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Sm 11

  1. 1. Closing the Sale Chapter 11 © Cosmopoint International University College
  2. 2. When Should I Ask To Close The Sale? <ul><li>Closing a sale is the process of helping the prospect or buyer in making a decision that will benefit both the salesperson and the prospect. </li></ul><ul><li>A successful salesperson knows that it is his/ her own effort that determines the success of closing a sale and none other. </li></ul><ul><li>Only close a sale when the prospect is ready or specifically when the prospect is in the conviction (belief) stage of the mental buying process. </li></ul>
  3. 3. So When Do You Actually Close A Sale? <ul><li>You should only close a sale when the prospect is ready, that is when the prospect is in the conviction (belief) stage of the mental buying process. </li></ul><ul><li>A buyer has the freedom to enter conviction stage at anytime during the sales presentation. </li></ul>
  4. 5. Detecting Buying Signals <ul><li>Here are some buying signals to be recognized: </li></ul><ul><ul><li>Repeating a question that has been answered fully or asking the same question twice in rapid succession. </li></ul></ul><ul><ul><li>Asking a question that indicates they picture themselves working with you , such as your process. </li></ul></ul><ul><ul><li>Asking for a sample of your services . </li></ul></ul><ul><ul><li>Making positive vocal noises . </li></ul></ul><ul><ul><li>Asking questions that force you to deal with a limit that you've set, such as minimum commitment or price. </li></ul></ul>
  5. 6. Detecting Buying Signals <ul><li>Any comment or question about price . Remember, if they tell you it is too expensive, they want to buy, but aren't convinced of the value. </li></ul><ul><li>Asking for references . This is a testing attempt. They want a confirmation of their decision, and by speaking to another client, they can get reassurance that they are on the right track with you. </li></ul><ul><li>Asking for your professional guidance or opinion . Example: &quot;Do you think this is the best insurance package for me?&quot; </li></ul><ul><li>Mentioning a negative experience with a previous vendor. </li></ul><ul><li>Asking a question about starting or timing </li></ul>
  6. 7. Qualities of a Good Sale Closer <ul><li>Good closer has a strong desire to close each sale. Are you a good sales closer? Let us examine the qualities of a Good Sales Closer: </li></ul><ul><li>A good sales closer has the following qualities: Has positive attitude about the capability of a product that would benefit the prospect. Good knowledge of their customers makes their presentation suit to each specific person’s needs. Always prepares for each call. They take the time to carefully determine the needs of their prospects and customers by observing, asking intelligent questions, and most of all by eagerly listening to them </li></ul><ul><li>Always looks out for closing or buying signals when the prospect is ready to buy. </li></ul><ul><li>Try to be always persistent in closing a sale, even if the prospect says “No”. The salesperson should determine where he/ she had gone wrong. </li></ul><ul><li>The salesperson can determine the nature of the objection and then proceed to the presentation. A trial close would help to determine nature of objections. </li></ul><ul><li>Always remains positive even if the prospect persists to show some resistance to buying signals. </li></ul><ul><li>Asks for the order and remains silent until the prospect responds. </li></ul><ul><li>Would always move on upon getting the order and avoids doing anything to the contrary that may endanger the sales. </li></ul>
  7. 8. How often should you close a sale <ul><li>A minimum of three closes, can considered a success for salespeople. Three to five well developed and executed closes would not offend the prospect. However, trying to attempt more than three to five closing would be futile, and waste of personal time. It is better to bow out and count yourself out of that sale. </li></ul>
  8. 9. CLOSING UNDER ANGER OF THE PROSPECT OR BUYER <ul><li>In order to close effectively, never take the first “No” from the prospect to mean an absolute refusal to buy. </li></ul><ul><li>You must be prepared to face the anger and hostility of the prospect or buyer. </li></ul><ul><li>Be prepared to ask even if there is hostility towards you, the most you can lose is that you can encounter an angry exchange of words or verbal assault from the prospect or buyer. </li></ul><ul><li>The prospect will eventually cool down and return to his/ her senses. </li></ul><ul><li>However, avoid any attempt on the part of the prospect to engage the assistance of any third party (secretary, personal assistant or security guard) to remove you forcefully from the premise. It is better to leave before such situation arises. </li></ul>
  9. 10. DIFFICULTY IN CLOSING SALES <ul><li>Firstly, the reason why salespeople fail to close a sale and take an order is that they are not confident in their ability to close. </li></ul><ul><li>Secondly, salespeople often assume that the prospect does not need the quantity or type of merchandise, so they conclude that the prospect does not need to buy. The salesperson must realize that the decision to buy or not buy is wholly the wish of the prospect. </li></ul><ul><li>Finally, the salesperson may have not worked hard enough to develop the customer’s profile and benefit plan, thus resulting in poor presentation. Be prepared to develop a well-planned and well-rehearsed presentation . </li></ul>
  10. 11. ESSENTIAL OF CLOSING SALES <ul><li>If you want to improve your chances of closing the sales, consider these essential points to improve your success rate: </li></ul><ul><ul><li>Be sure your prospect understands what you say. </li></ul></ul><ul><ul><li>Give a complete story throughout the sales process to ensure good rapport with the prospect. </li></ul></ul><ul><ul><li>Customize your sales closing to meet the needs of each prospect. </li></ul></ul><ul><ul><li>Be receptive to customers’ needs and point of view throughout your sales encounter. </li></ul></ul><ul><ul><li>Be persistent and do not accept “No” for an answer </li></ul></ul><ul><ul><li>Learn to understand and recognize buying signals. </li></ul></ul><ul><ul><li>Before you close, ask for a trial close </li></ul></ul><ul><ul><li>After asking for the orders quietly wait for the response. </li></ul></ul><ul><ul><li>Set high achievable personal goals and commitment towards your work </li></ul></ul><ul><ul><li>Develop a positive, confident and enthusiastic attitude towards yourself and others. </li></ul></ul>
  11. 14. SALES CLOSING TECHNIQUES <ul><li>There are many closing techniques in sales, which are prescribed actions that salespeople take to persuade the customer to make the necessary commitment. Here are some of the techniques: </li></ul><ul><li>1-2-3 Close - close with the principle of three. </li></ul><ul><li>Adjournment Close - give them time to think. </li></ul><ul><li>Affordable Close - ensuring people (customers) can afford what you are selling </li></ul><ul><li>Alternative Close - offering a limited set of choices. </li></ul><ul><li>Assumptive Close - acting as if they are ready to decide. </li></ul><ul><li>Balance-sheet Close - adding up the pros and the cons. </li></ul><ul><li>Best time Close - emphasize how the best time to buy is. </li></ul><ul><li>Bonus Close - offer delighter to clinch the deal. </li></ul><ul><li>Bracket Close - make three offers - with the target in the middle. </li></ul><ul><li>Calendar Close - put it in the diary. </li></ul>
  12. 15. THE BUSINESS PROPOSITION AND THE CLOSE <ul><li>A Business Proposition is the discussion of costs, mark-ups, value analysis, or return on investment (ROI) profit forecast. </li></ul><ul><li>It follows the product’s FAB’s (Features, Advantages & Benefits) and marketing plan. </li></ul><ul><li>Remember the marketing plan explains: </li></ul><ul><ul><li>For wholesalers or retailers, how they should resell the product </li></ul></ul><ul><ul><li>For end users, how they can use the product </li></ul></ul><ul><li>The business proposition is the third step within the presentation and very important to closing the sale. </li></ul>
  13. 16. USE VISUAL AID TO CLOSE <ul><li>Use the visual aid works in discussing the business proposition and when closing. The visual aid helps the prospect or buyer to conceptualize the closing of the sale and thus gives a positive picture of product or service to be sold. The salesperson can be more confident and assertive to close the sale. There is higher probability that the prospect or buyer will consent to buying the product. Had it being conducted without a visual aid the chances of success is more dependent on personal skills of the salesperson. </li></ul>
  14. 17. Good relationship, success and ways to accept rejection <ul><li>However, there is a possibility that the sales will not arise even if all the effort put in by the salesperson goes to waste. What should the salesperson do? </li></ul><ul><li>Remember the world is your playground, act as a professional do not take the buyer’s denial personally. But recognize it as a business decision that the buyer must make given the circumstances. </li></ul><ul><li>Be courteous and cheerful, be grateful for the opportunity to discuss your product. </li></ul><ul><li>The proper handling of a no-sale situation actually helps to build a good business relationship with your customers by developing a spirit cooperation. Learn from your success and failures to gain momentum in all your future business undertaking. </li></ul>