After understanding the entire lead generation and management process, it comes to the last and the most crucial step – closing a sale.
Closing a deal is not as easy as it seems, especially if a salesperson has not been doing a good job like Mike in the early stages of the sales process. So, Mike suggests eight effective ways for the salespeople who want to close a sale.
1. The Assumptive Close
The Assumptive close is a common closing technique where the salesperson assumes the deal will be made. Mike uses this strategy when his prospect has checked most of the boxes in each phase of the selling process, but has not yet accepted the offer.
When Mike uses this technique, he doesn't give his prospect a chance to sit on the offer and bring up objections that can result in them breaking the deal.
For example, he asks questions like "Did my pitch align with your expectations?" or "Does this sound like something that would be valuable to your company? to cater to their needs and interests.
2. The Alternative Close
The Alternative Close is another variation of the Assumption close, where Mike assumes that the prospect is interested in the offer and he provides them with two alternative options which will carry the deal forward.
For example, Mike will ask “Would you prefer the one-month of six-months plan?”.
The secret behind this technique is that Mike will take a step towards the close no matter what the prospect chooses. It helps the prospects to make decisions faster and easier.
However, this technique only works better when the prospect has no queries or objections with the price, features or other factors.
3. The Needs Close
The easiest way to make a prospect buy from ABC company is to satisfy their needs and this is what this technique does. First, Mike lists the things the prospect said of his product or service they needed it. Then, he checks the list against his items, and starts ticking off the matching ones. The more boxes ticked for the future, the better the product suits.
Usually, Mike uses this technique when the prospect is not sure how ABC company’s product or service can help their business. So, Mike shows how they can benefit from ABC company’s product or service by mentioning the matching ones and ticking them off.
4. The Now or Never Close
Mike calls this as an Urgency Close. It is often used to pressure the prospect to accept his offer and make an immediate purchase. Usually, Mike provides some special discounts or gifts to prompt the prospect’s purchasing decision.
For example, he will say something like “You will get an extra 20% discount if you sign up today.” or “This is the last item in stock. If you don’t get it now, you’ll need to wait for another 1 month.” This helps to trigger a sense of urgency and make them want to make an immediate decision.
5. The Summary Close
When Mike uses this technique, Mike reiterates the product or service the customer is hopefully purchasing by stressing the value and benefits that ABC company can provide, in order to get the prospect to accept the offer.
In this case, no new facts are introduced. Mike tries his best to address the ABC company’s value proposition that can help to solve his prospect’s issue by summarizing the key points and pointing towards the only logical conclusion.
Mike will convince the customer by saying “With our system, you will be able to monitor your sales team at real-time to maximize your work effort while saving cost at the same time. We provide an automated system for you to manage and track everything about your company leads, and you will have a one-month free trial before the actual subscription starts. You just need to sign the consent letter and it is good to go.”
6. The Sharp Angle Close
Mike always receives requests regarding price-cut or add-ons from his prospects. He knows that customers will ask for it but he sells smart using the Sharp Angle closing technique.
Customers like to ask for more – “Could you extend the free trial duration for me?”. Once Mike gets permission from his sales manager to reduce price or provide add-ons to them, he answers their question by saying “Of course. But if I extend the free trial duration, would you sign up now?”
They might not be expecting this kind of response from Mike but if they reply positively, the deal is settled. Otherwise, Mike needs to use other techniques to convince them if there is a second chance.
7. The Takeaway Close
“Disqualify the prospect for what you are trying to sell and see how they behave.”
Mike learns this from his sales manager. When the prospect refuses to move on by suddenly coming up with objections and complaints, Mike offers to take away the deal from them.
For instance, Mike tells the prospect that “Since you need more time to consider, let’s take a step back and reconnect when you’re ready.” In this case, the prospect is likely to reconsider about the deal Mike offers.
8. The Testimonial Close
This is a powerful technique that helps to build trust and a positive business relationship with prospects.
Mike shares previous customers’ positive experiences of being helped by ABC company’s product or service to convince current customers with a real-life event.
Testimonials are effective in a sense that they come from actual users who really benefited from a company’s product or service.
Most of the time, customers believe in the success stories because they expect to meet their needs and achieve business goals like those who tried out the company’s product or service.
Certainly, there are different sales closing techniques but these are the ones that Mike uses the most to meet his sales goals. A sales closing technique is powerful only when it is used properly. Do not force a customer to purchase something that they really don’t like or don’t need because that ruins a company’s reputation.
If you want to be a successful salesperson like Mike, consider his suggestions and see if they help you close sales.