stakes are considerably high when it comes to closing a sale. If you make a mistake, you might not have another chance. The good news is that there are steps you can take to make sure you’re giving yourself the best chance to complete a deal. You can improve your close rate and secure more wins by using the correct tools, strategies, and practice.
Sales closing is an art and in this article, we’ll discuss the top sales closing strategies.
What is Sales Closing?
The final and most important phase in persuading a prospect to accept a deal, make a purchase, or sign a contract is called sales closing. It’s how salespeople achieve their goals and, ultimately, how companies make money.
Successful sales closing involves a process. You have to capture their curiosity, warm them up with incentives, and give an unbeatable value. Yet, it is simpler said than done. This is why sales teams employ a wide variety of approaches. What works for one lead might not be effective for another.
Best Techniques to Close a Deal
An optimistic outlook is necessary for assumptive closing for example presuming from the start that you’ve won the business and already closed the deal. It’s only a matter of asking how many products they want or when to begin the execution of the services. The use of this strategy necessitates complete self-assurance in both your offering and your abilities. It’s best to use it right away after highlighting the advantages of your offer so that the prospect is still thinking about it.
The goal in this scenario is to be firm without coming off as pushy, which might damage the relationship and drive off the prospect. Also, it’s crucial to time the assumptive close such that it occurs shortly after you’ve emphasized the advantages of your offer.
Puppy Dog Close
One of the most common methods for closing deals is the “puppy dog close.” It is predicated on the notion that if a pet shop allowed you to take a puppy home for a few days to try it out, you would fall in love with it instantly and would not want to give it back.
In the real world, you might offer a free product trial with no purchase requirement. Provide your software app, for instance, a free 14-day trial that doesn’t require a credit card. It has a winning record! The idea is that after a brief trial run, the potential customer will discover your product to be so vital that they won’t be able to leave without it.
The Hard Close
This strategy, also referred to as the “Nothing to Lose Close,” entails making your potential customer acutely aware of the fact that you are selling to them. In order to convince them to actually sign immediately, you ask for concrete commitments, dates on which you can sign contracts, estimates of when the deal will be closed, and dates on which you can schedule implementation.
Clarifying your request makes the other person feel a little more at ease, and even if they don’t agree, they will at least respond with a definite no so you don’t have to waste time following up. When you are certain that you won’t get the yes and have no other options, this tactic works best.
By demonstrating the advantages of your product to a potential customer, you may then offer a gentle query to see if they’re interested in knowing more. The gentle close is less invasive. It provides prospects with the idea that they are making their own judgements and delivers a less binary yes/no situation.
For instance, would you be interested in knowing more, if I could increase productivity by 5% while reducing your system maintenance by 35%? In such statements without making any intrusive or ad hoc requests, you have thoroughly outlined the benefits. Soft Closing frees your potential customers from any obligation to you and offers you more time to understand their needs as a business.
As you reach the end of the chat with a lead, summarize the points you’ve gone over. Describe their issues once again and the remedies your product or service provides (to stress the benefits and value). Then go over the topics that were agreed upon and combine them into a tempting offer.
The goal of this closing method is to emphasize the worth and benefits of the product or service that the customer is ideally interested in buying, with the objective of persuading them to take the plunge. By combining previously agreed-upon terms into one appealing package, you may make the offer more transparent to prospects and help them comprehend what they will truly get.
Sharp Angle Closes
Prospects frequently request price reductions or add-ons since they are aware of their advantage and understand that you anticipate them. The sharp angle close technique can be employed to catch your prospects off guard, but only if your sales manager has approved it.
They can seek an additional service week or a 10 percent discount on the first year. Using the sharp angle close technique to address a prospect’s desire or request will guarantee a sale. It is recommended that you reply to them with a sharp “Yes”. But if I do it for you, will you sign the contract document right now?”
With this response, you complied with their request and proposed closing the deal today. And you might end up closing the sale because they probably weren’t expecting this response.
As soon as a conversation with a prospect starts, effective salespeople concentrate on making a sale and throughout the sales process, the question close approach enables you to get over any objections and secure a commitment from your prospect.
Reps must elicit detailed answers from prospects by asking open-ended questions. By asking a series of questions, they create a sense of longing in the customer and eliminate any objections to buying.
You might also pose low-impact inquiries to the prospect. Low-impact inquiries are perceived as being softer and less confrontational. If you’re speaking to a new lead with whom you haven’t yet established rapport, this may be effective.
If the response is positive, take advantage of the opportunity to highlight the advantages of your good or service. The aim is to engage the lead in conversation without creating any sense of urgency or pressure to make a decision immediately.
Letting the prospects know why they should close the deal right now
The aim is to persuade your prospects that there isn’t a better time to purchase than now. And you can accomplish this by identifying the facts that set off this train of thought. For instance, you can make your prospect aware of if their rival has suddenly obtained additional funding or has offered a Christmas sale with significant savings. Alternatively, if your lead intends to enter new markets and regions you can be the right fit for them to help them in their new venture. A timely prospectus is crucial to your decision-making.
Making use of case studies and testimonies
And the last technique to close the deal is the most effective social technique which has been used for decades. It’s time now for you to start leveraging social proof to close deals if you haven’t previously.
Testimonies are one of the most important tools you have to master when closing deals. So don’t just pick any case study or testimonial. Choose the ones that most directly pertain to their industry and situation. Look for a company with a similar size and industry that overcame a similar challenge. Describe the solution provided by your product or service. Then let them know that you think you can assist them in achieving the same outcomes.
It’s a fantastic sales closing strategy for potential customers who aren’t sure whether to buy.
Undoubtedly, one of the most crucial skills a salesperson can develop is closing. It’s time to celebrate after the sale is completed! Always being close used to be a well-known sales maxim. Now it reads “Always be connected.” Your approach should always be evaluated in relation to your prospects’ needs and expectations.
The closing of a transaction becomes less of a battle and more of a partnership between you and the customer when the rest of the sales process has been planned and focused.