Sales closing happens when the seller and buyer mutually agree to the terms and conditions of the sale and the buyer shows firm commitment to the transaction. This process should not be seen as a transactional event, but rather as the natural ending of the sales process.
The process of having a client on board is not easy; it requires a lot of patience and perseverance. The Salesperson may need to go multiple No’s from prospective clients before they can get that much awaited ‘Yes’.
What’s important to note – Sales closing doesn’t just happen at the end of the sales process. It happens throughout the sales cycle and it is a critical component of the whole process. The technique that is used for Closing the Sale determines whether the Salesperson has cracked the deal or lost it.
There are multiple right ways when it comes to closing a sale, but these tips will help you design a winning game plan.
This is also called the Scarcity Close. This type of closing involves focusing on the prospective client’s sense of urgency. In a Now or Never Close, the sales executive or representative must address the client’s fear of missing out (FOMO). It emphasizes the urgency to close the deal because otherwise there is no assurance whether the offer will be valid later. For instance, “we are providing a 10% discount to clients; this offer is valid only for today.” However, this approach can backfire if the prospect has not expressed a clear interest in your offer.
Summary sales closing can work best when the prospect is analyzing multiple offers from different vendors. In such cases, the client might have missed information on key offerings and pricing. In a Summary Close, the salesperson reminds the prospect about the benefits provided and how the product/ service addresses the pain points. The end goal here is to help the client visualize the benefit and close the sale. Summarizing highlights the critical elements of the offer so as to increase the chances of closing the deal.
There are situations when prospects seek additional services, perks, or discounts knowing very well that they are in a position to negotiate. To handle such situations, the salesperson has to quickly place counter-offers, focus on the value proposition and avoid offering extra services or benefits. Placing less emphasis on the value and shifting it on satisfying the prospect demands can lead to delay in sales closing.
Asking questions plays a crucial role in sales closing because it allows the salesperson to engage with prospects. A salesperson should never hesitate to ask questions at any stage of the closing; it can assist them in finalizing the deal. A series of questions motivates the client to eliminate every objection to purchase. By using the art of questioning intelligently, the salesperson also gets a clear indication whether the prospect is truly interested in the product or service.
The assumptive close is another sales tactic used to close a deal. The salesperson assumes that the prospect has already agreed to buy, so they finish the sale by using phrases that imply they’re ready to move forward. A salesperson who utilizes this approach might say something like, ‘When can we begin the process?’
Many people may find assumptive closure as manipulative or aggressive; however, they’re not completely incorrect. If sales reps are not a 100% certain about their conviction that the prospects will but, it may result in losing the sale.
These adverse events can be avoided by addressing the prospect’s comfort level throughout the sales conversation. If someone isn’t going to buy, the assumptive close won’t get them to do a 180 degree turn — in other words, this tactic won’t suddenly work if they’re not already interested in what you’re selling.
The Takeaway Close is when the salesperson offers the potential client a limited period to make a decision to buy the product or service, before the offer no longer stands.
Examples like the prices are only available for a limited time, or the product or service is only available with some kind of special offer for them to take immediate action. If they don’t act within the allocated time duration, then the sales person can utilize this close by taking away the benefit the prospect would have received in case they had taken an action sooner.
A soft close involves asking for the sale without being pushy and at the same time, maintaining rapport so that the potential client doesn’t feel like they’re being forced into making a decision.
Many Sales Professionals and Business Owners may have the mindset to bring in the hard sell. As a result, they come across as eager and may present or pitch too soon. This actually backfires most of the time. Instead, use a consultative approach, which makes the potential client feel like that the salesperson is a partner in their success, versus making the sales conversation feel transactional.
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