Do you ever spend an excruciatingly long time behind a prospect and then the deal falls apart?
Yes, almost every salesperson must have had that one deal that didn’t go through. So, what can you do to make sure that you don’t lose any important deal?
Here’s the thing – you need to make sure that you pay attention to every step of your sales process. Moreover, you also need to follow a specific framework when you’re closing any deal.
Did you know that sales reps spend 65% of their time on manual tasks such as data entries and paperwork? So, they don’t get sufficient time to actually focus on closing the deal.
Yes, when you are not fully dedicated to your main goal, you are more likely to miss out on important prospects.
In this article, I have shared how you can close sales like a pro and excel at your task. But before we get onto that, let’s first understand how sales closing exactly works.
Table of contents
- What is sales closing and why is it important?
- When does sales closing come into picture?
- 5 essential rules for closing a deal
- What are the most common sales closing techniques?
- 5 highly effective sales closing tips
- Most common sales closing objections
- How Salesmate can help in sales closing?
- Analyze the win (or fail)
What is sales closing and why is it important?
Sales closing is a technique where you convince the prospect to make a deal with your company; it can be related to selling, consulting, or any services.
A deal is usually assigned to a sales rep, so with the closing of every sale, the rep reaches closer to their goal of achieving the monthly or quarterly quota.
Based on the above statistic, if your close rate falls below the average close rate of 19% across all industries, then you certainly need to optimize your strategy.
Closing a sale is a very crucial part of any sales process because, at this point, you’ll learn whether your prospect is ready to associate with your company or not.
To understand how you can master the art of closing sales, let’s first understand where exactly it stands in your sales process.
When does sales closing come into the picture?
The sales process of every business differs based on its business model. However, sales closing is usually during the end of your sales process.
So, once you’ve connected with the prospect, presented your product/service and value proposition, then you need to persuade them in making a decision.
The below image represents where exactly sales closing stands in a sales process.
Closing is the 6th and the most satisfying stage of the 7-step sales process. Hence, sales closing is of the utmost importance as it can make or break your deal.
5 Essential rules for closing a deal
When it comes to closing a deal, every action you take has a consequence, therefore you need to make sure that your sales funnel is clear and doesn’t have any obstacles. Moreover, there are some proven strategies that can actually help you when you’re closing any sales. So, follow the rules that I’m about to share and experience your sales skyrocketing.
1. Identify your buyer persona
There are instances where the lead backs off at the end of the sales process, and your deal falls through the cracks. This is because you didn’t target the right audience.
Therefore, if you want to close every deal in your sales process, you first need to identify your buyer persona. Find out your target audience, their interests, and preferences, the channels where you can find them, and then make your next move,
Identifying the buyer persona enables you to filter your leads and go ahead with the ones that can be potentially converted into customers.
2. Find out the decision-maker
Your deal will only go through if you are connected with the right person from the organization.
For instance, you are offering live chat software, you will need to connect with the upper management and present your value proposition so that they can consider implementing it into the organization.
At the same time, if you had reached out to a marketing manager of the same company, you wouldn’t have received the same response.
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3. Product should be identified by its value
Buyers are now increasingly focusing on the product value rather than its price.
So, gone are the days when the price was the main factor in a purchase. Now, the buyer needs to know that the product or services they’re investing in will add value to their business.
Therefore, whenever you are about to close the deal, ensure that you focus on solving the main challenges of your clients rather than just talking about your product.
4. Collaborate with your team
One of the most effective ways to succeed in closing more sales is to work in a collaborative manner with your team. A deal requires many touchpoints before you can move it to closure, hence you need to get your entire team on board.
With collaborative teamwork, you can resolve customer queries faster and guide the lead through the sales process.
5. Have a straightforward approach
When you’re closing sales, there’s no beating around the bush.
You need to come forward and make the sale. And this will only happen when you are clear in your approach and convey the same to your client as well.
What are the most common sales closing techniques
Check out the 7 most common techniques of sales closing accepted industry-wide.
1. The assumptive close
I call it the “smooth move”. This is a modern sales closing technique where the sales rep tries to slip in the proposal smoothly.
Most sales reps misinterpret this as a shot in the dark. But it’s a rational technique where the sales reps understand customer needs from the roots. Then they identify that their product is meeting most of the requirements.
Then you slightly slip your proposal at the end of the conversation!
To get success with this approach, you must ask the right questions; questions that derive customer needs. Then you can simply mark the checkboxes, and go for the hunt.
Here are some questions that could help:
- What are your short-term and long-term goals?
- What are your current needs?
- What challenges are you facing?
- What are you expecting from our product/service?
- What is your buying criteria?
2. The take away close
I call it the “risky business”.
This is the case where the customer and you, both know that your product is the best fit. But the prospect will come up with reasons and arguments, just to get some discount out of you.
At this point, reps usually give up discounts at the risk of losing the prospect. But, if you have observed the requirements closely, and you know that your product is the best fit, you can play this calculated risk.
The conversation would look something like this:
Prospect: All that is fine, but we still think your product is a bit out of our budget. We’re still not sure if this is the right choice for us.
A smart sales rep: Well John, I think our product is meeting almost every need of yours. Because I have personally checked the boxes. But that’s completely fine. If you want to explore other products in the market, we can surely postpone this. I’m pretty sure, our pricing is at least 20% affordable than other competitors in the market.
3. The now or never
This is a very popular sales closing technique when sales reps lure prospects with some exciting discounts and create a sense of urgency. It is widely popular to meet sales targets and close deals faster.
The conversation would look something like this:
Prospect: We really like your product. I’m talking to the management, and we’ll be signing up with your product probably next week.
Sales rep: That’s great. I have to tell you that we’re providing a 10% discount to every signup that occurs this week only. So, you might want to hurry up a bit!
4. In conclusion close
I call it “A Walk to Remember”.
This is a sales closing technique where you give a walkthrough to your prospect. Basically, you recall all the key points of your past meeting and convince him that your product is just perfect.
This technique is very effective when you already had several meetings in the past. You have been explaining the product for a very long time and the prospect is constantly showing interest.
It’s time to tell your prospect that your product is the perfect fit for him with X solid reasons. It looks something like this:
Sales rep: “Sundar, we have been discussing XYZ for a week. I’m really happy that I could explain the product to you in-depth. As we discussed, I hope XYZ will add real value to your business. Can I explain to you our pricing plans?”
5. The objection close
This is a very smart sales closing technique where you ask the question to the prospect. Though, you must be very thorough with your product training.
You have to clearly understand what the prospect wants, and you make sure you have solved each and every query in the product demo.
After the class, you can be the teacher and ask “So, do you have any doubt in your head or we can proceed with the deal?”
Now, when you ask that question, you should be ready for the counter-objection also.
Most of the time when we ask a question, we’ve already decided on an answer. And it’s the answer we want to hear from them.
This shouldn’t be the case here.
You genuinely solve every question of the prospect and then ask for closing the deal.
6. The pressure game close
Between the prospect and sales rep, the authority is always held by the prospect.
Prospect drives the conversation. The questions he asks give direction to the deal.
This is a psychological sales closing technique where you simply shift the pressure on the prospect.
This is how the conversation would go:
Prospect: “Can you say that if we use your services, our traffic will get double by the end of this quarter?”
Sales rep: “If I can promise that your traffic will get double by the end of this quarter, would you buy our services?”
Now, the pressure is on the prospect, and he has no reason to say no!
You must know what you’re promising. You can’t just say the words that can damage your brand reputation.
Be reasonable. Be practical.
For that, you must know your offerings thoroughly. You should know your limitations.
If the prospect is making an unreasonable demand, say that you just can’t deliver that, and neither can any competitor.
7. The empathy close
Empathy is one of the strongest things in this world. Not many people have this ability.
If you have understood empathy, it will make you stand out from the crowd.
In many cases, the prospect is not ready to make the decision. Maybe he needs permission from management or high authority. Maybe he needs a little time to think over your deal. Maybe he needs to manage the funds.
You don’t know.
So, you simply say “I can understand”.
Such a response will initiate a great bond. This bond will eventually help you close the deal.
So, these were some great sales closing techniques. Now, we’re going to look at some sales closing tips that can help you close faster.
5 highly effective sales closing tips
These sales closing tips can be useful for different modes of selling; calls, emails, or face-to-face meetings.
Let’s have a look.
1. Talk, don’t present
Just 61% of salespeople feel they’re good at identifying customers’ pain points.
Talking and speaking are two different things.
While speaking, you’re more concerned about presenting your point. You think about the things you’re going to speak all the time.
Most humans are concerned about speaking.
Talking, on the other hand, involves listening. Did you hear that?
When you really talk with people, you care about what they are saying, too. You understand what they want and then present your views.
In sales also, most representatives are concerned about presenting their product. However, the best approach is to listen to what the prospect really needs. Then you can mention the benefits of your product, and go for the closing.
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2. Drop the cliche
You know what I’m talking about – High pitched voice, fake enthusiasm, the desperation to sell the product.
It’s a no (in capital letters) for many prospects.
Be calm, authoritative!
You know you want to sell the product, so does the prospect. But first, you must build a rapport. You need prospect’s full attention so that he’ll listen to what you’re offering.
3. Find a midway
I think most of the sales attempts fail because the prospect does not find any value for him.
Your product is essentially created to help out the customers, and if they don’t seem confident about it, there’s no point.
The most logical thing to do is find a midway.
If the customer is not sure about your product, offer a free trial for a couple of days.
Bring the prospect into the comfort zone, then go for the closing.
This is a well-known psychological method to get what you want, but you have to find the perfect line.
In a situation where you ask the prospect for closing the deal, and he counters you with some unreasonable arguments. The motive of such arguments is to get some discount.
Don’t say a word!
Silence can make the entire room uncomfortable. And we know humans are primarily seeking comfort. In those weird moments of silence, the prospect will realize that the argument is of utmost invalid, and he will jump on to your deal.
There’s a fine line between ‘uncomfortable silence’ and ‘unbearable’ silence. We better not explore that painful end. This sales closing tip is more useful when you’re meeting the client face to face.
5. Suggest your competitors
This may sound really stupid to salespeople, but this tip can actually help. But you have to pick the right moment.
In a scene where you just can’t offer any discount, but the prospect is stretching the deal for less pricing, simply say:
“If pricing is your major consideration, I think you can explore other options. If features and style are on your list, I bet you can’t find a better option than us.”
Most common sales closing objections
Sometimes prospects have to mold the situation to buy some time or to slip away from sales deals.
Objections are the cruel reality of sales, especially for the reps. I mean it is quite disappointing to hear excuses after you’ve put so much effort behind one prospect.
Good thing is – there are witty ways to deal with sales objections. You can’t turn a ‘No’ into a ‘Yes’. But, for the prospects who aren’t sure about your product, these responses can help.
1. Sure, I’ll call you back later
We know, that never happens.
As a sales rep, first, you have to clear the air. Because, if the prospect is not interested in your product, there’s no point fighting over it.
Here’s how you can handle the conversation:
2. Okay. Send me some more information
This same sentence has different intentions, depending on when it is spoken.
If such a statement is spoken at the beginning of your sales cycle, that means the prospect is interested to know more about your product. But if you hear this at the time of closing, it’s a real disappointment.
Since we’re talking about sales closing, here’s how you can manage such a situation:
3. We’re already working with your competitors, and we’re satisfied
You have to be really mindful about what you’re going to say when you hear this sentence. You must know your competitors very well, and the USPs of your product.
This is how you can handle the conversation:
4. Can you call me back next quarter
Prospects can stretch your limits. They will push your boundaries. You need to know what exactly is the reason.
Here’s how you can respond:
5. We don’t have the budget
I think there can be multiple reasons behind this sentence. The prospect could be facing a financial crunch. Or they have a fixed budget. Maybe they can stretch their limits, maybe they can’t.
Well, before you know the actual reason, you have to propose your products and values first. If the customer is genuinely interested in your product, there can be some adjustments.
Here’s how you can answer:
How Salesmate can help in sales closing?
Closing sales of one client can be easily done manually. However, in a growing company, you will have multiple deals progressing parallelly. In such a scenario, you need a CRM that can help you streamline your leads and help you close deals faster than ever!
Below are some advanced features of Salesmate that can assist you in closing sales
Have a clear view of customer’s journey to deliver better
Every customer will require multiple touchpoints before you can close the deal.
With Salesmate’s contact management feature, you get access to the contact details and your customer’s history with your company. You can leverage this information to provide personalized solutions and close deals faster.
Know where your deals stand
With a clear view of your sales pipeline, you can identify the bottlenecks in deals and find ways to guide them towards closure.
You can create multiple sales pipelines and track each deal, follow-up at the right time, and close sales faster.
Sales pipelines can also be customized as per the deal so that you can focus more on selling and less on the guesswork.
Have contextual conversation
By reaching the sales closing stage, you are already aware of your clients’ requirements.
However, oftentimes we miss out on important details that the lead mentioned in the early stages of the sales process. This is where you can utilize Salesmate CRM’s built-in calling feature to record conversations.
So, when you are meeting up with a lead, you can refer to those conversations and resolve every query.
Keep track of your sales goals
Motivation is a driving factor for closing sales, and Salesmate helps you track your sales goals.
You can view the deals won, track your periodic sales goals so you are aware of how many deals need to be won, and then focus on the high-priority ones.
A personalized visual sales goal dashboard can certainly help you stay motivated close sales like a pro!
Time to analyze the reasons behind closing the sale
One of the most helpful practices is to analyze the result of every deal. Whether you won the deal or lost it, analyzing the result is crucial if you want to improve your sales process.
Analyze the close
If you win a deal, you can do the roundup and summarize the main points of conversations so the customer is once again reminded of why they chose you.
Moreover, it’s also essential to stay consistent as you convert the lead into a customer, so there shouldn’t be any compromise on the customer experience. When you’ve won the deal, you can also ask for feedback, as they already like your product so they will feel comfortable in sharing their honest feedback.
Analyze the fail
Losing a deal isn’t something you wish, and yet it happens nonetheless. However, there are many factors behind this decision.
The prospect might have gotten a better deal somewhere else, they no longer require the service, your product wasn’t the right fit for their requirements, and so on.
In this scenario, you need to understand the main reason why the prospect didn’t go through with your proposition and analyze it to prevent the same thing from happening in the future.
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