Closing the sale

Closing the sale is not a skill that can be learned in isolation from the rest of the sales process. Closing is one element in a chain of events that begins with the sales person planning and preparing for the call effectively. During the sales interview various stages occur and different ‘labels’ can be attached to each stage.

What actually happens during the sales process is that the sales person:

• OPENS the sales interview and sets an agenda
• ASKS QUESTIONS that help identify the buyers’ needs
• PRESENTS the features and benefits of products that satisfy those needs
• OVERCOMES any objections the buyer might raise
• CLOSES the sale by gaining the agreement of the buyer to make the purchase

This is a very simplified summary of an extremely complex process that requires a high degree of skill on the part of the salesperson.

The most important Principles therefore when looking at Closing the Sale are:-

Closing the Sale is an integral part of the sales process

This means that closing techniques in themselves are not enough to ensure success, if the

Other parts of the sales process have been neglected. Before a buyer will place an order with you he will have to see a need for your product and be convinced that your particular product represents the best solution to the problem represented by that need. That is, the price is reasonable, the quality is acceptable, the delivery terms meet his or her requirements and so on.

No salesperson ever closed every sale

Everyone who has ever sold professionally has had to get used to living with rejection. A good salesperson will always be rejected more times than he or she is successful. In fact if this is not the case the salesperson probably isn’t trying hard enough. The secret is to ‘learn to live with rejection.’ Every time you fail you move closer to the time you will succeed.

Selling is a ‘numbers game’

Given a ‘basic’ level of skill in sales technique, how much you sell is directly proportional to the number of calls you make. The more customers you see, therefore, the more business you will close.

Certain key rations apply to your sales activity

By measuring your sales performance over a period of time you will understand more fully the key ratios that apply to you business.

Examples of this could be:

• Appointments booked to Number of Telephone calls made.
• Number of successfully ‘closed’ calls to
• Number of ‘cold’ calls made.
• Number of successfully ‘closed’ calls to
• Number of ‘enquiry’ calls made.
• Number of successfully ‘closed’ calls to
• Number of ‘Presentations’ made.

Closing techniques

The Trial Close

During your presentation the buyer may make a remark that suggests a decision to buy may have been made. In these situations

• listen to what the buyer says
• summarise what has been said
• ask for the order/close the sale

Note, this can happen at any stage of the sale process. Be flexible and test for commitment to buy.

The ‘Sample’ Close

This would apply to companies and salespeople selling products rather than services. A free trial will again take advantage of the natural inertial exhibited by buyers and give your product the opportunity to sell itself. Once installed and in use it is unlikely that the buyer will remove your product so long as it does everything you have promised.

The Negotiated Close

Standard negotiation techniques are very useful at the closing stages of the sales process. “If I do this, you do that” or “a resort to higher authority” can close the sale effectively.

eg. “If I can reduce my price by 15 per unit will you agree to place the order today?”

“If I can agree you delivery terms can we agree today on a long term commitment for you to use us aas your main supplier?”

“I will ring my boss now. If he agrees to reduce the price by 10% do we have a deal?”

Converting on Objections

An objection can be a very strong buying signal. If the buyer raises an objection and it is the only objection that is preventing the order from being placed you can use this to gain commitment to buy.

eg. “You have said Mr. Buyer that you are interested in our products but the discount terms that we offer are unacceptable. Is this the only objection you have? If we are able to work out a compromise would you be willing to place the order today?”

The Balance Sheet Method

One closing technique that can be used is to list all the points in favour of your product and all the points against on a sheet of paper.

This can be repeated for the other products being considered by the buyer and can influence the decision of where the ‘balance of power’ lies. If your product is the stronger of the alternatives available to the buyer this method can help the final decision be made in your favour.