Closing a deal is the final step of any business negotiation and sales reps know just how important it is or all their efforts up till then can go to waste. This is why, over the years, reps have come up with some tried and tested ways to ensure that all their research and efforts are fruitful in the end.
While there is no way of avoiding the risks that come with closing deals, there are tested ways to make sure that you can get your prospect to successfully say yes. Using these techniques not only help sales reps save time but also earn more money without having to constantly worry about what may happen towards the end of the deal.
While some of these techniques may seem too ‘salesy’, some offer insight into what the customer really needs and how the rep can help them. Using a mix of both can definitely help any sales rep close a deal and also create long lasting customer relationships.
Create a sense of urgency
Many times a prospect may be just on the verge of closing the deal but is still hesitant. At this time, presenting them with a value adding now or never deal can really help give them the gentle push towards completing the transaction. Offer a deal like:
“Avail 20% off if you sign up today.”
“Get the added benefit of a free product or service if you make the purchase today.”
Creating a sense of urgency will give them an extra incentive to act upon something they want to already act on but are taking time to finalise.
Catch the prospect by surprise
Most prospects will try to haggle and try to get a better deal when finalising, and this is something that is already expected by the sales rep. Instead of going back and forth on this, when the prospect asks for a discount, the rep can surprise them by simply saying, “Sure, I will offer you the discount/ added benefit, but if you close the deal today.”
It is very likely that the prospect wouldn’t be expecting the rep to say so as the rep not only agreed to the ask but was also ready to close the deal the same day without any further discussion. The element of surprise can definitely work in the rep’s favour.
Stress the value and benefits
Before you ask for a close, summarise the product or service that you are offering the prospective customer and stress its benefits for them.
“You are interested in the 52” television with thin frame, wall mounting, Ultra HD picture clarity, as well as our company’s free installation and 2 year warranty.”
This summary emphasises on the benefits of what you are offering and can help you encompass everything. This creates an impressive package of all the benefits the customer is getting and will help them visualise the deal better and finalise quicker.
Take it away
We all know that when something is taken away from us, we want it more than ever. So when a prospect asks for a discounted price, instead of resisting or trying to haggle, simply reduce a few features of your product and offer it to them at the discounted price. More than thinking about the discount, the prospect will be concerned about what they might miss with the reduced features!
Ask a question
Any efficient sales rep will try to close the deal as soon as possible and that is only possible if you can truly understand what your prospective customer needs and then provide that exactly. By asking imperative and probing questions, the rep can get closer to this goal.
In fact, closing the deal with a question is also a successful tactic. By asking:
“Does what I am offering solve your problem?
“Is there anything in this deal that is keeping you from finalising it?”
Such a direct ask can either get you a ‘no’ after which you can further understand their need and revise the deal, or a ‘yes’ which will only lead to them signing on the dotted line.
Closing deals is a skill that has to be acquired. Sales reps can use these simple techniques to keep themselves updated and help close deals quicker, giving them a higher lead conversion rate.