It doesn’t matter what product or service you are selling -- it requires a well thought out approach to close deals. You need to answer questions that a prospect might have prior to purchasing while not applying too much pressure that you end up pushing them away.
When your sales cycle is fine tuned, it will result in more closed deals in a shorter period of time. More sales generates more revenue and this leads to faster company growth. Here is a five-step approach that can help you close more deals quicker.
1. Talk to the individual with the checkbook.
You are always going to close a deal much faster when you are dealing directly with the decision-maker -- the individual with the authority to sign the contract and issue payment. It isn’t always possible to speak to that person first. You might have to speak with assistants, administrators, junior executives or department heads before you even get the name of the person with the final say.
Put yourself in the shoes of the decision-maker when fielding questions and inquiries from their front line. The sooner you can satisfy these initial questions the sooner you will have direct access to the individual you want to be speaking with.
2. Be transparent and genuine.
Always be transparent when discussing your products, services and prices. There isn’t a worse feeling than someone trying to get one over on you. Have you ever talked to a car salesman over the phone and they quoted an “out the door” price but when you arrive at the dealership the price is suddenly thousands of dollars higher?
Some sales professionals will tell you whatever it takes to get you in the door -- they will tell you the sun is purple and do it with a straight face. When you are transparent, there are no surprises that could come up and potentially ruin a deal.
Also, be genuine -- a fake façade can be spotted a mile away and it won’t help build the initial level of trust required to get a deal closed.
3. Address common objections before they are asked about.
A sales presentation or pitch that sounds like you are reading off a telemarketing script will often push people away -- but that doesn’t mean you shouldn’t be prepared. You should understand your target customer inside and out so addressing common objections before they are asked shouldn’t be a problem.
By anticipating what your prospect is going to ask and addressing it before they have time to bring it up you reduce their opposition and the deal will close much faster.
4. Establish a deadline -- your time is valuable.
Establishing a deadline will benefit you in one of two ways. You will close the deal or you will stop wasting your time on a prospect that isn’t going to close.
Your time is one of your most valuable assets -- don’t ever let someone waste your time. When you assign a deadline to a deal it gives the person motivation to close.
Have you ever purchased tickets to a sporting event online? When you select your tickets you typically have a specified amount of time -- usually a few minutes -- to complete the transaction or lose the opportunity to purchase the tickets. The seller values their time and inventory and the countdown timer lets the potential buyer know that they need to finalize their decision and transaction quickly if they truly want to purchase the tickets.
Bonus: If you are having trouble closing deals, try attaching a special discount or offer to your deadline and see if that helps you increase your close ratio.
5. Understand who you are competing against.
Every business has competition. You need to know what sets you apart from your competition -- this can give you the upper hand and help you close deals much faster. Preparation is key.
What if your prospect drops a common excuse to not close a deal, such as:
“Well, I’d like to check out ‘Company X’ and see what they can offer me.”
Now, what if you are able to respond with precise details about why your offer is far superior? There will be nothing left to talk about -- except what form of payment they want to use.
Do you have any additional tips to share that you have used to help close more deals? If so, share them in the comments section below -- we would love to hear them. Also, if you would like weekly marketing tips on how to grow your business subscribe to my company's weekly newsletter.
Related: Never Say These 7 Things in Sales