Closing A Sale
On average it takes seven contacts to make a sale. This is because making a sale isn't just supplying a product or service, but rather gaining the prospect's trust.
When your product or service is offered by other companies, you must win the sale by showing the prospect that he/she can trust you to act in their interest. Most people will make their buying decision based on who you are, not on the company you represent.
In order to win this trust you must be willing to answer all of the prospect's questions and resolve his/her objections. Even when the prospect's questions can be answered with your literature or become repetitive, remain calm and courteous, providing the answers and explanations that the prospect requires. Here are some ideas on the steps in the process:
1. Do you need to meet in person or will a phone call close the deal? You will have to gauge the prospect to make this determination. When an in-person meeting is required you will want to turn phone inquiries into personal appointments.
2. Be sure to ask if this is a good time to talk when returning phone calls, even when you are calling to set-up a personal meeting. Try to answer any preliminary questions without going into detail and never quote a price over the phone when more information is required to establish which service will best meet the prospect's needs. When answering the prospect's questions, emphasize that you will be able to explain everything in detail at your scheduled appointment.
3. Focus on meeting your prospect's needs, not on making the sale. Find out as much as possible about what needs the prospect has and then explain how your service can best meet those needs.
4. Understand your service, but more importantly understand your prospect's needs. When the prospect starts asking you questions about the details of your service, don't just plunge into an explanation. Instead, ask probing questions to determine the prospect's exact needs and how you can best serve them. For example, when the prospect asks, "How do I guarantee my checks?" don't explain all of the various options. Instead ask, "How many checks do you currently accept a day? What are your current procedures? How many declines do you receive from your current guarantee company?" This will give you a much better idea of how to sell your solution.
5. Know what sets you apart from your competition. Never denigrate the other companies in the industry. Instead, know what sets you apart, what you do best, and how what you offer will better meet your prospect's needs.
6. Be confident in yourself and your service. In order for others to trust you, you must believe in what you are doing. Never bluff the answer to a question. If you don't have an answer, do your research and get back to the prospect. Learn everything you can about the product or service you offer and exude this confidence in your speech, attire, posture and presentation. Show the prospect that you are an expert in your field by answering all of his/her objections and detailing how your service will best meet the prospect's business needs.
7. Offer a guarantee to your prospects that will eliminate many objections. In the check guarantee industry, offering a lower rate, fewer declines, faster approvals, faster claim payments, and bounced-check fee reimbursement will give you the ammunition you need to close the sale. Never offer a guarantee you can't deliver, but use the guarantees you have to clinch the sale.
8. Greet your prospect's objections as opportunities. If the prospect is stating his/her objections, this means that the decision process is still in gear. Objections give you the chance to learn the prospect's thinking process and to further define the prospect's needs. Translate the prospect's objections into questions, especially when dealing with price objections. When the prospect says, "That's too much money," hear, "Is this really going to be worth it?" Ask, "How much too much?" This will give you a chance to further outline the benefits of the service. Listen to the prospect's objections carefully to determine if you can meet his/her needs. If the service is not what they need, cut your losses and get out now rather than later.
9. Ask if the prospect is ready to make the buying decision. After making your presentation ask, "Does this sound like something you would be interested in?" Asking this type of question should bring out the last of the prospect's objections or show you that this prospect is ready to buy. Don't waste your valuable time continuing to pitch to someone who isn't going to buy.
10. Ask for the order. Many sales professionals forget to close with the simple, "Shall we finish up the paperwork now? Would you like to start guaranteeing your checks this afternoon or tomorrow morning? Establishing our service takes about 10 minutes, do you have the time for me to program your terminal now?" Don't lose all of the momentum of your sales presentation by forgetting to ask for the sale.
11. Get the signature. No deal is closed until the money is in hand or the signature is on the dotted line. Don't leave the sale open with promises to finish up later. Complete the paperwork now.
12. If you can't close the sale, leave the door open. If you find out that the person you've pitched doesn't have signature authority, or that he/she is unable to make a commitment now, don't close the door on future opportunities. Set a specific date for a follow-up call. Get the name of the decision maker. Send a thank you and follow-up material and calendar your meeting or follow-up call.
Good Selling!SM
Paul H. Green
