10: Closing Mastery
Everything you can learn about sales amounts to nothing if it doesn't lead you to close more deals - but on the other hand, closing is very easy if you have done everything else right. Just ask for the sale.
If it's any more difficult than that, chances are you have made mistakes or missed steps along the way, and the difficulty in closing the deal is not about closing at all, but going back to an earlier step to address some flaw in your approach ... and if you find you run into the same problems during the closing process, that should be a cue to work on specific earlier steps.
The process of closing starts at the beginning of the sales process. From the moment you introduce yourself, you are working to close the deal: make your initial pitch, then ask for the business. Present the product, then ask for the business. Address an objection, then ask for the business. Each time you ask for the business, you continue if the prospect says "no" or close if they say "yes."
Closing a deal begins with the "yes" and ends once the transaction is formalized - the contract is signed, the order placed. In some instances, the delay between one and the other is quite brief (a retail sale), in other cases there may be some formally and delay (real estate, business contracts).
That said, closing is not entirely fireproof, and it's important to keep in touch with the customer-to-be until the process is completed. If the customer gets cold feet and does not sign, or if someone on your side is not as responsive or supportive as they need to be, the sale could still be lost, right on the cusp.
A more difficult proposition is bringing the sales process to the close - that is, wrapping up the exchange of information and getting the client to "yes." A few tactics are discussed in brief:
- The test close is an innocuous question that gets the client to indicate a commitment to move forward: does this plan/product suit your needs?
- The choice close works well with power-oriented types: shall we deliver in November or January? This enables them to make a choice in placing the order, so they don't feel threatened by an ultimatum.
- The delay close is a powerful tactic when dealing with a prospect who keeps putting off making the decision. "In my experience, people who delay making a decision want to say "no" without hurting my feelings - is this the cae with you?" Sometimes, this will get them off the fence, or at least to be more specific about their concerns or a reason for delaying that you can address. Of course, it may backfire, but it at least keeps you from wasting time on someone who would string you along for weeks or months.
- The assumptive close is the author's favorite tactic: the salesman acts as if the mark has indicated a desire to close, just by virtue of participating in the sales process and listening to the sales pitch. For example, you describe a product's features and ask "When can you take delivery?" - skipping over the question of whether they wish to buy. This puts the mark in the awkward position of having to apologize for giving you the impression they were ready to buy - and some people would rather play along, even if it means buying something they don't want, rather than apologize for "misleading" you by saying or doing nothing.
- The "cushion close" is effective in dealing with customers who have agreed to the sale, then want to continue negotiating after making a deal (a practice known as "nibbling"). This tactic diffuses the conflict without addressing it - with phrases such as "I appreciate your perspective" that do not commit but are not argumentative.
- The "smoke-out close" is also meant to deal with the various minor objections a client may wish to raise after all the major ones are dealt with: this method poses the question "Would you mind sharing with me why [the objection] to [take a specific action]?" This does not ignore or dismiss the issue, but requires the prospect to substantiate his claim, and should make him reluctant to raise a lot of little issues that really aren't of importance.
A loose tactic the author tosses in is working the mark to admit that your product/solution/etc. is "the right thing" for them or their company ... then asking "ave you ever been sorry for doing the right thing?", to which he expects a negative answer. This is a tactic that may be useful for a client who seems squeamish but cannot state a specific reason for his reluctance to close ... it's generally just emotional discomfort.
Salesmen should lose their fear of "no" - if the customer were ready to purchase, having received only superficial product information, there would be no need of salesmen at all - the product would literally sell itself. A salesman is only necessary because the customer is not convinced, and needs convincing. The entire job of the salesman is to hear "no" and then chan ge it to a "yes."
It doesn't necessarily take a beat-up session: in the best of cases, the interaction between salesman and customer can be in the nature of a friendly chat. In fact, this is the most effective mode of salesmanship when you are counting on winning the long-term business of a customer. Even so, salesmanship requires persistence, hearing "no" over and over and repeatedly working with the customer (rather than on them) to address objections and overcome concerns - being a top-performing salesman requires you to "be a pro with the no."
He also suggests that there's greater danger in folding to easily: When you succumb to the client's objections, you devalue all your previous statements and claims - in effect, you give the impression your product really wasn't worth selling and you have been "caught" trying to pull a fast one.
Especially, don't accept an uninformed "no." A customer who doesn't know the full story cannot possibly have given the matter adequate consideration - they are assuming that it is a bad fit for their needs because they do not recognize that it is. Make this point frankly with the prospect, and get them to defend their refusal.