Regardless of your business model, one of the most valuable skills to learn is how to close a sale. Unfortunately, this is easier said than done, as many salespeople can struggle with the process from time to time. To help alleviate this problem, there are various sales closing techniques that work. With these strategies, you can help low-performing reps become better at their jobs and allow your company to grow and thrive. Here are the sales closing techniques you should know:
How to Close a Sale
While it is relatively easy to find new leads and entice them with your products and offerings, it is much more challenging to get them to make a purchase. Since closing a sale is the endpoint of many interactions, it is vital to any business strategy.
Part of the problem is that no one sales closing technique works 100 percent of the time. So, there is not a lot of room for error.
Because there are so many closing strategies available, it helps to learn as many as possible. When it comes to learning how to close a sale, these are the options that work:
Sales Closing Techniques
When running through this list, keep in mind that some methods work better in specific situations. Closing sales is more than just knowing the fundamentals — it’s understanding how and when to leverage different tactics to your advantage. So, it is vital to remember that each lead is unique, so the approach has to be as well. Over time, you will learn which sales closing tactics work with specific individuals, and your close rate will improve.
Now or Never Closing Technique
The fear of missing out is a powerful motivator for prospects, so it helps to use that to your advantage. This tactic creates a sense of urgency to spur action from the customer. You may use language like:
- “This is the last one available at this price.”
- “This deal is only going on for a limited time.”
- “I have other buyers looking at this model, so you have to make a decision.”
Simply put, you want to entice the prospect to act now or lose out on a really great deal. While you may exaggerate the situation slightly, it is never a good idea to lie outright. Another way to ensure this strategy works is to focus on the value as much as the time crunch. You do not want to create a situation where your customer has a bad case of buyer’s remorse.
Sharp Angle Sales Technique
Typically, the cost is a sticking point for most consumers. As a result, they will often try to bring down the final price of the product. This technique leverages that mentality to help you close the deal.
This method only works if you have prior approval to offer discounts or free upgrades. It is always a good idea to double-check before making any promises. However, it is best to do this ahead of time, rather than try the old “let me check with my manager” approach.
The next time a customer asks for a discount or add-on, agree to it, but on the condition that they close today. By tying the bonus to a final decision, you can leverage the “now or never” technique as well.
Summary Sales Closing Technique
A good rule to follow is that you want to boil the sale down to a yes or no answer. The more that a prospective customer has to think or weigh the pros and cons, the more likely they will walk away.
The summary technique makes it easy for a customer to say yes because it frames the sale in a positive way. You have likely discussed various details and features with the customer already, so now is your chance to summarize everything in a single package. At the end of the summary, ask a question like, “will you be paying with cash or card?” or “where can we deliver this product?”
In a sense, you have made the decision – the customer is just agreeing to it. By listing all of the features and benefits in order, it is much easier for the customer to understand the value of their purchase. All that is left to do is sign on the dotted line.
Question Closing Technique
These days, customers want to be heard more than anything. So, the harder you try to push a product or service, the more resistance you will receive. One way to get around this issue is to probe the prospect for more information.
This technique involves asking a series of pointed questions that allow you to position the product as a valuable solution. Ask about specific pain points and challenges the customer is facing, then reiterate how the product can alleviate those problems. After a few of these inquiries, you help the customer focus on the value, not the cost. By the end, the prospect should be far more interested in closing the sale.
Assumptive Sales Technique
In the summary strategy, you present all of the features and benefits in one sentence, which hopefully inspires the prospect to close. This method is somewhat similar, but it starts from the moment you establish contact.
With the assumptive technique, you want to assume that the customer will buy from you — it is only a matter of time. By being so positive and confident in that result, it will bleed through into your interactions. Rather than trying to convince the prospect to buy the product, you are merely expediting the decision. Add some “now or never” lines in there, and you will be closing in no time.
Take-Away Sales Closing Technique
At its core, the sales process is all about finding a balance of power. If your prospects want your products, you have all of the power since you are the one saying “yes” or “no” to the requests. For companies, driving demand is the best way to boost sales because the products sell themselves.
On the other hand, if you have to convince your prospects to buy, they have more power since they can walk away. The Take-Away method helps shift this balance to your side slightly. It works by threatening to end the deal. For example, if you were going to offer a discount, you could tell them that it is about to expire, and they will have to start the process over again.
Although this tactic can be risky, it can work in more situations than you might realize. Because customers believe that they have all the power, they may use that to their advantage. Once you take the control away, they will likely try to get it back, which could mean buying the product.
Typically, this tactic is ideal for prospects who have already used much of your time or are not likely to close. This way, if they do walk away, it isn’t that big of a deal for your bottom line.
Something for Nothing Sales Technique
When it comes to personal interactions, there is a rule of reciprocity. Actions will yield similar reactions. So, if you are doing a favor for your prospect, the prospect is far more likely to do the same for you. In most cases, that means closing the sale.
For this strategy to work, the favor needs to be valuable to the customer without cutting into your bottom line. For example, let’s say that you throw on a free upgrade of your product. The upgraded version doesn’t cost much to you, but it makes the deal far more enticing.
Not only does this strategy entice the prospect to move forward with the sale, but it illustrates how valuable they are for your business. When customers feel appreciated, they are far more likely to engage.
Objection Closing Technique
Typically, during the sales process, you want to focus on all of the reasons why a customer should buy your product. This tactic takes the opposite approach. When talking to your prospect, you should be able to figure out if this product will serve a specific need and deliver value. If it does, then what is holding the customer back from closing the deal? At this point, you simply have to ask, “what is stopping you from buying right now?”
In best-case scenarios, the prospect will give a valid objection, which you can counter with a compelling pitch. Even if the customer is still disinterested, at least you can stop wasting time and move onto the next deal.
Pros and Cons Sales Closing Technique
Regardless of your product and your prospects, there are always going to be some advantages and disadvantages. Most salespeople want to avoid focusing on the deal’s negative aspects, but sometimes it is better to get them out in the open.
With this strategy, you want to list the pros and cons of the deal and then ask the customer for a final decision. The best way to do this is to list the cons first so that you finish on a positive note. Also, try to make sure that there are far more pros than cons so that it is evident to the customer why this is a great deal.
Needs Sales Technique
Needs Sales TechniqueIdeally, any person looking at your product will eventually conclude that it is needed. This strategy pushes prospects in that direction, even if they aren’t aware of the process. In this case, you ask the prospect what is needed and then illustrate how the product fulfills those needs.
In some instances, you may have to quantify abstract needs. For example, if a customer wants a product that can make them “more efficient,” you need to figure out the specifics. From there, you can list the various ways that your product leads to better efficiency.
Visual Closing Technique
People tend to be visual creatures, meaning that they appreciate having tangible items that they can see. While talking about various features and benefits can demonstrate value, it is often much more effective to show prospects the results. It’s the same way that trying to describe a movie scene is far less compelling than watching it unfold.
There are several ways you can deploy this strategy. If your sales process has multiple steps, you can outline them in a chart or graph. If you can arrange a product demonstration, it is easier for your customer to visualize how they will use it regularly. Overall, by connecting abstract elements to a visual aid, it is easier to close.
Behind-the-Scenes Sales Closing Technique
As a rule, salespeople tend not to focus on what goes on behind each sale. Not only can these details be boring, but they can also sometimes be viewed as “seeing how the sausage is made.” However, in some cases, a peek behind the scenes can be beneficial. Typically, when the situation is framed as a commitment to your customers.
For example, if there are numerous steps involved in your sales process, you might want to highlight all of the work that went into the deal. Illustrate how far your team is willing to go for your customers, even before they have purchased anything.
Sales Closing Techniques Summary
We’ve covered a lot of strategies, but many of them can boil down to these core components:
- Listen to Your Prospects.
- Deliver Value.
- Be Aggressive but Not Dominant.
- Don’t Assume That Each Sale is Your Last.
The final piece is critical for most salespeople because they tend to put too much weight on a single sale. Remember the 20-percent statistic from the beginning? You will lose far more deals than you close, so do not get too attached. If it falls through, just move onto the next one. If necessary, switch up your technique and see if it yields better results.
When it comes to closing sales, Selling Revolution can help your team reach its full potential. Contact us today to see how to deploy these tactics immediately.