Close a Sale or Else…
We all want to be happy. And while you probably heard the saying, ‘money can’t buy happiness, this isn’t entirely true. Research from Harvard Business School professor Jon Jachimowicz shows money reduces intense stress and can give you more control of your life. And while this doesn’t exactly equate to being happier, Jachimowicz says, “having money allows you to fix problems and resolve them more quickly.” To that end, most people want to make more money. And if you are a sales professional or entrepreneur, you can feel the pressure that you need to get selling. It’s not always that easy, especially when it’s time to close a sale.
Closing a sale is an essential part of any business. Whether you are part of the marketing and sales team at a small business or self-employed selling your products or services, your business ultimately relies on sales. Yet, it can be challenging to know how to close a sale effectively. Most people know what is sales, but they don’t understand what it takes to make sales, so let’s talk about how to close a sale.
Today, we will share 3 tips to help you close a sale that will support you along your journey to success. We will also discuss common mistakes made during the sales process and provide advice on how to avoid them.
The Sales Process
To begin, it is crucial to understand that sales is a process, and each step must be executed appropriately for the sale to be successful. To close a sale, check out these steps in the sales process.
1) Prospecting: This is the process of finding potential customers. It involves researching and identifying individuals or businesses that may need your products or services.
2) Contacting the Prospect: Once you have identified your prospects, you need to make contact and build a relationship. This can be done through various methods such as phone calls, emails, social media, or in-person meetings.
3) Qualifying the Prospect: The next step is determining if the prospect is a good fit for your products or services. This includes evaluating their needs and whether they have the budget to make a purchase.
4) Presenting the Solution: Once you have determined that the prospect is qualified, you can begin presenting your solution. This is where you will share more information about your product or service and how it can benefit the prospect.
5) Overcoming Objections: During this step, you will need to address any objections that the prospect may have about your product or service. This includes addressing their concerns and providing additional information to reassure them.
6) Closing the Sale: The final step is to close the sale and get the prospect to agree to purchase your product or service. This can be done through various methods, such as asking for their business, providing a discount, or offering financing options.
Why You Struggle to Close a Sale
Now that you understand the steps of the sales process let’s talk about some common mistakes made during each stage.
Prospecting: One common mistake made during prospecting is not doing enough research. It is essential to take the time to research your prospects so that you can identify those who are most likely to need your products or services. Another mistake is failing to follow up with potential customers. Once you have made contact with a prospect, be sure to follow up and continue building the relationship.
Qualifying the Prospect: A common mistake made during this stage is failing to properly qualify the prospect. This can happen if you do not take the time to understand their needs or if you do not ask enough questions. As a result, you may waste time presenting your solution to a prospect who is not ready to purchase.
Presenting the Solution: One mistake often made during this stage is presenting too much information. Remember that you are only trying to give the prospect enough information to understand how your product or service can benefit them. You do not need to go into great detail about every feature of your product or service. Another common mistake is failing to tailor the presentation to the specific needs of the prospect. Be sure to customize your presentation so that it is relevant to the prospect’s needs.
Overcoming Objections: A common mistake made during this stage is failing to address the prospect’s objections. It is important to take the time to understand their concerns and address them directly.
3 Tips to Close a Sale
Now that we know the sales process along with common mistakes throughout each phase, here are 5 tips for closing a sale:
-Be prepared: Before you go into a sales call or business lunch, make sure you’re prepared. Know what you’re selling and understand your target audience. This means putting yourself in a position where you have all the necessary information to close the sale. Don’t go in clueless about the company or prospective customers when you could have spent an extra hour or two or research to view the company’s annual report or the owner’s blog.
-Be confident: When selling your product or service, it’s essential to be confident. You aren’t working for a company selling trash, so don’t act like it. Instead, you’re (hopefully) selling one of the best options available to your audience. Don’t be afraid to ask for the sale, and don’t be afraid to close the deal.
-Be polite: No matter how confident you are, it’s essential to be polite when closing a sale. Be courteous and respectful to your potential customer and thank them for their time. Your manners and how you treat others will always be important but especially during the sales process. Now, by no means, are we suggesting you should suck up to them but remember, they do have the final say whether it’s today, tomorrow, or the next day. So treat them as you’d like to be treated, politely and with respect.
-Don’t give up: Finally, don’t give up. If a potential customer says no, thank them for their time and move on to the next one. Just because they said no today doesn’t mean they can’t say yes tomorrow. Remember, you only need one yes to close a sale.
By following these tips, you’ll be well on your way to closing more sales and achieving success in your business. Just remember to be prepared, be confident, and don’t give up. We also have more resources to help strengthen your sales skills here, or you can work with a sales consultant on Fiverr or with a company such as Chell Brown LLC.