The Forgotten Art of Closing the Sale
It has been said that over 80% of buyers are better at closing a deal than the sellers themselves. The truth is that there is a fine art to selling, and that contrary to popular belief, it has nothing to do with customer manipulation.
Give me some time to think about it, I’ll get back to you, I have to consult my team – all phrases salespeople become accustomed to hearing as they are conditioned by astute buyers into accepting their stalling tactics.
The truth is that while there are many components involved in closing a sale, closure is ultimately made up of not being scared to close, and knowing precisely when and how to close. For many salespeople, closing the deal can be a terrifying prospect; after all, it requires you to confront the client and, in doing so, to confront yourself and the possibility of rejection. One of the critical factors here is that you spend so much time preparing for the bid, and lining yourself up as a candidate – all the time knowing that you may not get the order – that it is almost better not to ask the customer to make a decision, than to hear the dreaded no thanks.
People who are good at closing a deal have high self-esteem. They know that a yes or no is inevitable, and that customers will have their reasons for making one or the other decision, and they understand those reasons. That is why a key characteristic of any salesperson must be their own level of self-confidence and assurance. Salespeople must also be supported by an enabling environment that is non-punitive, non-threatening, and understanding of the fact that clients sometimes just say no.
How many times have you heard a salesperson say, I’m in the saddle, I’m going to win this order, This time it’s really close? Unfortunately, while companies need to be able to forecast, a strong prospect is nothing compared to a signed order. Those same salespeople also know, however, that they stand a very real chance of really cheesing off the client if they start chasing them around with a piece of paper that they want them to sign.
Understanding the super buyer
Because selling has become a complex process, it has also become that much more difficult for the seller to close, and to know the right moment to ask or not to ask, or when to retreat and when to hold ground.
The world of selling has to accommodate a dramatically changed world of buying. Today’s buyers are razor sharp, and they are becoming much more specific about their demands, often requiring goods and services that only a specialised offering can fulfil. In our environment, customer demands predominate because competition is both relentless and increasingly international. In this fast-paced world, where people have access to up-to-the-minute information and instant gratification is everything, people simply want things quicker and better. They have also become educated and experienced in how to handle sellers – information is available everywhere in the form of consumer reports, watchdog programmes and newspaper articles, to mention nothing of the infinite resource of information on the Web.
Business today is more relationship-based than ever. Sellers have to spend time building relationships founded on trust and respect with their prospective clients. At the same time, client need is based on more than personal relationships and must be acknowledged by a wide range of people in the organisation, including the CEO.
Moving towards the end result
It is widely accepted that there are six basic steps to a sale:
- Meet and greet
- Discovery and qualification
- Presentation
- Handling objections
- Closing the sale
- Follow up and follow through.
Of these six steps, number five is really what makes the whole process work: everything the seller does up to that point will be wasted money if they do not obtain the order. If you don’t close, you don’t get paid. Because closing will not occur on its own – regardless of the relationship you have with the prospect – you have to be prepared to ask for the order. Remember that while relationship building is fundamental to selling, it merely supports the close, and does not supersede it.
In this new age of the super buyer, the language of the sale has also changed. It’s no longer about aggressive, pushy overtones, but instead about understanding the client’s explicit need, reinforcing relationships, and moving forward together. So make sure you have confronted all possible problems, objections and solutions well before the close is approached. Only once the need is apparent and acknowledged can you seek commitment.
Just as people are never ready to marry, have a baby, or write an exam, so many salespeople are not ready to pop that all important question, but it is something only they can initiate and complete.
Author: Ian Widdop
Director
Maximus