Steps to Close a Sales Deal on the Phone
Messing up a closing call can be a big problem for sales reps, which is why they are overly cautious when it comes to making them. It is the make or break moment of the entire sales process, so of course there’s a lot of pressure riding on this one call!
Sales calls in themselves are tricky and need sales reps to carefully close the deal over a number of conversations. With the closing call, there are certain steps the rep can follow to ensure they’ve created a solid plan to convert the lead.
Know your goal
Go into the conversation knowing it is a closing call, and not just another one to discuss details and queries. You should try to establish this in the previous conversation itself so all the parties involved can be on the same page.
An easy way to do this is to send an agenda before the call that states what will be discussed in the next call, and also how you can help get the prospect started with your product. This will set the tone for the closing call, and make everyone’s involvement clear.
Introduction and pleasantries
Take a quick minute to have everyone from your company and the prospect’s company introduce themselves, so everyone knows who is on the call. At this point of the conversation, you shouldn’t be adding a new person to the discussion, so the introduction is merely for the sake of building a rapport.
Don’t waste too much time on pleasantries and catching up, and keep that to a minimum in the beginning. This small catch up will help you build basic trust and establish a relationship with the prospect’s team. Once done, quickly move on to the important discussion, as you don’t want to miss out on precious time with busy company executives.
Start the conversation
The best way to start this conversation is with a question. Ask something that will help you get a feel of where the prospect stands in the purchasing process and what is their willingness. Asking something as simple as “What is the next step for you with our company?” can do the trick.
The prospect will let you know whether they have any more questions to ask, or if they are good to go ahead with buying the product. This question will basically help you determine how the rest of the conversation needs to go.
Address any final doubts
Right before closing the deal is when prospects come up with the most doubts to clear. Questions about competitor pricing and features, product and implementation costs, and such come up at this point. Sales reps need to be prepared for these last minute questions and should have a plan in place to answer them efficiently.
Do your research beforehand so that you can remove all doubts and move ahead with closing the deal. Try to anticipate the problems that can arise and keep the required objection-defusing collateral ready.
Closing the deal
If your prospect is completely on board and ready to start with the buying process, then you need to establish an on-boarding time to close the deal and start the payment. Discuss and set a date for implementation of the product and talk about any remaining specifics.
You can also give your prospect a run-down of the whole on-boarding process so they know what to expect at every stage. Discuss an easy implementation plan and training for the company as well.
Companies often look for bonuses or price concessions when purchasing a product or service. This is why the sales rep should be sure of the number they will be quoting before they go into the conversation. Establish what would be the maximum discount you are willing to offer.
When you go into the conversation, you don’t always have to offer a discount, as some companies are ok with the asking price. When negotiating, never start at the price you’ve set, or you’ll just end up reducing it more.
Also, make sure you know the financial buyer who has the authority to speak on financial matters from the prospect’s company before you start any negotiations.
Sign the contract
Once everything is finalised and all the details have been discussed, you can then move on to the last and most important step in the sales process – signing the contract. At the end of the call, reiterate the discussion to finalise the deal.
Once you’ve sent the contract to them, make sure to confirm on the date you will be receiving it back, as you don’t need the prospect dragging out the sales process.
Sales calls can be tricky, but if you handle them the right way, they can easily go your way. Make sure to be confident in your product and pitch, and maintain a step wise approach to closing calls. Always being prepared, and knowing your client can go a long way.