Unclosed deals is just a symptom. If you take a look at what really caused the missed opportunity to make a deal, you’ll find that you ignored important activities in the earlier stages of the sale process.
Inability to close the deal is usually a symptom of a more serious difficulties. In any type of sales and with any type of customers, a universal law operates: it's much more important to open a deal correctly than to close it correctly.
The beginning of the deal is the most important phase of the sales process, because the way we start the relationship with the new client determines the probability of success at the bottom of the funnel.
Here are three the most important prescriptions for treating the "symptom of an unclosed transaction":
1) Choose the right mode of interaction with buyer: the right level, the right time;
2) Begin negotiations that will definitely be valuable to the buyer;
3) Don’t try to jump over to closing a deal in three important stages: building trust, agreeing a common understanding of the deal’s value, confirming the ability to comply with the client's business processes.
Analyzing the work of sales managers in different businesses, I determined the main mistakes that occur at the closing stage of deals:
Trying to close the deal too early
When you insist on buying at the very beginning of the dialogue, then you seem to be a stubborn human. It alienates the customer in his desire to buy your product.
Probably, your client isn't ready for closing a deal yet! It’s a big mistake, when sales manager tries to close the deal either too early (when the customer is not ready to buy), or too late (when the customer "burned out", changed his mind about deal).
Invalid target action
Often, the conclusion of a deal does not occur, because sales manager incorrectly chooses the target actions for each contact with client. For example, instead of appointing a meeting, he suggests sending an email, etc. The sale is delayed and probability of the deal falls.
The lack of attempts to close the deal
Weird but true! Many managers even don't try to close the deal in the process of selling. They talk about the product, ask questions to identify needs and even work with objections. But they miss the most important step - closing the deal.
You are not trusted or respected.
In high confidential relations the opposite is true. It’s more likely that client might looks at you with apprehension, while you are not familiar with him. Obviously, a trusted adviser has significant advantages over competing sellers. As we all know, re-orders are the only effective way to reduce transaction time and increase profits. So, building trust is critical to successful selling.
No solution helps the buyer’s business.
None of our buyers are interested in us, our company and our products. Instead, buyers are concerned about their own results and career. Although we'd like to talk about ourself, what we are doing and how things work, negotiating are more profitable when it’s build on the product’s value and it’s advantages for the customer.
Tell about your advantages and unique services, or say that you are not only acting as a salesman, but also as an expert who will help make client’s advertising more effective.
No sense of urgency.
This method is not only used by many sales-managers at the stage of deal completion, it is also popular in advertising: “just a few days of sale”, “hurry to buy today”. The client is confidentially informed that only for him and only for a week (3 days, 12 hours, etc.) the company is ready to provide delicious discounts, a seductive price or/and special delivery conditions only for him and only today (week, 3 days, 12 hours, etc.)
Selling after closing a deal
When the client said "Yes!", a biggest mistake is an impulse to continue talking about the offer. Stories about additional characteristics and functions can cause a wave of objection: "I'm not sure that I need it. Why should I pay for it? "In other words, shut up and take the order.
It happens that all methods of completing the sale are used, objections are lifted, but the deal still fails. In such situation, try to keep dignity and offer your online consultation at a convenient time.
But, next time, try to avoid these 7 mistakes, and you will be able to close more deals and increase revenues, which we sincerely wish you.