How to Master the Art of Closing
By Bill McHenry
Editor’s note: Bill McHenry is president and CEO of Widgeteer Inc., which sells and markets household products. He’s also the owner of Entrepreneur Sales and Marketing, a business development company that specializes in all aspects of the sales and marketing. His customers range in size from the funded startup to $50 million in annual sales.
Like most things in life, the first step in a successful sales process is preparation – both physical and mental. You need to be prepared. You also need to forget that you have a product or service you want to sell.
What you have is a solution.
- 1. Preparation
Mental
-Prepare Your Sales Strategy
-Anticipate Objections
-Plan Your Introduction
-Plan a Proper Ice Breaker
Physical
-Gather Information about the Firm
-Determine What Questions To Ask (Make a list – and bring them with you.)
-Prepare Samples
-Select Sales Aids
-Collect Demographics or Statistics
Not a subscriber!? Click here now!
- 2. Approach
You can only make a first impression once. Be professional and polite, and that includes the receptionist. Treat the person you are meeting with respect and be courteous – in short, as you would want to be treated. Do not waste their time.
-Be Professional – You Can Rarely Go Wrong Wearing at Least a Sport Coat and Slacks
-Make Sure Your introduction Includes a Purpose and Payoff
-Use A Transition to Fact-Finding
3. Fact-Finding
Treat the meeting as a fact-finding mission. Ask questions. Find out what the issues are with the customer. Most importantly, listen.
-Ask Open- and Closed-Ended Questions
-Do Not Send an Overt Sales Message at This Time
-Use Good Listening Skills – Paraphrase Back Certain Key Elements
-Find Agreement Before Proceeding to Next Step
4. Demonstrate Value
Explain how your solution can fit the customers’ need. Remember, you will only be able to sell your solution if the customer has a need.
-Demonstrate Product Advantages & Benefits
-Explain The Return On Investment
-Use Studies, Market Facts & Demographics
-Tell 3rd-Party Stories
-Use Samples Or Prototype
-Transition To Recommendation
5. Recommendation
This is the part of the sales meeting when you recommend your solution and how it fits the needs of your customer. You need to gain acceptance. Watch for the buying signals. Remember, if there are still objections this only means that you have not given the customer a reason to buy your solution. You need to be sure they have enough information to buy.
-Restate Fact Finding Agreements
-Present Recommendation Based On Needs
-Restate Feature Advantages & Benefits of Your Product or Service
-Gain Acceptance through Customer Participation
-Recognize Buying Signals
6. Close
-Be Clear in Presenting Your Offer
-Ask for the Sale
-Be Persistent in a Reasonable Manner
-Bridge for the Future
So many salespeople just forget to ask for the order. In my 30 years of sales I have never had a buyer chase me down waving an order in their hands. If you don’t ask, you’ll always get “No.”
7. Follow-up
Follow up. Keep in Touch. Thank them for their time – it is precious. You want to stay at the top of their mind. When the opportunity presents itself, the buyer will remember you.
-Within 48 hours Send Note of Thanks
-After 1 week, Call to Check on Decision
-Stay in Touch Occasionally – E-mail Is Usually Best
Editor’s note: This article appears in the June 2010 print edition.
