Closing the deal: 4 golden rules and 10 ridiculous mistakes.
Updated: May 12
Closing the deal is almost the finish line. Why almost? Because even after the contract is signed or the money is received, the interaction with the client does not end. Next come the repeat sales, but that's the subject of another article. In this one, we're going to talk about ways and techniques to push the client to close the deal faster.
There are various tricks that work for both B2C and B2B. Except that in the latter kind of sales, for some reason, there are far more mistakes. It is doubly painful in this case because the manager already had a percentage of the transaction in front of him, but the fish sailed away, waving his tail. Below, we describe in detail how to hold the pike firmly so that it will fulfill your wish.
The essence of closing a deal.
Making a one-time sale of a product or service is not very difficult, especially under favorable circumstances. But only a seller with sufficient knowledge and experience can make a one-time buyer a regular customer and get the maximum profit from the transactions.
In this case, it does not matter what you sell. Sales use the same methodology. From the beginning to the closing of the deal, you need to follow these steps:
Establish a rapport that includes a greeting, a smile, and certain speech module words.
Identify the customer's needs by asking appropriate questions and listening carefully.
Present the product or service, applying special rules.
Carry out the work, answering the customer's objections according to the algorithm.
Close the transaction, motivating the customer to make a purchase.
Each step is important and significant, it is necessary to move sequentially, overcoming obstacles and difficulties together with the client.
In sales, the closing stage is known as the culmination point.This point clearly determines whether luck will smile on your face or not. Therefore, in this phase, you should be more attentive to every word you say.
Closing the deal means it is out of reach and inaccessible to competing parties. It is the final stage that ends the opposition. After closing the deal, the seller receives the money owed to him.
No one will argue with the fact that the transaction itself is not complete unless it is closed. And here, it doesn't matter that you spent a lot of time advising and presenting the product. If there is no conclusion, then all the work can be considered worthless.
When the sales process is nearing its logical conclusion, it brings some excitement to both buyer and seller. It's understandable, because it's not always clear until the very end whether the final agreement will happen or not.
Are you afraid of closing deals? Not surprisingly, this feeling is familiar to many sellers. There is always the possibility of a deal failing, which should only encourage you to try again and learn from the experts.Nowadays, various ways and psychological techniques have been developed to help nudge buyers toward making a purchase.
In a fuller sense, the closure of the transaction means that all the agreements that the parties came to in the process of discussion are enshrined in the paper.
4 golden rules for closing a deal.
In any case, try to close the deal. Even if the answer is no, the attempt will allow you to understand where the client stands, what arguments he lacks to buy, and whether your actions were premature or erroneous. You have to keep fighting until the end.
There is a rule of thumb: "Sell your product to yourself first!" That is, the seller must be confident in the product, in the company, and in himself. Doubt is a bad assistant.
Sales are always a game, try different ways to close the deal.
Look into the buyer's eyes. The seller's straightforward, open gaze inspires trust; it serves as a confirmation of honest intentions. It is especially important to keep eye contact at the end of the deal.
10 common mistakes in closing a B2B deal.
1. You're only trying to close the deal at the last minute.
Beginning to close the deal at the final stage of sales means hoping for the windfall. Hard work is required at all stages without exception - only then is a positive result possible. First, the accompanying sales of related products will help the seller significantly increase the average value of the check. Secondly, such a thorough approach to work will help reduce the number of failures (although they are inevitable). Thirdly, by communicating with different employees of the client company, you can move faster to the execution of the contract, the sale of services, etc.
If you decide to ask a potential buyer for a phone number where you can contact them directly, you are showing your serious intentions with regard to the future transaction. This way, you can communicate without third parties, which is much quicker and more effective.
You can also, for example, ask for a tour of the client's company or an introduction to specialists, i.e., such services that will give you more information and opportunities to learn about the processes from the inside.
2. You go around and around in the conversation.
It seems that salespeople are just obliged to be definite and specific, but in fact they are not.
There are a number of reasons why salespeople don't tell customers the purpose of their call directly and clearly. On the one hand, veiled speech techniques help to avoid rejection.
Another reason is that there is no clear goal or plan of action. Salespeople often act spontaneously, hoping for a lucky break, so the results are uncertain.
Before communicating with the client, you need to prepare and formulate what you want to get. For example, if you say, "I would like to know what you think about our proposal," the answer is likely to be streamlined and vague. But if you ask the question: "Tell me, have you already studied our commercial proposal? Can you give an answer today?" then the intent becomes clearer.
3. You don't use the questioning technique, but you assert.
Virtually the entire closing script consists of questions. And it's understandable: each question moves the communication to the end point, and if you approve, the movement ends.
At the manager's words, "It would be really nice if we could talk on Friday," the client might just shrug his shoulders, or his answer will also sound vague. However, if you ask, "Can we make an appointment for December 15 at 10:00 a.m.?" the client will also have to answer specifically.
4. You don't know how to pause.
In fact, the ability to pause is a sign of great skill. But being in a hurry and trying to fill the void in some way can damage the closing of a deal.
Here is an example of a dialogue:
Sale: Are you free tomorrow afternoon?
Buyer: No, I have a lot to do.
Sale: And the day after tomorrow?
Such a dialogue can end in failure. However, if the seller pauses, the client has the opportunity to find a convenient time for himself.
Let's look at an example:
Sale: Can we make an appointment for tomorrow afternoon?
Buyer: No, I'm busy.
Pause.
Buyer:...I'll have time on Monday of that week.
So take your time and let the client decide for himself.
5. You are negotiating with the wrong people.
In some companies, it is customary to decide important issues collegially, that is, with a group of decision-makers. So don't waste your time, but first try to find out who needs to be involved in discussing the proposal.
6. You're trying to trick and manipulate.
Some salespeople, having mastered certain sales techniques, believe that using trickery will not hurt but will only speed up the closing of the deal.
However, in reality, all of these tricks and manipulations have long been known and visible to others. So their use is often useless and only adds problems to the sales process.
On the other hand, negotiations that are honest and open can turn a possible buyer into a permanent partner, and a one-time deal into a long-term, profitable partnership.
7. You're in too much of a hurry, and you're jumping through the sales phases.
Trying to sell your product in the first phase of getting to know the customer is insanely stupid (or naive, if you prefer). all in good time. In sales, there are certain phases of closing a deal that can be shortened according to developments, but not when the seller is lazy.
8. Misjudging the results of the contract.
Signing a contract is certainly important, but did you achieve your goal? Perhaps the signing took place only because you lowered the price too much or agreed to unprofitable terms. In fact, you received a 0 or a negative result. Is that what your company needs? Compromise is good only up to certain limits, so do not rush to make concessions where they promise an obvious loss.
9. You can't stop your monologue.
During negotiations, a salesperson must be able not only to talk but also to shut up in time. However, some managers are so enthusiastic that they miss the moment of closing the deal and don't notice that the potential buyer is listening more out of politeness.
Imagine that you are playing ping pong. After each of your informational messages, answers to a question, or remarks, give the interlocutor a chance to speak. If the customer confirms that you can move on to further discussion, then try to close the deal.
10. You insist on continuing to negotiate despite the person's strong refusal.
A negative answer must be taken with dignity and calmness. Arguing in such a situation is the worst solution. It is quite possible that the client needs to think about your proposal. And then you will get another chance.
Do not get upset and agree with the potential buyer. Try to offer an alternative if you have such options.
Maybe the person you are talking to has not seen fit to refer you to the purchasing department, believing it is not the right time yet. Try asking, "Surely I need to know more about procurement requirements—who can I discuss this with?"
By taking the rejection adequately without trying to intrusively offer your products, you will thereby demonstrate your self-confidence. Then the customer's impression may change, and, you know, there will be an opportunity to discuss your proposal again.
The deal is the result you need to strive for. We hope that our recommendations will help you in this difficult matter. Good luck with your sales!
Taking into consideration everything that you've read, we can say that you are ready to close the deal. However, there is still the question of how to generate possible clients. With AnyBiz, it is simple—we bring you leads. You close them. The most pleasant thing is to pay for results only. By the way, the first POSITIVE reply is free.