Published 24. Oct. 2019
How To Seal The Deal
Closing is the hardest, yet most rewarding, part of a sales process. With experience in setting up over 110,000 face-to-face meetings annually, here are some Management Events tips on how to successfully and effectively close your deals.
Closing – the make or break moment of every sales deal. Often times, salespeople will walk away from a face-to-face meeting without a definitive answer from the client, leading to follow-ups which can be even more difficult than closing the deal.
We at Management Events know how nerve-wracking it can be to successfully close a sale, so we have compiled effective closing strategies to help you get that deal!
1. Start At The Beginning
Preparation is key. Once you have secured that all-important meeting with the right decision maker, prior research on the clients and their needs is essential to an effective meeting. Combined with deep product knowledge, you can better articulate which of your solutions best meet their requirements and help them achieve their business goals.
Your conduct at the beginning and throughout the meeting is also a major aid to a successful closing. Confidence and a positive attitude will prepare you in negotiating with difficult prospects while active listening will gain you further valuable insights of your client’s challenges.
2. Create A Sense Of Urgency
Executive decision makers are just as emotional as regular customers, and knowing the right heartstring to pull can lead the meeting to a sales deal. For example, loss aversion is an important factor in decision making, and a research by Corporate Visions discovered that over 70% of executives are willing to take a risky decision to avoid a business loss.
A successful closing is also dependent on building urgency, and it’s not all about a time-limited price or offer. You need to explain to your client that they should act, and act now, by uncovering existing business pain points and the consequences those problems bring to their company. Follow up with how they can better manage or lessen their pain points with your solutions, and they will be more eager to perform a purchase.
3. Ask More Questions
Pro sellers will always tell you to ask questions to gain key information on your clients. This strategy, however, is more on asking good closing questions and asking for the order.
Did you know that in a famous 1970s sales study, only 7% of 1,000 leads were closed because salespeople were not asking for the order? Some salespeople find it difficult to ask for an order as they are afraid of rejection or don’t want to seem pushy. However, by efficiently leading the meeting towards a prospect buy-in, the closing question will come naturally and be less intimidating to both you and your client.
An assumptive close (“When should we start the implementation?”), an option close (“Would you prefer Package A or B?”) or a non-aggressive close (“Will you commit on the deal with us today?”) are some modern closing techniques you can use to convert your meetings into sales.
4. Remain Silent
When you ask for the sale, make sure to let your prospect answer instead of adding commentaries. Once you have made your closing, continue to look straight at your prospect without appearing aggressive or passive, and simply wait for their reply.
While the silence can be uncomfortable, simply staying quiet will often lead the client to follow up on the question or their own response. Since you are fully aware of the tension, you will feel it less compared to the client who will feel the impulse to break the ice. So silence not only helps you to stand your ground, but also encourages your client to reveal their true needs and interests.
5. Establish Follow-Ups
Sealing the deal at every meeting is a dream for all salespeople, but of course, not all sales are closed in a single meeting. The next step for a successful closing is to secure a commitment from your prospect, and getting them to verbally commit to re-engaging with you.
Ask them what’s the best follow-up method, and establish a clear timeline and agenda for your next communication with them. Ensure regular and timely follow-ups to maintain their interest in your solution, and show that you are interested in building a long-term relationship. Keep in mind that 80% of sales require more than 4 follow-ups before it becomes a closed deal.
Sealing the deal is about patience and strategy, but the ultimate aspect to closing is confident and effective communication. Take full advantage of face-to-face meetings, and maximize these tips in your next one-to-one C-suite sessions at our exclusive B2B events!