Closing a deal is seldom easy. Ask any salesperson, and they will point out how challenging it is to get to the end of a business deal. And if by any miracle, they manage to get a prospect to agree to a sale, a sigh of relief is usually their first response.
By now, you know that closing a deal is easier said than done. Ask any salesperson who had to prospect through calls or send an anonymous email to a prospect in the hope of receiving a positive response. The answer is usually the same.
It’s not easy! In the same way, why not apply various approaches that have favored and continue to favor the bold. Let’s examine common obstacles and ways by which you can avoid them, like a boss.
Remember that time when you tried to pitch your proposal to a prospect, and all you got in return was a vocal explosion on the other end of that line.
Yes, we have all been there at some point.
Ever wondered why that happened in the first place?
The reality is you probably said more than you needed to and didn’t respect the fact that the decision-making power rests solely with the prospect and not with you.
For instance, if a sales rep were to approach a prospect with statements like, ”We would like to meet on Tuesday,” the prospect can answer in a multitude of ways. But if that same rep were to say, ”Can you meet us on Tuesday?” that question demands a direct answer.
Does it not?
All decisions that result in any purchase are due to two factors – time and demand. It is necessary for them to go hand-in-hand. There might be demand for a particular product, but if it is not a priority, then, simply put, there is no urgency.
If your prospect is not instilled with an immediate sense of want for your product, none of your efforts will bear fruit.
The perfect amalgam of time and demand is essential for your success as a business.
The greater the sense of urgency, the higher the demand.
Instead of approaching your prospect with the ‘why they should buy the product/service,’ why not educate them on what they will gain as a direct result of investing in your product/service.
That’s a sure-shot way to close deals.
By propositioning your prospect, you put yourself one step closer to closing a deal. But it doesn’t end there.
Timing is everything.
Ask too soon, and your prospect might feel pressured. Dragging-out the proposal might put-off potential business altogether.
Ensure that before you start the process of achieving a sale, you make sure you understand the decision-making criteria of your prospects.
Learn their decision-making criteria and live up to their expectations. Do that, and you find that closing deals, just got a lot easier.
The purchasing process of your prospect might sound similar to their decision-making methods. Well, it’s not. There is a slight difference between the two.
Every consumer, be it a person or a company, has a different purchasing process. Some may want free trials, while others may need to procure legal documents. Then there might be those that have a specific requirement with respect to payment modes or types.
You need to address each appropriately.
Before initiating any negotiation, you must understand your prospect’s purchasing pattern. This will help you control the outcome of your proposal better.
Review their purchasing process to ensure that you have the upper hand and can close deals like a pro.
Pitching your product/service from the first breath has never done any marketer any good. Neither is aiming to make a sale halfway through the process.
As mentioned earlier, you should pitch at the right time.
Sure, it is possible to speed up the sales process, but position yourself to do the same without cutting corners.
Every sales cycle comes with a defined timeline. And sales reps must be aware of the same. To close a deal, you should understand the buyer’s schedule with ease. Trying to sell your products/services prematurely can render a dead deal.
You should focus on following-up at every stage of the sales process to ensure you can bring stalled deals back from the dead.
It’s no secret that you are not going to go salesman-bonkers the first time you converse with your prospect. But trying to close deals with potential prospects without educating them to make an informed decision, will result in wasted efforts.
Take the time, educate them about your product or service. The results will speak for themselves. Without a comprehensive understanding of what it is you are trying to sell a prospect; it would be pointless to expect them to buy your product or service right off the bat.
In short, avoid the unnecessary and keep your prospect in the know. At the end of the day, they are the ones who decide to buy your product or service. Empower them with the right information, and the battle is half-won.
The word ‘No’ is a hard pill for most to swallow, let alone when you’re trying to close a deal. It’s not the end of the world. But when you find yourself on the persistent side of that conversation, your prospects will soon be in an enraged state. And you never want that.
When a prospect gives you a hard ‘NO,’ it’s safe to assume that they are not interested in what you have to say or what your product or service might do for them.
Rejection can be depressing. But you can use that opportunity to fine-tune your approach and learn valuable lessons from that encounter.
Be it your prospect’s unfamiliarity with the process of making a purchase or trying to close deals a little too early; always have a plan B when facing rejection.
You can try talking to an individual that is more informed about that process or better yet, just wait it out.
After all your efforts, if they still refuse to buy from you, take a cue and just move on!
Salespeople are often shrouded by the misconception that the more they talk, the better their chances are of closing a deal.
This cannot be further from the truth.
Most sales reps talk themselves out of deals. Just because a prospect shows the slightest sign of interest does not mean that you will keep talking. Talking more than required will cause your prospect to doubt your intentions. Or worse, they want to hang up at the first opportunity.
The right words can work wonders, but anything in excess usually has negative repercussions.
Say what you have to and pause. Let it sink in.
If your prospect exhibits further interest, wrap-up your pitch and close that deal.
If your prospect doesn’t trust you, then they will not buy or close deals with you. 98% of consumers don’t buy from salespeople who haven’t secured their trust.
According to a study, sales reps that establish a cordial relationship with their prospects, tend to get repeat orders.
And repeat orders are the most effective means of generating higher revenue.
Focus on building trust with your prospects, everything else will fall in place.
Salespeople, in general, rely on a plethora of tricks and techniques to persuade their prospects.
Don’t think for a moment that your prospects are not aware of them.
Remember, you’re not the world’s first and only salesperson.
Assume that your prospects have seen it all. Expand your horizons and think out of the box.
Don’t be guilty of implementing these outdated techniques to close deals. Your customers can detect these from a mile away. This further creates resistance in them.
Broaden your approach by executing simplistic sales techniques. Cut back these tricks and opt for versions that influence prospects to make a positive decision instead.
To err is human, but there is always a way to better and improve yourself. Aim to close deals efficiently, and the rest, as they say, is history.
Can you think of any other mistakes that we as marketers make? Let us know in the comment section below.
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