10 Tips to Close A Business Deal Real Quick
One of the most common fallacies in the sales profession is that sealing the contract represents the conclusion of the initial sales process. It is a significant step, but it is not a one-time occurrence.
Good salespeople know how to clinch a business, but they stop selling after their solution has been implemented.
On the other hand, great salespeople not only know how to complete the deal, but they also continue to offer value to their clients, earn repeat business, and generate referrals.
“Business opportunities are like buses; there’s always another one coming.”
– Richard Branson.
Do you know that the recipients open only 23.9 per cent of sales emails? On average, it takes 18 calls to connect with a buyer or the critical decision-maker.
The data indicates that if your sales staff isn’t following best practices for selling after the initial closure, you might lose a buyer, and we don’t want that.
Have a look at this helpful checklist of procedures to do when completing a contract.
10 Do’s For Closing A Business Deal
1 – Recognise Your Customer’s Requirements
Understanding how your solution will solve the prospect’s actual need or help capitalise on an opportunity gives you confidence as a salesperson.
However, if you don’t know whether your solution will genuinely meet the prospect’s needs, you won’t be able to close as many opportunities as you should.
So, to begin, you must determine whether your solution delivers value to the prospect company.
Don’t be so anxious to demonstrate your comprehensive understanding of a product that you overlook what your consumer indeed requires.
It would be helpful if you listen actively to your prospects and learn their requirements and difficulties.
It would help if you comprehended how your product or service would benefit that individual or corporation.
Knowing what particular problems it will solve and how it will assist them better their lives or profit can get you a long way.
To pique the buyer’s interest in the goods, strive to inject some life into your sales pitch by avoiding mechanical or monotonous explanations.
Instead, explain to the prospects in ways that they will understand.
If a prospect suspects you’re just reading from a script, you’re unlikely to close the deal. Therefore, it is critical that you specifically and effectively address your buyer’s key pain point and connect with them.
Understand their goals and the obstacles they must overcome, and construct your conversation around that, concentrating on how your products can suit their needs. Again, it would help if you listened to your prospective clients.
When speaking with a prospective client, don’t think about another deal. one should practice active listening.
2 – Complement Existing Projects Or Investments
It would help determine whether the organisation can adapt your solution to decide whether your answer will satisfy the prospect’s demand.
Identifying an established endeavour that already has critical features like money, timeline, and a deadline, and aligning with that effort, is the quickest approach to closing the sale.
In other words, your solution will assist the corporation in achieving a goal that is already high on the priority list.
When you discuss a perspective on your product alternatives, the more you know your product. The more confident you are.
Furthermore, if you grasp what you stand for and what you sell, you will be more enthusiastic while discussing your potential.
It will help prospects understand the decisions they are making, allowing you to complete agreements more quickly.
Therefore, you must be eloquent with your product expertise because this will determine whether or not you are successful in gaining your prospect’s trust.
If you have a thorough understanding of your product, it will enhance your ability to communicate, and your product presentation will be more effective.
You should know the product like the back of your hand, present a detailed and authentic sales pitch, and explain things to the consumer in ways that he will understand. Understand what you’re attempting to sell!
3 – Electronic Signatures Save Time, Money, & Effort
If you went to an office supply store and bought a box of regular, 8.5 x 11 white printer paper, you probably wouldn’t get sticker shock at the register.
However, when you consider all of the other procedures that go into submitting those hundreds of sheets of paper linked to all of the proposals you make each year, things might start to mount up.
- Paper cost
- Printing cost
- Copying cost
- Scanning cost
- Delivery cost
- Safe document storage cost
So, what’s the solution? The answer is an Electronic Signature!
There are several methods you can use to generate and apply an electronic signature on any digital document. You can use simple e-signature pads, qualified digital systems to digitally sign a document.
When you use an electronic signature instead of a traditional one across documents, you can save up to $20 per document using online signatures. Therefore, the Return on Investment (ROI) can be significant.
E-signatures also save time and effort on both ends of the transaction. For example, clients may sign off and get their project or contract started sooner, and your sales team won’t waste time on endless follow-up.
4 – Sell At The Right Level. Meet With The Decision Maker
One of the keys to becoming a significant salesperson is to know whom you need to sell in the company.
Unfortunately, too many deals are lost because salespeople fail to identify the process’s influencers, decision-makers, and users.
It is uncommon to sell too high in the organisation because you will rarely have that level of access on your initial contact.
In contrast, your first point of contact within an organisation is frequently lower than the actual decision-maker.
Therefore, if you try to sell too cheap to someone who lacks decision making capability, you may waste your time and lose the deal.
It is why the discovery step is critical in the solution selling process. Discovery ensures that you understand the organisational layers and should be included in talks after your initial contact.
Instead of wasting time selling too low or too high, you will become much more efficient by talking to the proper people in the organisation. (Yes, it is possible to oversell!)
Many salespeople attempt to sell to a firm and spend a significant amount of time analysing and persuading someone who cannot make a product decision for the company.
After spending a significant amount of time (often hours or even days) and doing an excellent job of convincing a lead, they find that the individual with whom they have spent so much time is not the actual decision-maker.
It, of course, discourages them and saps all of their energy and excitement. It is a regular stumbling block in the sales world, and you must do all necessary to prevent it.
The company’s size determines the decision-maker. In a small business, the CEO or CMO is usually the decision-maker.
As a result, you should approach them to persuade them to acquire your product. However, if you go to a larger corporation or organisation, they will have special sales staff or divisions.
As a result, you may not need to meet with the CEO personally (don’t spend days trying to get an appointment with them).
A larger organisation’s decision-maker is the Sales Director, Head of Sales Operations, or Head of Demand Gen.
They are investing in technology that allows your salespeople to correctly verify if they try to sell to the appropriate person so that they don’t make the mistake of getting the incorrect person.
Nobody likes to waste time selling to someone who cannot decide on the purchase.
5 – Know How Decisions Are Made & Give A Quick Response
Another important aspect of discovery is asking the correct questions to understand how decisions are made.
How can you expect to close a transaction if you don’t grasp how decisions are made? It would help if you asked the prospect the following crucial questions:
- How are you going to make a decision?
- Who will have a say in this decision?
- How does the decision-making process work?
- How will you determine whether our solution is the best choice for your organisation?
People dislike having to wait too long for what they want. However, when a prospective client asks for a quote, you must respond quickly.
The process of developing a sales quote can be time-consuming, and a long wait and hold time can significantly reduce your sales potential.
As a result, if you spend hours producing quotes, you may lose sales.
The process of establishing a sales quote, on the other hand, does not have to be time-consuming. However, a CPQ tool may be necessary if you want to speed up your quoting process.
In a couple of minutes, a CPQ tool can create detailed quotations. In addition, they offer templates for prefabricated sales quotes.
As a result, you will save time, avoid expensive errors and get significant transactions done faster.
Creating unique templates that are ideal for your branding is no longer a challenge! Therefore, having a CPQ cloud solution is a wise decision.
All you need to access and run the system with this is an internet connection. Cloud-based tools keep your data online at all times.
It is helpful since you can generate quotes from anywhere, at any time.
Your prospects may also view and approve the sales quotation online using these capabilities, which speeds up the purchase process.
Responding quickly also relates to responding to phone calls, texts, and emails. Make your prospect feel valued by responding quickly to their questions or dispelling their fears.
6 – Make Every Deadline, Create A Sense Of Urgency
Throughout your discussion with the prospect about your solution, you should set the expectation that you will always reach deadlines.
When you commit, you must follow through on it.
It may seem obvious, but too many salespeople overlook the necessity of following through on the next steps and reaching agreed-upon deadlines during the prospecting process.
If you claim you’ll deliver a proposal three days after a sales meeting, you should do so on time.
If you are repeatedly late, it communicates that this is not a priority. Furthermore, your organisation may become untrustworthy when the solution is applied, reducing your chances of converting the prospect into a customer.
Were you ever in a condition where you felt compelled by a time limit to acquire a thing at a discount? You will realise that you have a secret to speeding up deal closure when using this emotion in your sales.
Make your product feel essential if you want to agree swiftly. It is just as easy as a time limit to modify the existing cost to create urgency. But setting false deadlines is not an intelligent idea.
Ask your prospect whether they can decide on acquiring the product by a specified date. You can encourage them to continue to make a significant price cut if they decide on your items.
Attaching a deadline to the contract will assist offer the prospective client an incentive to commit.
Feel like the consumer has a free cup or a discount. Take care not to hurry the consumer. Only strive to give them one more reason to purchase your product or service.
Allow them to conclude from their brains that your product or service is the best option and that the best time to decide on this option is right now.
7 – Restate The Value Of Your Solution
Throughout the process, it is critical to remind the prospect of the importance of your solution.
You should constantly remind decision-makers and influencers why they require your answer, what problem you are tackling, and the financial impact it will have on their firm.
When it comes time to seal the purchase, there should be no surprises. The preceding steps allowed the prospect to express worries and inquire about your solution. Finally, it’s time to call it a day.
The candidate should not back out if the salesperson reiterated the solution’s value throughout the sales process.
8 – Assume The Sale
A professional baseball player does not approach the plate expecting a strikeout.
Similarly, it would help if you always presumed that the prospect would buy when they require your solution. And, if a salesperson has done their job right, completing the deal is a formality.
Salespeople must view closure as only one step in the process.
It is not an occasion to end interactions with the prospect, as dialogues will continue long after the sale is closed.
Assume the contract will be signed, which will lead to the next critical step.
9 – Make It Simple For The Customer To Complete The Purchase
Make it your responsibility, not the prospect’s, to sign the contract for the deal.
You can email the contract to the potential for signature using eSign or other digital signing software. You might also set a time to deliver the arrangement in person for in-person signatures.
One standard error that sales associates make is producing paperwork requiring three or four steps to return the contract.
The client bears the responsibility of printing out the contract, signing it, scanning it into their computer, and emailing it back to you.
It may appear straightforward, but it will result in the contract being held up in the client’s inbox due to the extra steps required to finish the process.
10 – Know You Are Never Done Selling
If you followed the preceding steps and recognised that closing a deal is a process, it should be easy to remember that you are never done closing.
After the initial transaction, the sales process continues:
- Implement the solution.
- Retain the client through follow-up conversations.
- Add to the customer’s existing purchase(s).
- Obtain more client referrals.
It is how you deliver on promises, set expectations, express the value of your solution, prepare to close the sale, execute the deal, obtain signatures, and follow up when there are further opportunities to provide value.
Closing a business deal can be a little bit tricky. Closing a business deal is the most critical part of a business process.
We hope this blog will help you complete a business deal real quick and save time.