You can be a great person to build relationships. But if your closing rate is low, it’s as good as losing your plot. Often, a salesperson struggle because:
(a) he is shy to ask for the client’s signature
(b) he develops preconceived assumption about the prospect
(c) he can’t sense the buying signal in the beginning
Whatever the reason, the salesperson’s (Insurance Agent, Property Consultant, Furniture Sales Executive, Relationship Manager etc.) success depends on the total value of the agreements and the rate of closing.
1. Repeat the prospect’s requirements
During the selling process, you need an excellent listening ear. Hear the prospect’s buying signal carefully and write down, so that you remember. Usually, the same words and sentences are mentioned a few times – for instance, he likes things that are convenient. When closing comes, bring out similar phrases and wordings (i.e. convenient) again. Most of the time, the prospect is reassured, knowing that you have heard him. His guard is down and you go for the close.
2. Bring out your agreement and put on the table
Do an assumed close. The prospect will cast an eye on the contract while talking to you. It’s a sign that, if the prospect has not outlined any objections, you can professionally place the document (where the signature is) right in front of him with a nice fountain pen. And wait for the magic to happen!
3. Offer a positive “what if” scenario
Use the “what if” opening statement – “I understand you like this product. What if, you have the means to buy it now, will you say a yes and purchase immediately?” This shapes the prospect’s mind into a positive frame of closing after reaffirming his preference.
4. Go direct
By now, you would have an idea whether the prospect is ready to buy. Be confident and ask a direct question. Praise the prospect’s foresight sincerely if his ego is huge – “you are about to enjoy the wonderful service” – can you kindly put your name at this section and I’ll make the immediate arrangements”.
5. Prepare 3 ready solutions
Be prepared to provide alternatives on the spot. Do not wait to schedule another appointment or phone call as the opportunity will be lost. For example, if the prospect highlights the expensive pricing, a ready option is “I understand and here’s what I will do for you – you can pay for the deposit first and we will accept the rest thereafter. Or will you prefer a monthly interest-free installment”. Close the deal upon the prospect’s choice. As a rule of thumb, think of 3 types of solutions, classified broadly into 3 sections – one is price, the other is concession (i.e. what others you can provide should the discussion goes south) and the last is post sales promise (e.g. warranty, check-in after 2 weeks – no other salespeople provide, only you)
There are many other closing techniques which are pragmatic and easy to adopt. Practice is needed through role plays. I will be happy to discuss further. Please get in touch with me at kentan at outlook.sg