When it comes to sales, most people think about closings more than anything else. This should not be any surprise because a closing is very noticeable in the sales process. If you have ever purchased a product at a store, then you have been involved in a closing before.
Of course, no one likes to make prospecting calls or discovery calls. But aggressive sales tactics are often encouraged, especially in mainstream Hollywood films. Just look at films like Glengarry Glen Ross, Boiler Room or The Wolf of Wall Street to see examples of tough salespeople.
To do closing in real life, you need to have a great deal of patience and strategy. If you want to close successfully, you will need at least some or all of the habits listed below. These habits will surely help you attract new customers.
- Understand that closings begin when the sales begin.
- Understand that closings go two ways.
- Each step gets bought prior to advancing to a new step.
- Establish true urgency.
- Figure out the decision standards of potential customers as early as possible.
- Figure out the buying process of potential customers.
- Understand the right time to request business.
- Prior to negotiations, every stakeholder gets brought in.
- The bottom line is known.
- The sales process has several closings.
1) Understand that closings begin when the sales begin.
Successful closers know that more than one closing will occur in the sales process. When you start a conversation with a potential customer, you are trying to close. If you understand their plans, difficulties, and objectives, then you will be able to make your products or services attractive to the prospective customer.
2) Understand that closings go two ways.
After the first phone call is made, a successful closer will learn information that will help them decide if they should devote more time to working a potential customer. Successful closers do not just give the prospect a bunch of different information to absorb and hope that a deal is made from it. When implementation and price are finally discussed, successful closers will have already gathered all the information necessary to give the prospective buyer a convincing product recommendation. This is a product that will benefit them in some way.
3) Establish true urgency
If you reliably succeed as a salesperson, you will not strike a deal by depending on a promised discount to the buyer. You can’t let the price become the main reason that a prospect decides to purchase right away. To strike a deal properly, you need to present the prospect with an amazing opportunity or authentic issue that concerns your product.
If your prospect can see that it is better for them to purchase sooner rather than later, then you both can negotiate the terms to make them fair for everyone.
4) Each step gets bought into prior to advancing to a new step
Successful closers don’t assume anything. The sales process has many steps and good closers will go through each one carefully. They want to ensure that they’re on the same page as the prospect prior to advancing the discussion. By doing this, the closer’s final effort of requesting their business will likely be positive in the end.
5) Figure out the decision standards of potential customers as early as possible
Surprises in sales are not usually good. This means there was inadequate due diligence. Successful closers should know what potential customers are evaluating at the earliest possible time. That way, during the sales process, closers can give these areas some more value. If you think you’ve reached the conclusion of the sales process but then find out your buyer still has concerns, then you must learn to improve your due diligence.
6) Figure out the buying process of potential customers
Are the prospects going to conduct a legal review process which will increase the time of the sales process by about 2 weeks? Will a particular number of vendors need to be evaluated by your potential buyer? Which other requirements will you need to give your input on?
Successful closers should learn all the steps of the buying process as early as they can. That way, they can prepare for it properly and ensure that the deal moves forward without a hitch.
7) Prior to negotiations, every stakeholder gets brought in.
It is a horrible feeling to believe that a deal is going to be made but to then find out that a stakeholder is raising objections out of the blue. This could be a stakeholder that you never knew before. Regardless, you will need to address their concerns before the deal can be finalized.
If you want to prevent stakeholders from raising their objections at the negotiation table, you need to consider all the stakeholders involved after each sales conversation that you make. This doesn’t mean all the executives and stakeholders should be brought into the first meeting. However, they must be kept informed throughout the sales process. This will ensure that you don’t need to deal with objections at the very last minute of the process.
8) Understand the right time to request business
If you have satisfied all the requests of your potential buyers, there comes a point where you must finally ask them if they’re ready to make a deal.
9) The bottom line is known
Potential buyers will always want to get a bargain on a product wherever they can. Meanwhile, sales representatives will be hesitant to give discounts on their products. This means that the two parties will come halfway and agree on a price that is around the middle of what they both want. But once the sales quarter or month is about to conclude, sales representatives are usually under pressure to satisfy their sales quota. This motivates them to make any deals that they can.
The problem here is that the salesperson will give the buyer too much because they are so eager to strike a deal. This will make it unbeneficial to the salesperson and their company. If the buyer wants a huge discount or has terms which are unrealistic, then a salesperson needs to be able to walk away and not feel tempted to give in.
Successful closers understand that more than one closing takes place. Whenever you talk with a prospective buyer, you should request a small close of some kind. This could be as simple as asking to talk with them again on the phone or at an in-person meeting. Closings should always be on your mind throughout each step of the sales process.
Practical tip: To lose a potential client can be critical for sales rep, so never forget to follow up your leads with new deals and offers. The success is in automation of the processes. Closer makes follow up messages look like it has been sent by human. Also you are able to set up a reminder on when you want any lead to be followed up.
Do not think of closings as some one-time finale. You perform closings repeatedly throughout the sales process. They are strategies which you implement into every conversation with prospects. As you continue using these selling strategies, it will become easier and more natural for you to close.