Closing is the time all your sales skills pay off. And building a healthy sales funnel is essential, to closing sales. Salespeople must understand how the funnel works, in order to close more sales, because it’s all about keeping a steady flow of prospects, in the various stages of the funnel. A Sales Funnel starts broad. The top of the funnel includes the new opportunities. As they enter the funnel, they must travel though the various aspects of the sales cycle, until they get to the bottom, which is the close. Here we have the most important and effective sales closing techniques all in one place! You know how Lori Greiner closed for QVC right? Her secrets to closing laid bare before your eyes!
Why the Big Deal about Small Business?
The way they travel through the funnel, is by constantly qualifying and managing the opportunity, and ultimately determining if there’s a need for your solution. Now the cost of your sale determines how quickly your deal passes through the funnel. For example, if your average deal is $5,000, it might move through the funnel fairly quickly, because you don’t need as many signatures. But if you have a deal that’s $100,000, it’ll take longer to move through the funnel.
“This is YOUR business!” – Thinking like a Business Owner
Do You Know Your Responsibilities as Sales Person? Because it’ll require, maybe, several proposals, presentations, and a lot more decision makers will need to get involved. All of this will slow the deal down, and give it a longer lifespan. If you wanna close more deals, you need to fill your funnel with lots of prospects and leads. There’s some sales organizations that have an established marketing engine, that distributes leads into the top of the funnel. Once you take the time to call through these leads, there are some that will materialize to opportunists, and these are the ones that will enter your sales funnel.
Analyzing the Data and Always be Closing
Once they’re in you sales funnel, you can’t forget about them. Instead, you have to take care of them. By following up, with contacts, presenting to them, and moving the sale through the funnel, to eventually close the sale. The important thing about a funnel, and closing deals, is to always be juggling multiple opportunities that sit in various stages in the sales cycle. You need to keep your eye on the deal as it travels through the sales stages, closing the sale means that neatly align with your prospect’s buying cycle.
A sharp angle approach is one in which you as a sales person handle back the concessions to the customer and let them dictate terms in their own words (so they would guard your interest in best possible way).
Ask-the-Manager-Close is where you would wait for a senior person to allow for intervention in terms and this way leveraging time and potential curiosity.
A bonus/concession closure is a discount based sales technique. A free add-on may be gimmicky, but it can work if handled correctly. “I happen to have an extra charger with me. If you sign off on the order today, I’ll throw it in at no charge.”
The art of closing the sale: BELIEVING in your Close!
A healthy funnel has a good mix of prospects, at different levels in the buying process. Some may be at the beginning, needing further qualification. And some are in the middle, where you’ve already had some contacts. And others, may sit toward the end, where you’re waiting for response on a proposal, or a quote. On the other hand, an unhealthy funnel may not have as many prospects in it, and it might just be one large deal that’s waiting to close, but doesn’t have any back-fill of deals that are in progress.
Impending Event Close is used if you really need a commitment now and are willing to risk it a bit. It is rated highly among effective sales closing techniques.
Alternative Choice is where you make the option that you want to sell more lucrative by discouraging other more expensive and futile option.
A Level with Me scenario arises, as you approach the end of the selling process and the customer says he wants to think about it, ask him to get to the point: “Level with me. Have I failed to show you the value that you will receive from your investment?” Then be quiet.
In the Best-time Close, you emphasise how now is the best time to buy.
PREPARING for the WINNING Close!
This can be very dangerous. Your ability to build, and manage a smart funnel, is the key to closing. And your long-term survival in sales, depends on it. So think about your sales funnel. What does it look like right now? If you want to achieve a healthy funnel, you must dedicate several hours each week to building and growing your funnel.
How to sell if you have an established relationship with the customer and he respects your judgment, jot down the items he is considering on an order form as you are discussing his needs. When the timing is right, put an X on the signature line, hand it to the customer and say, “Here.” Then be quiet. This is assumptive close technique on how to increase sales.
Puppy Dog Close is a “Try It Before You Buy It” reasonable way of closure among closing techniques in sales.
Similarly, a Porcupine Close methodology involves answering a potential client’s question with another question that would need to be answered if they owned the product. You must be careful stroking a porcupine and you must also be careful answering customer questions. When your prospect asks a question like “Does it come in red?” answer by tossing back the question: “Would you like it in red?” Her answer will give you a measure of the depth of her interest and help you adjust your presentation appropriately.
CLOSE to Win: Selling Techniques
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‘Fear of Loss’ Strategy - Don’t Let them Lose Out: The ‘Give-take close’ is a closing method where you give then take back.
Timing Strategy – Timing it Right: Buy the dream close is where you share that this all could belong to the customer with one purchase.
Repetition Strategy - Say It Again! In the Summary Close, you summarise the benefits that the person will get.