Closing deals quickly and effectively is critical to the success of any business and there are some key factors that can increase your likelihood of closing.
Here are my top 5 tips:
#1. Time is of the essence
You may have heard the saying “time kills all deals” and, like many sayings, there’s a nugget of truth to it. Any delay in the sales process allows unknowns such as budgets, competition, or just a buyer’s busy life to creep in and kill a deal. You want to strike while the iron’s hot—or, more accurately, while the prospect has motivation and enthusiasm. Time can dull enthusiasm, so no matter what stage the opportunity is at—whether it’s at the initial enquiry stage or further down the sales funnel—make sure you keep momentum and respond with haste. Never let an action languish on a “to do” list; have a sense of urgency with any customer interaction and the opportunity will progress.
#2. Qualify early and often
Our time and resources are finite so it makes sense to spend them wisely. Qualifying early means you will only invest time into the deals that have a real chance of closing and you won’t waste precious resources on unqualified opportunities that are unlikely to close. Every lead should be qualified at a minimum on budget, timeframe, decisionmaker, and need/fit so that every opportunity has a greater chance of converting to a sale. For some, talking about budget can be uncomfortable but when seen in this context it makes so much sense. Often, the customer wants to know as much as you; like you they don’t want to invest time into something that won’t eventuate.
#3. Pick up the phone
We live in a generation where the phone barely rings and it’s mostly digital communication interspersed with Zoom meetings. It’s very hard to build a relationship over email and you are less likely to sense any nuance and the type of details picked up through conversation. Wherever possible: pick up the phone first before emailing. Sometimes, one phone call can evolve an opportunity that 10 back and forth emails can’t.
#4. Be fastidious with follow-up
Follow-ups are not exciting or revolutionary, but you would be surprised how the lack of follow up negatively affects sales conversion rates—and the opposite is true as well. Even when customers show enthusiasm for your product or service, this will naturally wane with time and distance. Customers have their day jobs to contend with and are unlikely to prioritize your offering to the level that you will. It’s up to you to follow up on the agreed time and move the opportunity along.
#5. Use the details of the sale to close
When you are at the point of asking for the sale, ask a question that they need to answer in order to close the sale. This could be a date for delivery, a color preference, pricing option or any other element of fulfillment. They will either answer what they would like, or if they are not ready to make a decision, this will be uncovered in their response. You now have a closed deal or are closer to one with more information to get you there.
Apply these tips to your sales process in a consistent manner and see the number of “Won” deals climb.
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