Section 100 – Monday/Wednesday
Where we are and where we are going
Wednesday, November 6th
•Chapter 14 – Closing & RP2
Mon...
Professional Selling: MKT 3580
Chapter 14: Closing & Confirming
the Partnership
Learning Objectives


Methods for closing the sale



Recognizing closing clues



What to do when the buyer says “yes”...
Attitude toward Closing


Be empathetic



Move customer from indecision to commitment



Correct closing method reduce...
Planning How to Close
Ask for the Order


Most buyers will not ask you to place an order



You have to ask for it



Number one reason sales...
Buyer Anxiety & Reluctance


Buying can cause emotional stress


Aka buyer’s remorse



Examples?



Loss of options

...
Guidelines for Closing the Sale
1.

Focus on dominant buying motives


1.

Longer selling cycles require incremental comm...
Recognize Closing Clues: Verbal
Can be subtle and missed if not alert



Questions





“Do you provide a warranty?”
“...
Recognize Closing Clues: Nonverbal


What are some signals that show J.S. may be
interested in your product?



Facial e...
Specific Closing Methods


Trial close



Multiple options



Direct appeal



Balance sheet



Assumptive close



...
Trial Close


All about reading cues/timing


“Can we ship in May?”



“Would you like to start on
the first of the mon...
Direct Appeal Close


Ask for the order in a straightforward manner
 Should
 Gain
 After

not come too early

prospect...
Assumptive Close


“Take-it-for-granted” close



Only use when you are certain the customer has
decided to buy



Come...
Special Concession Close


Extra incentive for acting now



“If you sign today, I’ll give you X”



Quantity discount...
Summary-of-Benefits Close


Reemphasize value-added buyer benefits



Step-by-Step close



“That’s $25 for each lunch,...
Multiple Options Close


To pull off a multiple option close
1.

Configure more than one product solution

2.

Present se...
Balance Sheet Close


Outlines reasons to buy and not to buy



Engage customer in this process




Can be fun?

Somet...
Management Close


Involves senior executives or sales manager


Upper-level managers add value



Makes prospect feel ...
Create a Closing Worksheet
When the Buyer Says No


Learn to manage disappointment



We don’t take “No” for an answer?



When a sale is lost:

...
When the Buyer Says Yes
Confirmation Step



Confirm sale and partnership



Reassure customer of a good decision



Re...
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21 chapter 14 student

  1. 1. Section 100 – Monday/Wednesday Where we are and where we are going Wednesday, November 6th •Chapter 14 – Closing & RP2 Monday, November 11th •NO CLASS Wednesday, November 13th •Chapter 9 – Building a Customer Base ROLE PLAY 2 WEEK OF NOV 18
  2. 2. Professional Selling: MKT 3580 Chapter 14: Closing & Confirming the Partnership
  3. 3. Learning Objectives  Methods for closing the sale  Recognizing closing clues  What to do when the buyer says “yes” or “no”
  4. 4. Attitude toward Closing  Be empathetic  Move customer from indecision to commitment  Correct closing method reduces pressure  Closing should be thought of as the beginning of a long-term partnership.  Think about it: once you’ve successfully solved the problem, asking for the order is the next logical step
  5. 5. Planning How to Close
  6. 6. Ask for the Order  Most buyers will not ask you to place an order  You have to ask for it  Number one reason salespeople don’t?  FEAR  Of damaging the partnership  Of upsetting or angering the buyer  Of embarrassment
  7. 7. Buyer Anxiety & Reluctance  Buying can cause emotional stress  Aka buyer’s remorse  Examples?  Loss of options  Fear of making a mistake  Social or peer pressure
  8. 8. Guidelines for Closing the Sale 1. Focus on dominant buying motives  1. Longer selling cycles require incremental commitments  1. What’s your product’s Achilles heel? Address it up front Avoid surprises at close  1. Like Role Play 1 – can we have a second meeting Negotiate tough points before close  1. Which benefit interests buyer the most “Did I mention we have a $1,000 installation fee?” Ask for order more than once  Buyers often say “No No No No No….um OK”
  9. 9. Recognize Closing Clues: Verbal Can be subtle and missed if not alert  Questions    “Do you provide a warranty?” “How soon would you be able to deliver?” Recognitions    Positive statement about your product “We have been looking for a faster version.” Requirements  Some buying condition that must be met before purchase.  “We would need this up and running by Christmas.”
  10. 10. Recognize Closing Clues: Nonverbal  What are some signals that show J.S. may be interested in your product?  Facial expression changes  Examines product literature intently  Leans toward you  Prospect nods agreement
  11. 11. Specific Closing Methods  Trial close  Multiple options  Direct appeal  Balance sheet  Assumptive close  Management close  Summary of benefits  Combination  Special concession
  12. 12. Trial Close  All about reading cues/timing  “Can we ship in May?”  “Would you like to start on the first of the month?”  Don’t be too aggressive  Use if a particular benefit really strikes interest
  13. 13. Direct Appeal Close  Ask for the order in a straightforward manner  Should  Gain  After not come too early prospect’s respect first asking, remain quiet  Direct question encourages a direct answer
  14. 14. Assumptive Close  “Take-it-for-granted” close  Only use when you are certain the customer has decided to buy  Comes near the end of the presentation  “Because this shipment can meet your timetable, let’s go ahead and place your order.”
  15. 15. Special Concession Close  Extra incentive for acting now  “If you sign today, I’ll give you X”   Quantity discount   Sale price Liberal credit plan Use with care because?  Can lose credibility  Seems transactional
  16. 16. Summary-of-Benefits Close  Reemphasize value-added buyer benefits  Step-by-Step close  “That’s $25 for each lunch, four conference rooms, and audio/visual support, plus our special meeting package. Can I make this reservation for you?”
  17. 17. Multiple Options Close  To pull off a multiple option close 1. Configure more than one product solution 2. Present several options to customer 3. Remove less-appealing options 4. Stop when ample selection presented  In what types of buying situations might this be effective?
  18. 18. Balance Sheet Close  Outlines reasons to buy and not to buy  Engage customer in this process   Can be fun? Sometimes needed if there is a ton of info
  19. 19. Management Close  Involves senior executives or sales manager  Upper-level managers add value  Makes prospect feel important Bring in the Big Guns
  20. 20. Create a Closing Worksheet
  21. 21. When the Buyer Says No  Learn to manage disappointment  We don’t take “No” for an answer?  When a sale is lost:  Make sure the deal is really dead  Review chain of events; identify weaknesses  Interview the client  Obtain feedback to improve  Be positive regardless of result
  22. 22. When the Buyer Says Yes Confirmation Step  Confirm sale and partnership  Reassure customer of a good decision  Reduce buyer’s remorse (regret, fear, anxiety about sale)  Compliment  Sign buyer on wise decision contract  Thank customer for order
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