The high point of every business is closing. Closing is a sales term that refers to the process of making a sale. The sales knowledge springs from real estate, where closing is the final step of a transaction. In sales, it is used more generally to mean achievement of the desired outcome, which may be an exchange of money or acquiring a signature. Consumer behaviors and what persuades them to eventually seal the deal have changed for good.
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Now people can check prices and their key competitors at the click of a button, so salespeople need to have the right strategy to close every type of prospect if they want to be a success. Closing successfully requires the right techniques. In this article, I discuss five key techniques that guarantee successful closing.
Just like it sounds, “ultimatum”, it speaks of urgency. Yet not used as commonly in sales as it once was, the Ultimatum technique makes customers think they’re missing out on something extraordinary if they don’t engage or show interest or seize the opportunity. It can also be referred to the ‘fear of missing out’ technique. There are various strategies to set this up, such as offering limited offers, exclusive deals, or preferential treatment. The goal of the salesman using Ultimatum is to create a sense of urgency intended to feel impossible to resist.
This works exceptionally well in leads that have all the data they need and are quite much sold into the deal but just haven’t taken that final step.
Using the Final Question strategy is a way to get clients to open up about concerns that might hamper them from making the final decision. By using this strategy, final questions put the control back in the hands of clients and can be a key part of closing a deal. If you have provided them with all the information they need to purchase your product or service, finishing with the “Does this solve your problem?” or “do have any other concerns?” can be compelling to close the deal. This works well because it confronts the lead with any hesitations they may have and allows them to drive the selling conversation. If well placed, the Final Question should persuade the prospect that they’re making a good purchase and close the deal.
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The best way to close a deal is to gather all the benefits and values your product/service has to offer and compress them into a summary. The truth behind selling is that it can be lengthy, and too much information might overwhelm your customers. Therefore, putting those lengthy benefits in a few words can do all the magic. When sales are lengthy it can be counterproductive. They might not even forget all you have said altogether due to the too many details in your sales pitch. It is advisable to go straight to the point. To prevent confusion, present them with a Summary close, which highlights the value of what you’re selling and how it solves their specific problem.
Test Drive technique was derived from an automobile dealership where buyers are allowed to test drive their preferred vehicle before making a final choice to either buy or not. This method can be tried in closing. Offering a prospect a 30-day free trial or the opportunity to cancel with no obligation during a certain period can draw them in. The Test Drive is a laid-back strategy for closing the deal that works for leads that you feel aren’t quite convinced about the value of your product or its expense. Permitting them to experience it for themselves with no strings attached gives them confidence in your product and should result in a sale.
If you have a lead that is always haggling the price, the Discount can be what they need to close the deal. You can remove something out of the package and propose to them an affordable price, saying that this is a way that you could lower the expense. There are likelihoods that your clients could be stuck thinking about what they’re missing out on and will come round to paying the full price or taking you up on an incentive you offer them. Even if they accept your slimmed package, it’s better to close a deal for a smaller amount than not close it at all, so it’s a win-win.
Featured image source: Marketing91
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This article was first published on 28th March 2022
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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