Do you want to learn how to close sales faster and better? Keep reading we will tell you what you need to know to make it happen.
The best way to close more deals is to get out there and start selling, but that can be easier said than done. Whether you’re a seasoned salesperson or just starting out, there will always be points where you feel overwhelmed and unsure about which sales strategy would work best.
Closing a sale is the action that marks the end of the sales process. After the prospect knows the value proposition, and the features of the product or service and hears the sales rep’s arguments in favor, it is time for him to become a customer, i.e., make the purchase.
What is the most important thing when closing a sale?
When it comes to closing a sale, the truth is that you don’t get second chances. If you can accompany the prospect throughout the entire process, the closing is the crucial moment to make the conversion, especially because that is when the opportunity opens up to not only achieve a transaction but also to convert that first-time customer into a loyal one to the brand.
That’s why it’s so important for sales reps to make sure they resolve any doubts or objections, as well as verify that people are getting what they want and are satisfied with their purchase.
Closing by the salesperson
This type of closing is conditioned by the salesperson. In this type of commercial transaction, the offers, costs, and products are predefined by the selling party and there is very little room for negotiation.
Closings by the seller require good management of the situation and great assertiveness to know when to offer the product, when to request the purchase authorization and how to manage the customer step by step.
Closing on the buyer’s side
The closing by the buyer, as opposed to those processes that are determined by the seller, is characterized by placing the prospect as the protagonist of the transaction. In this type of sale, the most important thing is that the buyer acquires a product and contracts a service on his or her terms.
Bidirectional
Bidirectional sales closings are those in which there is a balance in the satisfaction of the interests of the buying and selling parties. These closings generally occur at an organizational level and may require a lengthy negotiation process.
When a sale is closed in a bidirectional manner, it is common to have a contract that stipulates the terms of the transaction, the obligations acquired, and the benefits of the deal.
Traditional sales closing techniques
Traditional closing techniques usually resort to some psychological tricks to deliver the master stroke. Here are the most commonly used ones:
1. Now or never
With this technique, sales reps offer a special benefit that leads to an immediate purchase. This technique works because it awakens a sense of urgency and can help a prospect who wants to make a purchase, but for some reason can’t make up his mind. Of course, you should always make clear the value of your product or service before offering a discount or promotion.
For you to close with this sales technique you must listen to the prospect and understand how they are absorbing the information about your sales pitch. You can emphasize that you are about to solve their problem with a quality product and conclude the sale with an irresistible promotion.
Examples of closing sales with the “Now or Never” technique:
- “This is the last unit at this price.“
- “We have a 20% discount for customers who subscribe today.“
- “If you buy now, I will give you priority in the implementation.”
2. The summary
Representatives who use this technique repeatedly mention the products or services the customer is about to buy, highlighting the value and benefits to try to convince the prospect.
By mentioning all the benefits together, you help prospects visualize the value they will receive from the purchase they are about to make. This technique works very well when you have had a detailed discussion of the products with the prospect for a period and it is a good time to summarize what you have discussed so that the prospect decides they are making a good purchase.
Examples of closing sales with “The Summary” technique.
- “You’ll get the Centrifab washing machine with a quiet motor, 10-year full warranty, and free delivery and installation – when could you get it?“.
- “This filter helps you remove parasites and bacteria without chemicals. This purchase includes the wooden base which is a special edition this month and free shipping – we can ship today!“.
Unexpected closing
Many times, prospects ask for price discounts or add-ons because they know they have the advantage (and they know you expect it, too). If the sales manager authorizes it, try the unexpected closing technique to take prospects by surprise.
Example of closing sales with the “Unexpected Close” technique:
- When a prospect asks, “Could you add a few more hours of discounted onboarding?” respond, “No problem. If I do, would you sign the contract today?“. They probably don’t expect this response: first, because you agreed to their request, and second because you proposed closing the sale that same day.
Modern sales closing techniques
These “ready-made” techniques may seem a bit old-fashioned or too obvious, especially after the advent of inbound sales.
The idea of closing a sale itself should encompass all the information and benefits gained during the sales process, not just at the time of the final purchase.
In a sales relationship, reps should strive to:
- Understand customer needs – 82% of customers expect companies to take into account their needs and expectations.
- Effectively communicate how certain products or services offer an affordable and effective solution to those needs: keep in mind that 74% of consumers would switch brands if the sales process is difficult. Make it transparent to those interested in your offer what they will get in return for their investment and make their buying journey lighter.
Soft close
The soft close is a way to show your prospect the benefit of your product and then ask a low-impact question to determine if they would be open to learning more.
This eliminates the need for them to engage with you in the slightest and gives you more time to get to know your customers’ pain points. This technique seeks to open the buyer’s mind without any psychological pressure. Passively, the customer believes that the product or service can solve their problems.
Hard close
As its name suggests, the hard close is a more aggressive strategy than the one we have just reviewed. With this type of approach, the salesperson must assume authority in the negotiation and give the impression that the negotiation has ended in a roundabout way.
Use a CRM
A CRM is a fundamental requirement for great sales. Not only does it serve as a single database for all your lead, prospect, and customer information, but it also helps you map out the buyer’s journey. A truly effective CRM system goes a step further, helping you track sales metrics with customized reports and dashboards, and even predict sales patterns so you can set more realistic goals.