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Personal Selling 5 Closing How to successfully close a sale.

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1 Personal Selling 5 Closing 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

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