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How to effectively close a sale [autosaved]

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How to effectively close a sale [autosaved]

  1. 1. HOW TO EFFECTIVELY CLOSE A SALE Techniques Tips, and Questions By Ugbaji Emmanuel Ugbede
  2. 2. OUTLINE Introduction What is Sale? Step in Closing a Sale The science behind how to close a sale 12 sales closing techniques to win every sale 6 tips to close a sale quickly and effectively 15 sales closing questions to turn “no” into “yes” Sales closing phrases Questions THANK YOU Q & A
  3. 3. INTRODUCTION In theory, closing a sale is actually very simple but in practice selling is a bit more complicated than that. A hard fact every sale personnel learn through countless hours of closing or attempting to close a sale through a sale career. It is not easy to avoid sales sins- especially if your are new in the sale profession. The process of closing sales is both an art form as it is a scientific process because the two are intertwined.
  4. 4. What is sale? • Sales are all the services and products sold for a commonly accepted medium of exchange, money. What does it mean to close a sale? • In sales terms, closing is generally defined as the moment a prospect or a customer decides to make the purchase. Steps to follow to effectively close a sale Prospecting • Prospects are people you intend to sell your products to and the process of talking to them and following them up until they sign up is known as prospecting. If you do not have people to sell to, you really have nothing to sell. Every sales process starts with prospecting. Building Rapport • Once you have found your prospects, you need to shift your focus to building trust and good rapport. A prospect that trusts you will want to do business with you. It is at this point that you get to know the prospect better by means of interaction, asking probing questions. If you do not do well in this is step, you may struggle through every other step because it is in this step that you will get to identify the needs of the prospect.
  5. 5. Identifying Needs • Sales are only made to people who have a want or a need that your products can fill or solve. The more needs you can identify that your products can fill, the better your chances of identifying prospects and closing sales. • Some need are obvious while others may take time to uncover, but once you have uncovered a need and your prospect agrees that the need needs to be filled, then you had better be sure that your product can deliver. Delivering Persuasive Presentations • You need to be able to effectively present your ideas, solutions and represent your company in a manner that is persuasive, professional and targeted. Also, being prepared and having clear objectives are important elements to guide you in your presentation. Overcoming Objections • Your sales cycle will be filled with objections. Learn to expect them, anticipate the specifics of the objectives and respond accordingly. The more effective your response, the more likely it is that the customer will be impressed and the more likely it is that you close the sale. Closing Sales • Closing is just one step in the sales cycle. While it may be the most important step, successful closes are built by completing each of the previous steps and not by jumping right to asking for the sale. • When you are confident the customer’s questions have all been answered, that is when you can seek the commitment to buy.
  6. 6. Ensuring Customer Satisfaction • This simply entails making sure that the product really satisfies the customer’s needs, making sure the customer gets all that he/she is entitled to, and getting feedback from the customer. Getting Repeat Sales and Referrals • Asking for referrals from your customers is something every sales professional should do. If you can’t get referrals for whatever reason, you should at least ask your customers if you can use them as references. Having references for your prospects to call on makes building trust much easier and having a fresh supply of referrals makes prospecting less stressful and more productive.
  7. 7. The Science Behind How To Close A Sale • Statistics shows that 92% of sale people end up giving up with prospect after hearing four “no” consecutively. • 80% of prospects say “yes” after saying “no” four times • Sales is often a long game • Majority of leads aren’t going to close at the first point of contact • Commitment to follow up on leads and building relationship and staying in touch with your prospect is key • Develop a step-by-step formula to follow and fall back on
  8. 8. 12 sales closing techniques to win every sale Building out sales techniques is not a new concept and there are many techniques that have been tried out there that you can add to the ones you already know. These 12 techniques of closing sales can help you evaluate any situation and stop those “no” answers with your great response. The Assumptive Close This technique is based on the concept that you believe you will make the sale from the moment you put your effort into it. Why this works: Your confidence and positive thinking level
  9. 9. Sale techniques cont’ When it work best: • This work best when you are working with familiar prospect and know the product is a perfect fit for them. When not to use it: • When you don’t have a relationship with your prospects The now or never close This technique is when a sale person make it look as when the prospect don’t sign up fast he is not going to benefit from the deal. Why this works: • The prospect feels they are losing out on something and sign up immediately instead of delaying.
  10. 10. Techniques cont’ • When it works best: When you have the freedom to offer discounts, and you're dealing with people whose main objection is that they don't have time to decide now. • When not to use it: When the prospect has made it clear your product is not what he/she want, or you can't offer a significant rate.  The Takeaway Close • This concept is simple: if you've already laid the benefits on them, and they don't seem interested in certain aspects, take them off the table. Offer benefits by pointing out features that they might need, and see if they're more inclined to take the offer. • Why this works: Many people object simply because of no clear understanding of the value they stand to get. If you can counter that objection by selling, everybody wins. • When it works best: When your product is multi-tiered, and the prospect has made it clear that they have no use for certain features. • When not to use it: When the prospect doesn't seem to be objecting the rate.
  11. 11. Techniques cont’ The Hard Close • Also known as the "Nothing to Lose Close," this tactic involves you letting your potential customer become very aware of the fact that you are selling to them. You ask for firm commitments, when you can sign contracts, when you can set up implementation—and anything else that gets them to actually sign now. • Why this works: Making what you want clear helps the person feel a little more at ease, and though they may not say yes, at least they will give you a firm answer so you no longer have to spend time following up. • When it works best: When you know you won't be getting the yes, and have no other options. • When not to use it: When you are still in early stages of following up with your leads.
  12. 12.  The Columbo Close • Remember the TV detective Columbo? His famous one-liner "Just one more thing..." After a suspect thought Columbo was done with them, he would put them on the spot while walking away by turning around and asking for 'one more thing.' Once you think the customer is ready to leave, this last-ditch can make them stick around. • Why this works: Whether you're demoing a predictive dialer for sales teams or selling consulting services, hit them with the most enticing part of your pitch once they've indicated they don't want to listen much longer. • When it works best: When you haven't shown the main highlight yet, and you're pretty sure the prospect is on their way out. • When not to use it: When you've already bombarded and overwhelmed them with a long list of the benefits of your product.
  13. 13.  The Summary Close • Take some time to summarize all the benefits of your product, and the main value points it would bring to your prospect. You can also use this to make distinctions between two or three possible options you're offering, to help remind your lead of what all their options are. • Why this works: Hearing all the benefits at once can seem more impactful than the 30 minutes you already spent going over them. • When it works best: When you know your product is a good fit, and your lead just needs a quick reminder of all the things they agreed would work for them. • When not to use it: When your conversation has not been particularly long, or your main value points didn't seem impactful on your prospect. The Puppy Dog • Based on the concept that people who walk into pet stores and hold puppies are more likely to buy them (due to their unbearable cuteness), you make your sale by letting your prospect try it out. Test drive a product for a 3 month tenor, and so on • Why this works: If they start using the product, the benefits you told them they would get become real, and ideally, something they realize they can no longer live without.
  14. 14. • When it works best: When you have a product that allows for a trial period, and has features that aren't always easy to quantify over the phone • When not to use it: When your product can't be 'test driven' or it doesn't have a great variety of features and benefits. The Option Close • This sales tactic falls in line with hard or assumptive closes, in that you are offering your prospect a choice between two or more options, hoping that they will choose one rather than saying no. Offering two pricing plans that suit their needs, tiered levels of service with different features, or implementation earlier vs later, for example. • Why this works: With two viable options in front of them, a person is more likely to choose one, or even choose the cheaper option of two choices because it feels like they are saving money. • When it works best: When you have tiered service levels, and know your prospect would benefit from both of them. • When not to use it: When your offering is static, and you don't already have confirmed interest in unique features your product offers.
  15. 15.  The Sharp Angle Close • Some people hear sales pitches all the time, so they understand they have the upper hand in the discussion; they may ask for add-ons or discounts, knowing you expect them to. To deal with these seasoned negotiators, take them by surprise with the Sharp Angle Close. If you have approval, give them what they want—but at a price: "Yes, I can offer you three months of service for 10% off—but only if you sign up today." • Why this works: You give them something you were already willing to, and in exchange, receive a firm commitment and make the sale instantly. • When it works best: When you're dealing with people who get sold to a lot, or who ask for incentives to sign. • When not to use it: When your prospect is not familiar with sales nuances, and isn't asking for anything special or unique from you.
  16. 16.  The Question Close • The concept is that asking your lead probing questions can force them to actually explain why something does or doesn't work for them. Ask them why you can't proceed with the investment, why [x feature] wouldn't solve their problem, and so on. • Why this works: These questions give you a far better opportunity to explain why your product meets their needs. • When it works best: When your lead seems perpetually on the fence, but isn't really explaining why they aren't interested. • When not to use it: When the prospect has clearly stated reasons for why aspects of your product doesn't work for them.  The Suggestion Close • Another 'hard close' tactic, in this conversation, you offer your opinion about what would work best. Offer firm statements that explain how "an investment plan would solve that problem" or "if you sign up by [date], your onboarding would be well before the quarter end."
  17. 17. • Why this works: Your opinion enters their mind like facts do, and you offer firm solutions for some of their problems. • When it works best: When you have a great (personal) relationship with your prospect, or you think they can be easily influenced. • When not to use it: When you don't know your lead well at all, or they are more of an expert in the field than you are. The Backwards Close • This technique goes against almost all sales cycle training, but it has been known to work with certain types of leads. The method involves starting at the end—ask your lead for referrals rather than trying to sell something to them at the onset of the relationship. • Why this works: By recognizing that you aren't trying to sell to them, the potential customer will feel more at ease, and will be more open to listening to what you have to say. • When it works best: When you know the person, found their information through referral, or already have an indication from them that they have no interest in what you're selling. • When not to use it: When you're early in the sales cycle and have no reason to doubt your ability to make the sale.
  18. 18. Now that you know the top methods of closing sales, you've got the basic techniques down, and know when to use them, let's talk about building and modifying these formulas for sales in a way that works for our business.
  19. 19. 6 tips to close a sale quickly and effectively • As a salesperson, our sole purpose is to create clear outcomes: a "yes" or a "no"—but never a "maybe." Follow these steps to get your prospects to a definitive outcome as quickly as possible.  Identify the decision-maker and start a conversation Accurately qualify your prospects Pitch your solution (not just the product) Create a sense of urgency Overcome their objections Ask for the sale
  20. 20. 15 sales closing questions to turn a "no" into a "yes" Try out these questions that force your prospect to explain why they're holding back, so you can lead them to the line of reasoning that gets them to say yes. • What are all the steps we have to take to help make this deal happen?” • “Are there any obstacles that could prevent this deal from happening?” • “Based on what we’ve discussed, do you think our rate is a good fit for your needs? Why?” • “When do you want to make a decision and begin implementing a solution?” • "If I was able to throw in [incentive], would you consider committing today?" • “When is the best date and time to schedule our next meeting?” • "Is there any reason that you wouldn't do business with us at this point?” • "If we could find a way to deal with [objection], would you be ready to make this deal happen next week?” • “Taking everything into consideration, I think one of these two plans would work best for you. Would you like to go with [X] or [Y]?” • "You mentioned needing a solution by [X date]. If you signed up by [Y date], I can guarantee we have enough time for training and implementation. How does that sound?" • “Do you feel ready to move forward? • "What do you think a good next step would be to solving your current problems?" • “Unless you have any more questions or concerns, I think we're ready to get started.” • "Based on what you've said, it seems like our product is a good fit for you today. What do you think?" • "On a scale of 1-10, how confident are you that our product will meet your needs?"
  21. 21. Useful sales closing phrases The key difference between the questions above and the sales phrases to help get you to close are that these don't require your prospect to answer in such a way that you can lead them to realize they want your product; these phrases are better used when you're quite sure you're close to making the sale, and ready to ask for it. • Here are some sales close phrases to help get you the final, firm, "yes:" • "Unless you have further concerns, I think we can get started with the arrangements." • "Let's discuss the costs involved." • "This call is scheduled to end in [X] minutes. Please, take as long as you like, but it you're ready, perhaps we should move along to the agreement." • "Are you ready to implement [the product] at your company?" • "If you can commit to buying today, I can also give you [incentive]." • "It seems like this solution would work for you, but I understand you need a bit more time. Let's schedule a meeting for next week when you've had some more time to think about this." • "It's fine that you can't commit today. Unfortunately, this particular offer is only available for [period of time], so I would need a signed contract by [date] to maintain this price."
  22. 22. THANK YOU

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