Many businesses spend upwards of 12% or more of their annual revenue on marketing. Getting new customers through your door, or visiting your website, is key to sustaining your business.
But all of that money and effort go to waste if your sales team isn’t effective at closing a deal. Marketing efforts get prospective buyers in. But a sales strategy seals the deal and convinces people to pull out their credit cards on the spot.
You need to have both, working in tandem, in order to grow your business. Wondering what you can start doing today to end the sales cycle properly and get more paying customers? Read on for five important steps to help you close the deal on a regular basis.
1. Speak to the Problem You Are Solving
When you trying to sell a product, you have to remember you aren’t selling a product. Rather, you are offering someone a solution to one of their problems
Speak to the problem and point to the solution. Don’t talk about how great your product is. Talk about how much it will improve the customer’s current situation. After addressing the pain points, paint the picture of how much better their future would be if they had your product or used your service.
2. Know Your Sales Script
The key to overcoming common objections is to identify them and plan responses ahead of time. Every good salesperson has a sales script that they know by heart. They don’t recite it, rather, they know it, and can speak it fluidly, so it doesn’t sound like a script.
3. Use Brokers
Brokers are a necessary part of business in many industries. In real estate, lenders are selling loans. But they don’t have the capacity to field every single prospective borrower. That’s where mortgage brokers come in handy.
They can work with massive amounts of borrowers in complex situations, and point them to the right lender for their needs, making to process easier for both the borrower and lender.
Likewise, if you’re selling a manufacturing business, the key to closing the deal may mean working with a manufacturing brokerage that understands the process and knows how to find and speak to prospective buyers.
4. Sweeten the Deal
The best way to close a deal is to sweeten the deal s much as possible for your customer. While in some instances, this could mean a limited-time discount or a volume discount, it doesn’t always have to be.
You can include extras, such as extended warranties, bonus products, expert-level support, educational resources, or free repairs for a year to push prospects over the edge.
5. Closing the Deal by Making It Easy
If you make it difficult for customers to execute a transaction, you’ll lose them. If they need to write a check, or perform a bank transfer, or find cash, they might walk away.
Making it easy means allowing the payment methods that your customers prefer, such as credit cards, or alternative sources like Paypal. While you might pay small fees for allowing varying payment methods, you’ll earn more sales.
Make the transaction as seamless as possible for the customer by performing all of the annoying steps yourself.
Committing to the Process
Learning the process of closing a deal is a science and an art. It takes commitment. But to those who can master it, there’s no limit to how much they can earn, and how much revenue they can generate.
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