In order to make a sale, your prospects must be on board with the process.
Salespeople stress the importance of knowing how to close a deal to confirm a sale.
Closing a deal is essential when the prospects are willing to make a purchase. This is how you make money out of a sale.
Rejection is all part of the sales and marketing process. Salespeople must have the skills to address the problems of their prospects and erase their doubts to get a resounding “yes”.
To close a deal, you need to establish a common ground with your prospects about the terms of sale. Go through the wholesale cycle instead of pushing your products on your prospects.
Good salespeople know that closing a deal is all about confirming that the thing they are selling is what their prospects are looking for.
How do you explain to your prospects that this is what they need and have them buy it?
What Does It Mean to Close a Deal?
To close a deal means to conclude bargaining and bring the negotiation to an end by reaching an agreement.
In sales, this is when a prospect decides to go ahead and make the purchase.
Usually, fear and doubt are what holds your prospects back from taking the jump into buying from you. How you handle their emotions and concerns at this point will determine if you walk away with their money or not.
Closing a deal is the final part of the sales process.
How to Close a Deal
This is how to close a deal:
Before you walk into a room to meet your prospects and make a deal, prepare in advance.
Have questions they are likely to ask and prepare answers that will address them.
How are you going to help?
Formulate a plan. Doing this will make you confident about making the sale if you weren’t.
Closing a deal is about building trust.
Know your limit.
Set your margin as to how low you are willing to go on discounting as per negotiation.
Make sure your set limit rests in your favour, for the most part.
This is important so that you do not comply with your prospects’ ridiculously demands that you cannot meet.
Not knowing your lowest limit could make you agree to certain terms which you could regret later on. Do not compromise.
Listen first, speak last.
This is the number one communication skill you should have under your belt.
Let your prospects talk.
Pay attention to their pain points.
Takedown notes, if possible.
Once you have established what their thoughts and concerns are, start addressing these problems and offering solutions on why you feel what you are selling will be of value to them.
Be persuasive, but be careful not to come across as being too much invested in their money.
If they are still on board with the sale, come with a middle ground on the terms of payment.
A decision-maker can help you reach the terms of the agreement.
Once a decision has been made, there should be no room for your prospects to bargain again.
You can ask for an advantage in exchange for a discount offered like a larger order next time or give them an alternative solution instead of discounts.
Close the deal.
When both parties are happy and satisfied with the negotiations, it is time to close the deal.
It is usually an act.
Body language or word of mouth. It could be a brief handshake or a nod of approval.
If need be, have your prospects sign a contract to show they are going ahead with the sale.
What are Some Closing Techniques?
There are several closing techniques that salespeople use to make the whole process a success.
These skills are closely tied to the various types of closes that we have.
- Option close.
Here, the salesperson gives the prospect choices which are designed to get him to go forward with the sale.
He may ask what mode of payment the prospect is willing to use, cash or cheque?
- Assumptive close.
Once a salesperson has established in his own mind that the prospect is completely on board, he can go right ahead and ask for a signature on the order form.
Sales are closed on behalf of the prospect.
- Apology close.
A sales agent will deliberately l own up to the mistake of not providing enough information to the prospect, which made them not go ahead with the sale in the hopes that they will talk about what really made them not go through with it.
When they do this, address these problems and see if you can persuade them to close the deal.
- Negative assumption.
Ask questions that are going to erase doubts or any negativity that the prospect may have towards the sale.
Are you comfortable with our products?
Have I answered all your questions?
Knowing this is essential to get rid of any potential problems ahead of the sale.
- Balance sheet close.
Sit down with your prospects and draw a pros and cons list to make the purchase.
The pros must outweigh the cons. The cons should be addressed and an effective solution offered. This will confirm sales.
- Urgency close.
Show them why they should be afraid of not making a purchase.
Point out the negative impacts they will get if they do not close the sale.
For example, ” This is the last stock we have” or ” Prices will double on sale starting tomorrow.” This method is very combative.
- Minor point close.
This is where a salesperson agrees to make the sale based on the assumption that the sale has been completed on a minor point of agreement made by the prospect.
For example, ” You said you only wanted 10 bags? No, you need 50 bags? I’ll put in the order for 50 bags for you then.”
- Direct close
When you are sure your prospect is ready to buy, play out your body language to your advantage.
Hold out your hand for a handshake to gain positive approval.
Your prospect may be nodding as you take them through, a clear indication that you have won their hearts.
- Indirect close
Close with a question. Have you made a decision?
Are you ready to make the sale?
This will draw your prospects into closing the deal.
- If I can, you will, won’t you?
This is a powerful endgame to close a deal.
This technique is meant to secure a sale by asking the prospect if there is any major requirement that needs to be done before he goes ahead with the sale.
An example would be the prospect asking, ” Do you have white sneakers?” For which you’ll say, “No, but if we can get you the white sneakers, you will be ready to make a purchase, won’t you?” This method is clever and very effective.
- Trial close
If the prospect has mixed thoughts, give him a free trial and a test period on what you are selling so that they can see if they find out if going ahead with the deal will benefit them and in what way.
They may or may not be on board afterwards.
Note: Do not push to close a deal. If there are any disagreements or unpleasant demands from your prospects, walk away. Oftentimes, when you keep up with these demands, you will end up going at a loss.
How Do You Close a Sale Without Being Pushy?
People hate listening to salespeople because they push their products on customers.
To become a successful salesperson, and close a deal every time without being pushy, use the following techniques:
Connect with your customers
Talk less and listen more to your customers
Focus on the problem your product solves not the product
Take your time; it takes time to be an amazing salesperson
Follow up with your customers
FAQs on How to Close a Deal Every Time as a Business Owner
What are the general close methods?
Some close methods according to marketinginsidergroup.com, 5 Sales Closing Techniques, the closing methods include the following:
The Visual Close
How do you close every sale?
Focus on the details
Compare and contrast your product
What’s your pricing?
READ MORE: How to Become an Effective Sales Person in Kenya [Everything You Need to Know About Sales]
Closing a sale is an important part of the sales process.
Knowing how to go about it will bring your money into your business.
What technique do you use for closing deals as a business owner in Kenya?
Do you find time to connect with customers before selling a product to them so that you understand the buying process and your customer’s needs?
What do you consider a successful close?
Or are you a fearful marketer that fears connecting or selling products to your customers?
Did you know that fearing to sell your products means you must go back to learn more about your products before selling them to customers?
If you fear selling, go back and learn more about your products, yourself and customers’ needs.
Selling is the fun part for any business because you get to hear compliments, criticism on how to improve your products and serve your customers.
Identify what your products solve before talking about your products. You want to communicate how customers lives will get easy when they use your products.
Avoid talking about yourself or the product talk about why the product.
Are you facing a challenge closing a deal in your business?
Do you want to know how to close deals every time you launch a product or a service in Kenya?
Do you want to understand what customers want that they choose another brand over yours?