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what is a close??

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A question asked or an action taken by a salesperson designed to elicit a positive buying decision from the prospect The process of helping people make a decision that will directly benefit them You help make that decision by asking them to buy Attempt to close the sale when the prospect is ready 63% of all sales interviews, salespeople fail to ask for the prospect's business

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When does a close happen?

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It is not a separate event tacked onto the end of a sales interview-happens all along during the course of the presentation From the moment you speak until it is signed, sealed, and delivered. Final step should just be a formality MUST CLOSE FROM THE BEGINNING

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Failure to close

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is from inadequate prospecting, incomplete qualifying of the prospect, or too little probing to determine the prospect's needs.

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Salesperson-prospect

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similar to doctor-patient relationship Patient knows something is wrong and looks to doctor Doctor guides

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Do not be discouraged by a no

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People need assistance and reassurance

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Most important factor in successfully closing

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is ATTITUDE Believe in what you sell Assume commitment - Confidence is contagious Your attitude will communicate: Your sincerity Your interest in the buyer Your belief in your product and company Understand that rejection is not personal

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Persistence

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48% of salespersons quit after 1 contact 73% of salespersons quit after 2 contacts 85% of salespersons quit after 3 contacts 90% of salespersons quit after 4 contacts Those (10%) who go on past the 4th contact - end up with 80% of the business Never quit, salespeople who redouble their efforts will be rewarded handsomely by the payoff

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How man times should you ask a prospect for their business

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At least four or five

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Successful Close

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selling should be a side by side step by step process, involving both prospects and salesperson, in which the salesperson earns the right to close. Stay with them through the problem solving process, watch for buying signals and time the close to fit the prospects behavioral style

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Dealing with rejection

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KNOW THE NUMBERS BASEBALL "300" hitter is a superstar Failing 70% of the time -Stay positive -Don't take it personally

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How to deal with rejection

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Remind yourself you are not alone. Forgive yourself. Give yourself a positive pep talk(s). Refuse to give up. Remember you are important because of who you are, not what you do. Positively anticipate rejection & it will not overwhelm you. Broaden your definition of success. Commit to routinely attracting more customers than you need.

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Help Buyers

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The need for a close: The moment of decision is difficult for most people Saying 'yes' requires a change in the buyer's attitude and/or behavior Not buying leaves the situation unchanged The buyer feels stress... and so does the salesperson! It's up to the salesperson to ease the buyer's pain

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Reassure and Close

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Encourage them but respect their decisions If they agree on the benefits then you are responsible to guide them to the close Your buyers will be relieved and grateful for your efforts to close

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Guidelines for closing sales

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Focus on dominant buying motives Negotiate tough points before attempting the close Avoid surprises at close Display self-confidence at close (Believe) Ask for order more than once Recognize closing clues Longer selling cycles require multiple commitments

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When to close

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The closing curve demonstrates that: 10% of prospects will never buy 10% of prospects will be "easy" sales 80% of prospects can be closed with a good interest-building presentation The best psychological moment for the close may occur at any time during the presentation The appearance of a buying signal is the critical moment during the presentation when a successful close is more likely when you sense the psychological moment to close, do so immediately. Delay of a few seconds could have them change their minds. When the right time passes, it becomes more difficult to close and you have to convince them all over again.

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More on closing

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Talking too much and overselling is a much greater danger than underselling. Your attempts to close early and often eliminate the possibility of going past the point at which the prospect if ready to buy. Don't be passive, but create situations where interest can be generated and revealed

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Always be Closing

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Closing is not the last step in the sales process. Closing begins the moment you speak the first word to the prospect & continues throughout the entire sales process until the order is signed, sealed & delivered. You close on many points: The prospects agreement to grant an appointment - confirming the existence of need - acceptance of your explanation of benefits - permission for a trial - etc. Failure at the close is the result of inadequate completion of prior tasks.

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Recognizing Buying SignalsClosing Clues Verbal Clues

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Questions What color does it come in? Can I get delivery by the end of the month? Recognitions (Positive Feedback) I have always wanted a boat like this. I like the features you described. Requirements We will need shipment by May 15. Our staff will need training. Seeks other opinions Who are some other firms that have bought this product recently? Questions, recognitions (positive feedback), and requirements (we will need shipment by may 15th etc), if they seek other opinions "you got a sale"

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Buying signal

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is anything the prospect does or says that indicates readiness to buy. Buying signals are all around us if we learn to recognize them. Can be verbal, nonverbal, or both

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Recognizing Buying Signals CLOSING CLUES NON VERBAL CLUES

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Facial expression changes Prospect becomes more relaxed (friendly) Prospect nods agreement Leans toward you Examines product and/or literature intently Best signal is if they look at the literature you gave them the second or third time -Ask for business. Screw rejection then have uncertainty NEVER LEAVE DAT OFFICE WITH A MAYBE

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The CHEF Technique

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(Cheek or chin, Hands, Eye contact, Friendly Prospect)

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Old closing

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Old way was: Close, close, close New way: the school of possibility.

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Cheek or Chin

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When prospects touch or stroke their chin or cheek = satisfaction. Leaning forward and nodding head= I am almost persuaded. = ask them if you have answered all their Q's Tightened jaw or covering of mouth is BAD

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Hands

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Open and relaxed hands are good. Especially when palms are facing upward, may be sign they are ready to buy Steeple is confidence or superiority and Fidgeting or forming a fist, bad.

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Eye contact

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Constant eye contact and looking at visuals is good Pupil dilation is relaxation Squinting or rolling eyes=bad Raising eyebrow or how fast they blink eyes can indicate anger or excitement

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Friendly Prospects

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Smiling, relaxed, or engaging you in conversation = earned their trust

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Direct Close

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Has the advantage of clarity and simplicity Ask for the order in a straightforward manner Most direct closing approach and appeals to many buyers, especially decisive people Should not come too early Highly effective when salesperson has earned the customer's respect "It sounds to me as though you are ready to make the buy. Let's get the order into the system." "If there are no more questions I can answer, I would sure like us to do business today. What do you say?" Avoid the word "don't" (use positive words) Common to sell to industrial buyers. (Amiable would probably not like this type of close)

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Trial Close

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Can be used at any time during the sales process May elicit a negative response because buyer is not ready to purchase A trial close that works becomes the close! If we can arrange a August 1 delivery - would that be satisfactory. like a thermometer "a trial close asks for an opinion, a closing question asks for a decision" Similar to tie down (Same purpose)

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A closing question

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is designed to produce an answer that confirms the fact that the prospect has bough. When you ask this, say nothing until they answer. Silence is key for this one.

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Technology and Closing

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Makes things quicker

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Electronic data interchanges

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tool for the ordering, production, delivery, and billing of a product, right at yo finger tips

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Assumptive Close

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Allows the salesperson (when confident) to verbalize the assumption to see if it's correct "I can ship it to you on Monday. I'll go ahead and schedule that." "Let's get this paperwork filled out so we can get the order into the system." "You need Model 455 to meet your specifications. I'll call and reserve one for you." Avoid words like "if" and "should" because they are conditional and block closing action -Works well with indecisive buyers since it produces a positive environment to say yes

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Summary of benefits close

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Summarize all the benefits vs. the costs and asked for the sale. Young sales people give up their deals too quick "Ms. Buyer, we've agreed that our product will substantially upgrade your technical capabilities, allow you to attract new business, and all the while save you money, isn't that right? Let's go ahead and place the order today. I will have my service technician out to train your staff next week."

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Special concession close (Impending Event)

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Offers the buyer an extra incentive for acting immediately. "We have a price increase on this product effective in two weeks. Orders placed today can be guaranteed to ship at the current price." "My company is running a special this week. This product is currently 20 percent off the regular price." "I'm almost out of stock on this product in our warehouse."

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MULTIPLE OPTIONS CLOSE (Alternative Choice)

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Gives the buyer multiple viable options Which works best for your application, Model 22 or Model 35?" "Would you like this delivered tomorrow, or would Monday be better?" "Do you want it with or without the service agreement?"

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Balance sheet close

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column list: "Reasons for Buying" and "Remaining Questions." Helps find out what's holding the prospect back. List pros & cons of buying. (works well with accountant and engineers) Usually an anal person "Mr. Buyer, let's take a few minutes to list out and summarize the reasons this purchase makes sense for you, and also list any remaining questions you may have. This will help us make the right decision." -resit the temptation to hurry -Instead of talking about the prospect's objections to buying, state them as concerns or questions to be answered

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Management Close

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Bring in your upper management to assist in negotiations and close.

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Minor Point Close

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Focuses the buyer on a small element of the decision "What color do you prefer?" "Do you want to use our special credit terms?" "When would you like our technical crew to do the installation?"

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Trial Order Close

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This technique involves asking the prospect for a trial order with no obligation (risk). You either guarantee the money back, or provide the product free for a set amount of time. Some call this "puppy dog close" (how could you ever return a puppy)

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Cost of ownership close

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Rather than talking about price - this technique focuses on the long term total cost of ownership. Competing systems may seem cheaper, but when you take into account installation, maintenance, warranty and training over the lifetime of the product - this system is about half the price. If you buy a competing product, you are more than likely to replace it in two years. Our product will last you twice as long. -Good idea to compare your price to the annual, monthly, or weekly cost of your competitors -Cost over time

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Combination Close

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Using two or more closing methods.

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Continuous Yes close (assumptive close)

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All Q's designed to say YES Begin in the need discovery phase

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Physical Action Close (assumptive close)

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Simple BUT can be effective. Without directly asking for the prospect's order, begin taking some action that assumes the sale is completed. Ex: filling a form to sign for them, start packaging something

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Order blank close (assumptive close)

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begin to ask the prospect a series of questions and write the answers on the contract or agreement form. They will just need to sign then

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Ownership Close (assumptive close)

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You act as if they already own what is being sold Talk about what they are going to do with it. Don't talk about whether they are ready to buy or have already bought it

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Alternate of Choice Close (assumptive close)

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People like to exercise their freedom of choice and salespeople like to lead their buyers toward an easy agreement. Give two positive alternatives

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Impeding Event Close

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Uses the sense of urgency that is suggested by some impending event that will affect the terms or the effectiveness of the buying decision. 2 common things: Prices are going up or that resources will be in short supply Never use this deceptively!

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The summary Close

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One of the BEST closing tactics Summaries the major selling points made during the presentation -good when the prospect must defend a purchase to someone else -Avoid mentioning any new benefits during this close (only if summary fails and you need new ammunition)

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Call back close

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Many sales are lost because people take the "no" as permanent -Call five or more times on the same prospect -Approach, and review

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Never the best time close

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When people are procrastinating or indecisive -show them that delaying will SUCK Good way to get rid of procrastination

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1-2-3 Close

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You summarize in sets of three items and word it as, we will give you this, that, and the other. Two ways to do this: 1. the items may either be closely related (to reinforce a single point) 2.) or may be relatively separate (to gain greater coverage, especially if your presentation is long or your product is complicated) -Triple threat -People like things that are free, perfect, and available immediately

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No hassle close

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Make completing the sale so easy for the customer that they give no thought to potential steps in the buying process that might put the off -Simplicity -Fill everything out for them etc.

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Confirming the Partnership When the Buyer Says Yes

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Reassure customer Confirm sale and partnership Reduce buyer's remorse—forms of regret, fear, anxiety about sale Compliment buyer on wise decision Thank customer for order Ask for referrals (don't) Provide after-sales service.*

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What to do if buyer says no

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Make sure the deal is really dead. Review chain of events. Try to interview client. Stay in touch. Review chain of events -Wait a couple days and interview client that said no to you (lunch or ten minute on phone call) -^helps you stay in touch

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Common Post Sales Complaints

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Product delivery Credit and billing Installation of equipment Customer training Product performance

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Final Closing Factor

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Successful salespeople understand that speed and ease are two of the biggest benefits you can deliver to a customer.

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" I want to think about it"

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When they say "I want to think about it"-OUCH -probably no sale -unspoken fear -find out the real sale

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After the Close

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Leave gracefully They may regret the buy if you linger "lingeritis" =bad

Chapter 13 "Closing the Sale" – Flashcards

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