Close Too Quick and You Lose Profit

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Close Too Quick and You Lose Profit

Written by Mark Hunter -The Sales Hunter

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6 Steps to Closing a Sale

When I'm driving to an a appointment I'm not listening to the radio, I'm imagining how the sale is going to end up, me closing the sale. When I arrive at the appointment I sit in my car for a few minutes, close my eyes and visualize every thing happening just as I want it to. I see the prospect approving the contract, giving me the check and us shaking hands and smiling.

{mosimage}When it comes to closing a sale do you really know how to close? Do you freeze up afraid to close or don't know what to say? Do you know how and when to close a sale or even if the prospect is interested in your product? Well, read on and I'll share with you six ways to overcome these common challenges and increase your closing ratio.

Your Attitude Makes a Huge Difference

Before going to any appointment get yourself in the right frame of mind. Go in with the attitude that you will close the sale.

If your attitude going in is negative you might as well get back in your car and go home.

ABC - Always be Closing

Be prepared to close the sale at any time. Be ready to close when you walk in the door. The sales process doesn't have to continue through all the steps. You can close a sale at any time.

I have seen many salespeople with a prospect who is ready to buy, money in hand, waving it in the air, however, the salesperson stops them and says wait, I haven't finished my presentation yet, let me tell you how great I am.

They've been taught to go through all the steps so they keep talking and many times talk themselves out of a sale.

At any point during the sales process the prospect is ready to buy...close the sale.

Understanding What They Want and Need

"Closing is the process of helping people make decisions that are good for them"

Closing a sale begins when you qualify the prospect. Make sure you are qualifying every prospect thoroughly. Determine their emotional wants and their motives.

It's at this stage the prospect will tell you their hot buttons and give you the road map to close them. Also they will become comfortable with you and by showing an interest in their needs you will set your self apart from all the other salespeople.

How to Recognize Buying Signs

Buyers will often give you signs they want what you're selling. These signs can either be verbal or visual. Let's start with the verbal.

A buyer may start asking more questions. They nod their head in agreement. They require more in depth information. They start talking about how things will be when they own the product.

Some visual signs to watch for are a smile, a raising of the eyebrows or moving closer to you so they can see better. If it's a couple they may show more affection or they may look at each other in a certain way.

When you have memorized your presentation you can be more aware of these buying signs and your closing ratio will increase dramatically.

When you know what you are going to say and don't need to think about it, your sales will increase dramatically because you can sit back and watch their body language and buying signals and you'll know when they're ready to buy.

How to Make the Decision to Close the Sale

When you have qualified the prospect properly, the buying signs are there and you know they want to buy, make the decision that the best thing for them is to buy.

Then focus your attention on talking about the things they like or feel are important as you close the sale. Put your personal feelings about your product or service aside and focus on the buyer.

Assume the Sale

If you've done everything right and the buying signs are there, assume the sale and begin filling out the order or what ever the next step is. Keep moving ahead until they stop you. If you did your job and your closing the sale at the right time, they won't stop you.

Whether in a face-to-face meeting or over the phone, the salesperson must take the time to engage the customer early on. The key with the early questions is to not blatantly ask, “What other products or services would you be interested in?” Asking a new customer this type of a question before a relationship has been established runs the risk of alienating the prospect. Plain and simple, they will view you as a “hard-sell salesperson.”

It’s always rewarding to close a sale and immediately have the new client sign the documents to secure the sale. No matter how many years in the business, this always feels good. We all have stories about new customers who have “fallen into our lap” and bought quickly. For some reason, we can’t seem to forget the great rush that occurs from these new clients. I’m here to say that as good as the rush might be when we allow a sale to occur too quickly, we wind up leaving money on the table.

When beginning to talk with a new customer, the salesperson and the customer invariably have the intent of doing so with a specific product in mind. It may be any number of products you sell. The initial interest expressed by the customer always guides the discussion. Once the discussion turns to a specific product, the customer’s focus becomes even more closed to any other products. The real danger comes when the customer agrees to buy. At that moment, the customer feels the process is over, and their mind moves to something else, usually something totally unrelated to your business or products.

To avoid a situation like this, the salesperson needs to ask the necessary exploratory questions early to determine the customer’s other needs. By asking exploratory questions early, you are able to assess which additional products may interest the customer. If you wait to ask these types of questions until after the initial sale is complete, you will always be behind. This is the whole principle of not closing too quickly. You need and want enough time to explore and determine all of the customer’s needs.

What are exploratory questions? Exploratory questions generally are open-ended questions that get the customer talking. Questions may include asking the customer about their job and the types of benefits they receive in the job. A question of this nature is non-threatening and is likely to start a conversation in which the customer shares about the dynamics of their work, particularly the level of security they do or don’t have in their position. When a salesperson can get the customer talking and, more importantly, talking about items about which they do not feel secure, the greater the likelihood the salesperson can identify additional products that will alleviate some of the customer’s pain.

Whether in a face-to-face meeting or over the phone, the salesperson must take the time to engage the customer early on. The key with the early questions is to not blatantly ask, “What other products or services would you be interested in?” Asking a new customer this type of a question before a relationship has been established runs the risk of alienating the prospect. Plain and simple, they will view you as a “hard-sell salesperson.”

Engage the customer in a non-threatening manner and that customer will be more likely to share information without throwing up defensive barriers. Keep your exploratory questions short and simple, so that that the customer can do most of the talking. Customers are much more willing to share key information in short segments rather than long drawn-out responses that more-complicated questions dictate.

Due to the wide number of issues the typical customer faces today, it is a privilege to be a salesperson in today’s economy. When you are able to assist a customer with multiple solutions, the customer feels at ease, and you have truly done your job. Building a solid relationship instead of going for the quick close just makes good sense when you are striving to build a long-term sales career. Begin today to incorporate exploratory questions into your sales process as a way of engaging the customer.

Mark Hunter -The Sales Hunter
		About the author:
		Mark Hunter, "The Sales Hunter," helps individuals and companies identify better prospects, close more sales, and profitably build more long-term customer relationships." Few people have the breadth of sales experience that Mark Hunter, “The Sales Hunter” has experienced. His years of experience in senior-level positions and his years as a sales consultant has allowed him to experience every type of sales call imaginable across industries too numerous to mention. .