The consumption patterns and purchase decisions of people change from time to time. To keep up with these changes, re-evaluating your sales strategy and using effective sales tactics is very important, especially when it comes to closing sales.
Even if you are great in the initial pitches and subsequent conversations, converting prospective clients into paying customers requires a different strategy. Harvard Business Review reported that close rates increase by 7x if you respond within an hour of the initial point of contact.
71% of sales professionals say their top priority is to close more deals. With careful planning and a solid strategy, you will be able to close more sales and move toward growth. In this article, we will provide you with some useful sales tactics, closing tips, and strategies that can help in driving growth. But before we get to that, it is important to get a basic understanding of the sales process.
1. The Basic Sales Process
A usual sales process involves the following 7 stages –
Stages of A Sales Cycle1.1. Sales Prospecting
In sales prospecting, your sales team finds prospects who are a fit for your product or service on the basis of their spending power, profession, lifestyle, past purchases, etc.
Once you have shortlisted the prospects, the next step is to communicate with them. You can make your sales reps make the first contact through cold emails, cold calls, social media, etc.
1.3. Lead Qualification
In lead qualification, you determine which prospects fit your ideal customer profile and have shown interest in your product or service.
1.4. Lead Nurturing
Lead nurturing is the stage when you show your prospects how your product or service can help them with the issues they are facing.
1.5. Negotiations and Objection Handling
After your prospects take a demo or presentation of your product, they may have a few questions or objections about the product or service. You may even have to negotiate because their budget aligns with your price. Your sales team must be ready to handle negotiations and objections whenever and however they come.
1.6. Closing the Deal
When the objections are settled and negotiations completed, the next step is to close the deal. This is the time when you have to fulfill the promises made to the prospect.
1.7. After-Sales Follow-Up
After the sale is made, gathering feedback is an important step. It can be done over a call or an email to know how satisfied your customers are with your product or service.
2. 10 Strategic Sales Tactics for Closing Deals Faster
10 Strategic Sales Tactics for Closing Deals FasterHere are some sales tactics that will help you successfully seal the deal.
2.1. Talk to the Decision-Maker
Before you begin with your sales pitch, confirm that the person you are talking to is the key decision-maker. If the decision has to be taken by a committee, you need to identify who are the key stakeholders in the project.
Starting a sales conversation with a middleman is not advisable as there are often many things that are lost in translation.
This could potentially lead to confusion and misunderstandings in the long run. When you make your sales pitch directly to the key decision-maker, the chances of closing the sale will increase considerably.
2.2. Make Your Services Unique
Most prospects would want to compare your services with the competitors to ensure that they are getting the best price for the same. You have set yourself apart in the eyes of the prospect by packaging the services in a unique manner.
By adding the element of quality, it makes it difficult for the prospect to judge a company’s services on prices alone. They will now base their judgment on the entire package, including the value and deliverables, rather than the price.
2.3. Use Testimonials to Build Trust
When you are making a sales pitch to a prospect, you ultimately want them to come to the conclusion that you are the best choice for them.
If you are able to do this even before making your sales pitch, your task will become all the easier. Client testimonials can be useful in this aspect.
You can showcase ‘Before and After’- type testimonials on your website to illustrate how your service has benefitted other clients. The prospects would be able to visualize achieving their goals and would be willing to place their trust in you.
2.4. Use Case Studies to Inspire Clients
Besides client testimonials, something else that can help you position yourself as the best choice for your prospects is case studies. Using case studies to back your claims is the most effective way to show your expertise and build the prospective client’s trust.
By presenting them with case studies, you will be able to walk them through your sales conversation without coming off as overly sales. A case study illustrates the services you can provide to your prospective clients and what kind of results they can expect from them. It is essentially inspiring them to take action.
2.5. Get Prospects to Agree With You
Your ultimate aim in the sales conversation is to get a ‘Yes!’ from your prospects. If you want to close the deal, you need to ensure that they are in agreement with you throughout the entire conversation. What you need to do is give them opportunities to agree with you on the smallest of details. You should intercept your sales pitch with short questions like –
When the prospect stays in agreement with you throughout the conversation, saying yes to the big question at the end of the sales pitch will feel more natural to them.
2.6. Be Prepared With a Fast Action Bonus Reward
Sometimes the prospect is on the fence and is not able to decide if they should say yes or not. You can use this situation to your advantage by offering them a fast-action reward.
This is a bonus reward that is usually applicable for a limited time. When you place a time rider on your offer, it makes the package all the more attractive.
Thus, it is always best to be prepared with a fast-action bonus offer when you are having a sales conversation with the prospect. This is one of the best sales tactics that can help you close the deal faster.
2.7. Make the Package More Attractive by Offering Bonuses
Everyone loves receiving free gifts with purchases. If you tie attractive bonuses and incentives to your package, the customers will certainly be more interested in it.
It is important to figure out which bonuses and offers would work best with your services/products, whether it is –
- Free sample of product or service you sell
The bonuses you provide need not include services and products created by you. A great idea is to enter into a partnership with a complimentary service provider for cross-promoting each other’s businesses through bonus offers.
2.8. Make Payment Options More Flexible
Disagreement on price is the most common reason why most prospects end up saying no. They might say that the total price of the product/service is more than the amount they are willing to spend on it at present.
You can offer a solution to this issue by giving them a flexible payment option.
Show them that you are willing to do whatever you can to remove payment issues at the obstacle. You can do this by accepting payments in the form of cash, credit cards, PayPal, bank transfers, etc. You can also offer them payment options based on milestones.
2.9. Create a Sense of Urgency
If you want to close the sale faster, you need to create a sense of urgency and also communicate the scarcity of the product/service you are offering. However, being honest and open in this part of the conversation is equally important. You should only use this tip when there is actual scarcity in terms of capability, availability, and time.
2.10. Ask for the Sale
The last and most important part of closing a sales deal is getting confirmation from the prospect. Although asking for the sale might seem uncomfortable at first, leaving the sales conversation open-ended can be even more tricky.
If you ask the prospect to reach out to you with their decision, there is a chance that you might not get a yes at all.
Until you have the signed order with you, the sales process does not end. It is therefore important to follow up with the prospect and stay in contact with them until you receive a definitive yes or no answer from them.
3. Conclusion
With the aforementioned sales tactics, you will certainly be able to close deals faster and drive greater growth for your business.
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