Personal Selling 5 Closing

1. Personal Selling 5Closing How to successfully close a sale.

2. Know when to start closing • ALWAYS • The close is actually a process, not an isolated event. • The final question might be something like “How many do you want?” • That is the frosting on the cake • Have to bake the cake first.

3. Closing: The Process I • Just like baking a cake • Need all ingredients mixed in • In proper proportions • In the right sequence • Baking at the right temperature • For correct time

4. Closing: The Process II • A process of building agreements • Help prospects make decisions that will benefit them • Use a five-step process that builds to action

5. Five Step Close • Ask questions and get prospect to identify needs, problems, and buying motives. • Confirm understanding of prospect by summarizing and restating their thoughts. • Present product features and translate those features into benefits that address the prospect’s buying motives. • Ask questions to have customer confirm benefits. Gains their commitment. (It may be true if you say it. It is true if they say it.) • Make a request for action

6. Some Techniques • Add-ons to get confirmation • That’s good quality, isn’t it? • That’s a good deal, wouldn’t you say? • Get prospect to say “YES” • Escalator • Ask questions to build up to product (insurance). • Have them commit to supportive arguments 1st

7. Closing vs. Presenting • You are there to close, not to present. • The presentation is just the vehicle to get the close. • Look for cues: posture, nod, leaning, eyes up/down, changes in speech pace. • If you are not fully prepared for the presentation, you won’t be able to concentrate on the prospect adequately. Miss cues. • If you sense the cue that indicates agreement, CLOSE! If too soon, get objection. Keep going.

8. Lost Opportunity to Buy I • People are motivated to buy when they believe that they may lose the opportunity to buy. • Creates a crisis, and a scarcity. How else can you explain Beanie Babies? • Create competition for your product (real estate agents over-do this one).

9. Lost Opportunity to Buy II • Convey the sense that the opportunity may be lost if they don’t act now. • Be willing to walk away; e.g., Trade show price. • Create a sense of urgency. • Standing Room Only, Impending Event, Special Feature • Whatever the reason, buy today or lose opportunity forever (or for a long time: Disney movies on tape and DVD)

10. No YES/NO Questions • Never ask a closing question that can be answered “Yes” or “No” • Are you ready to buy? (Yes/No) vs. • When would you like this delivered? or • How many could you use?

11. Nudge vs. Sledge Hammer • A close should be a gentle nudge to get the prospect to commit to buy. • Yes/No questions are too direct. • Move customer from positive feelings about you, your company, and your products to negotiating specific terms of a deal.

12. Persistence • On average, it takes about five (5) attempts to close successfully. • Each time you build agreement a bit more. • Stay alert for closing cues. • Whenever prospect indicates that she or he is sold, go into close. • If that results in basic agreement, STOP the presentation and negotiate terms.

13. Assumptive Close Technique I • You make a statement or ask a question that assumes the prospect is going to buy. • Usually a secondary question. • Example: • How does the suit fit? • Very well. • It looks good on you. Will you need some new ties to go with it?

14. Assumptive Close Technique II • Anticipate the close with several secondary questions that you could use in an assumptive close: • Would you like me to have that gift wrapped? • When would you like this delivered? • Would delivery in three days be soon enough? • Would you like some accessories (fries) with that? (Up-selling)

15. The Choice Technique I • This technique also assumes that the prospect will buy. • Rather than using a secondary question, you ask the prospect to choose among alternatives. • Can use early in the presentation as you guide the prospect in making small decisions (as you get them used to saying yes).

16. The Choice Technique II • Questions • The basic model is $500, but for only $150 more you can get stereo sound. Will the basic model be good enough for you, or do you think that the investment in stereo is worthwhile? • I’m really fussy about the quality of sound from my television. • I know what you mean. Will that be cash, check, or charge? (vs. How do you want to pay for this?)

17. The Choice Technique III • More questions • Do you think ten dozen is enough, or should we go with a gross? (Aggies: That’s 12 dozen.) • Would today be good, or is tomorrow better for you? • It comes in red or black. Which do you prefer? • Black. • Great. We can deliver it tomorrow, or would you rather take it with you now?

18. Ben Franklin Balance Sheet I • The prospect appears to be sold, is not voicing objections, but doesn’t seem ready to decide. • Need to • Uncover & deal with any valid objections that are holding them back. • Get prospect to make a decision. • Can do orally or actually use paper (hokey).

19. Ben Franklin Balance Sheet II • List pros and cons with the prospect • Actually, you just list the benefits and reasons to buy now. • Then ask the prospect if there is any reason not to buy. • If the prospect says no, then go with an assumptive or choice close and wrap up sale. • If the prospect says yes, then you have uncovered the objection and can deal with it.

20. Eliminate the Negative • Same objective as Ben Franklin: uncover the objective or persuade prospect to buy. • Rather than just stating positives and letting prospect state negatives, salesperson volunteers potential reasons for not buying. • Then you either eliminate it or confirm it as an objection.

21. After the Close I • If the close was a success • Reassure the customer • Alleviate buyer’s remorse • Quick, a few seconds THEN • Exit stage right • Depart quickly. GET OUT OF THERE! • Don’t give them a chance to change their mind

22. After the Close II • If no sale • Critique the sale • Before you make next call • What did you learn? • What did you do well? • What should have been better? (Improve next time.) • Plan a follow-up call • Send a thank-you note in a few days • Send information by mail in a few weeks • Call for another appointment a couple of weeks after mailer