Press "Enter" to skip to content

6 Techniques to Closing Business Deals

Michael M 0

Sales is maybe the most popular field when the 70/30 rule is applied: salespeople should be 70% listening and only 30% talking. Mastering this approach is the main contributor to success. But to close the deal and acquire a customer, you should know how to end the conversation and prepare the prospect for the sale.

Below we will discuss 6 techniques that are proven to work, are used by cold calling services, and will help you end the sales meetings the way you had planned.

  • The Urgency or “Now or Never” Close

According to Business 2 Community, the urgency increases the click-to-open rate by 14% and transaction rates on sales by 16%.

You may apply this technique by setting limitations on time or the availability of items.

Example:

You will be able to get a volume discount if you sign the deal by the end of the business day”.

Only today you can acquire these products at X price: the prices will go up from tomorrow”.

You will get extra services for free only if you sign up by the end of the week”.

Creating urgency is a working method to “move” prospects who are ready to buy but need a small push so they are 100% confident.

  • The Assumptive Close

This technique lies in the assumption that the prospect is ready to make a purchase and we are simply discussing the delivery/implementation details.

Examples:

When is the best time to start onboarding your team?”

Will Monday or Tuesday work best for having the products delivered?”

Are you going with Starter, Professional or Business plan?”

Let’s see the difference:

When you ask “Are you ready to proceed with the onboarding process?”, the prospects have 2 answers in their mind – Yes or No. But when you ask “When is the best time to start onboarding your team?”, it’s an entirely different situation.

  • The Puppy Dog Close

Having a pet at home is a hard decision to make. But if the seller gives the puppy for free for a few days, most buyers wouldn’t like to return it. That’s why this closing technique is called “the Puppy Dog”.

We are more confident with buying when we can try the product out (whether it’s an online tool or a shoe). And we are even more confident when we aren’t obliged to buy and can easily refuse the product. In case, 27% of shoppers would purchase a $1,000+ item if offered free returns as compared to 10% who would buy otherwise.

Make sure you offer a free trial/free return opportunity to your client as the law of reciprocity will do its job and the prospects will want to do something for you in return (read: buy from you).

  • The Question Close

The Question Close leaves room for objections or clarifications from the prospect’s side. They may help the salesperson understand the prospect and evaluate the needs better, thus offering a more personalized solution.

Examples:

What holds you back from signing the contract right now/today?”

If we add ABC features, will it solve the problems you are facing now?”

If something is missing from the package or the prospect has objections, you are creating an opportunity to reveal them. After customizing the package and/or handling the objections, you might move forward with another closing technique.

Or if the prospect doesn’t have objections or doubts, the Question Close will be the technique to help you close the deal.

  • The Summary Close

Sometimes prospects forget what benefits are included in the package or visualizing them separately doesn’t help understand the full value of the deal.

Salespeople can fix it by using the Summary Close technique and listing all the things the prospect will get.

So, these computers with high-quality screen display, better battery performance, and durable keyboard will definitely improve your team productivity and boost motivation. When the order is registered, you will get 50 computers with a price of 45, free delivery within 3 days, and a 3-year warranty will be applied.”

  • The Thermometer Close (Gauge Technique)

You have probably heard of Net Promoter Score that shows how your customers feel about your product/service on a scale from 1 to 10. The same principle applies when you are having a sales meeting and want to get a better understanding of your prospect’s needs.

On a scale of 1-10, how will you evaluate the level of your readiness to proceed with the order?”

If the prospect’s answer is below 5, you have probably failed the conversation and the customer is not very likely to move forward. If the answer is 6 and above, you may ask what’s missing and what needs to be done to reach 10.

CONCLUSION 

These 6 closing techniques are like the CTAs at the end of the copy or video. You may have a perfect presentation but if you don’t urge to take action, your prospects will probably check the alternatives and never come back.

Leave a Reply