Closing the Sale: Power of Negotiation to Win

1. Chapter 12 Closing the Sale: The Power of Negotiating to Win

2. Video Ride-Along • The video Closing the Sale features Lisa Peskin, Sales Trainer at Business Development University • She shares her insights on how to close a sale and discusses how a ‘quick’ no is next best to a yes • To view the video, • Closing the Sale: http://www.youtube.com/watch?v=zQfqcobi3ms

3. Closing the Sale • Close: Consummation of the sale when the prospect agrees to the purchase • Closing: Bringing the sale to fruition or getting the sale

4. Closing Time • Closing is an ongoing series of events that occurs throughout the selling process • Since closing is not a definitive part of the selling process, you effectively get the order using a trial close • The difference between a trial close and a close – trial close asks for an opinion, whereas a close asks for a decision

5. What the Close Is Not? • It is nota high-pressure exchange between seller and buyer • It is not a time when the salesperson resorts to trickery, manipulation, or other unsavory tactics just to get a sale

6. “Always Be Closing” (ABC) or “Always Be Opening” (ABO)? • When you close too soon, the customer thinks that the process is over and mentally moves on to something else • At this stage, ask exploratory questions – Understand what the customer needs and how to meet those needs • Focusing your selling efforts in the ABO way makes it easier to sell additional products and services to existing customers

7. Always Be Opening • The video The Secret of Closing features Sales Guru Jeffrey Gitomer • He explains the meaning of ‘quit closing the sale’ • To view the video, • Closing the sale: http://www.youtube.com/watch?v=XGmKNSj8F64

8. When to Close • When the prospect displays positive body language and interaction • When the prospect asks questions • After you handle an objection

9. Types of Closes • Direct request close • Benefit summary close • Assumptive close • Alternative-choice close • Compliment or vanity close • Combination close

10. Types of Closes • The video Assumptive and Alternative Choice Closes features Lisa Peskin Sales Trainer at Business Development University • She discusses the assumptive close and the alternative-choice close and how both can be effectively used • To view the video, • Assumptive and Alternative Closes: http://www.youtube.com/watch?v=a--98uNWob0

11. Closing Complex Sales • Complex sale: Sale of a high-value product or service (usually over $100,000) • Four phases of closing a complex sale: • Discover • Diagnose • Design • Deliver

12. Negotiate to Win-Win-Win • Successful negotiation - Delivers a mutually beneficial solution to all parties and are collaborative in nature • Collaborative negotiating depends on: • Building trust • Gaining commitment • Managing opposition

13. The Three Elements of Negotiation • Information • Power • Time

14. Steps of the Negotiation Process Click below to view full-size

15. Learn from the Master • The video Negotiate This features Herb Cohen, celebrated Speaker and Negotiator • He discusses some powerful negotiation techniques • To view the video, • Negotiate This: http://www.youtube.com/watch?v=Kb-s2qTQa4M