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Closing the Sale

Learning Objectives: Develop productive attitudes and a professional

perspective toward the close. Know the function of the close. Discover the importance of reassuring the prospect. Appreciate the value of persistence. Gain knowledge of how to deal with rejection. Develop a sense of timing in knowing when to close. Recognize buying signals. Study the different types of closes.

Chapter 13

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1832 defeated in the race for the legislature

1833 failed in business 1834 elected to

legislature 1835 sweetheart died 1836 suffered a nervous

breakdown 1838 defeated for speaker

in the legislature 1843 defeated for

nomination to Congress 1846 elected to

Congress

1848 lost re-nomination 1849 rejected for job as

land officer 1854 defeated for Senate 1856 defeated for

nomination for vice-president

1858 defeated for Senate 1860 elected sixteenth

president of the United States

Abraham Lincoln’s failures far exceeded his successes:

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• A question asked or an action taken by a salesperson designed to elicit a positive buying decision from the prospect– The process of helping people make a decision

that will directly benefit them– You help make that decision by asking them to buy– Attempt to close the sale when the prospect is

ready

What is a Close?

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• Closing should be natural and easy• It should be planned like the rest of the sales

process• Always Be Closing! It is integrated throughout

the presentation – Closing is not a separate event tacked onto the

end of the presentation– Each point of agreement is a minor close

• Failure to close comes from poor performance in one of the prior steps in the process

A Closing Frame of Mind

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When each step in the sales process is

handled correctly, the close is the natural

conclusion to a successful sales

interview.

A Closing Frame of Mind

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• The need for a close:– The moment of decision is difficult for most

people• Saying ‘yes’ requires a change in the buyer’s attitude

and/or behavior

– Not buying leaves the situation unchanged– The buyer feels stress… and so does the

salesperson!– It’s up to the salesperson to ease the buyer’s pain

Functions of the Close

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The art of closing sales is not the process of persuading people to

make decisions, but the art of making decisions with which people will

agree.

The art of closing sales is not the process of persuading people to

make decisions, but the art of making decisions with which people will

agree.

Wife: “Honey, do you have difficulty making decisions?

Husband: “Well, yes and no.”

Functions of the Close

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• Reassure and Close– Encourage them but respect their decisions

– If they agree on the benefits then you are responsible to guide them to the close

– Your buyers will be relieved and grateful for your efforts to close

Functions of the Close

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• The salesperson’s attitude– Believe in what you sell– Assume commitment - Confidence is contagious– Your attitude will communicate:• Your sincerity• Your interest in the buyer• Your belief in your product and company

– Understand that rejection is not personal

A Closing Consciousness

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Don’t stop at the first “NO”!

Research suggests:

A Closing Consciousness: Persistence

Abraham Lincoln’s track record demonstrates

persistence in the face of failure

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• No one can make you feel inferior without your permission

• Count your successes• The number of failures doesn’t matter• Failure to close a sale does not mean that you

are a loser• Look at closing averages

A Closing Consciousness: Rejection

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“The number of failures salespeople have is not important. What counts is the

number of times they succeed, and this is directly related to the number of times

they can fail and keep trying.”

Quotable Quotes

-Tom Hopkins

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• Give yourself a pep talk and frequently engage in positive self talk

• Refuse to give up• Remember that you are important because of

who you are, not what you do• Broaden your definition of success• Understand that the prospect may have rational

reasons for not buying• Do more prospecting or work a fresh lead

Tactics for Dealing With Rejection

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The closing curve demonstrates that: 10% of prospects will never buy

10% of prospects will be “easy” sales

80% of prospects can be closed with a good interest-building presentation

The best psychological moment for the close may occur at any time during the presentation

When to Close

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• Use the CHEF Technique• Here are some verbal and nonverbal buying signals:– Resistance: questions mean interest– Nonverbal gestures: nodding head, leaning forward, rubbing

chin, tugging ear– Re-examining product or paperwork– Asking about price means they are sold on benefits– Reinforcing or agreeing with your ideas– Relaxes and becomes friendly– Verbal signals: How much is it? Sounds good!

Recognizing Buying Signals

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• A trial close asks for an opinion• A closing question asks for a decision• You must put the prospect in the position of

having to:– Make a decision– Speak first– Respond to your close

• Ask for the order and thenSHUT UP!

The Trial Close and the Closing Question

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• Technology makes closing quicker for salespeople– Smartphones eliminate the need to return to the office

for approval– Wi-Fi connections allow you to quickly go online to check

the competitions’ prices• Electronic Date Interchange (EDI)– Enables companies to electronically exchange documents

like purchase orders and invoices– Allows automatic replenishment of inventory on a JIT

(just-in-time) basis– Shortens the overall sales cycle

Technology and Closing

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• Assumptive Closes: Assume that you asked for the order and the prospect said “Yes.” Proceed to the next step.1. Continuous-Yes Close

• Keep asking questions that are all designed to be answered yes

2. Physical-Action Close• Fill out the order• Wrap it up

3. Order-Blank Close• Ask questions and write answers directly on the contract or

order form

Types of Closes

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Assumptive Closes (cont.): 4. Ownership Close

• Talk as if they already own the product• Create mental closure by discussing how it fits into

their lifestyle

5. Alternate of Choice Close• An old favorite; it provides a choice between something

and something• Example: “Which do you prefer?” or “Would you prefer

A or B?”

Types of Closes

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• Impending Event Close– Indicate that if they do not act now they may not be able to buy in the future– It should only be used in complete honesty– Useful if a price increase is pending

• The Direct Close– Has the advantage of clarity and simplicity– Ask for the order in a straightforward manner– Most direct closing approach and appeals to many buyers,

especially decisive people– Should not come too early– Highly effective when salesperson has earned the customer’s

respect

Types of Closes

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• The Summary Close– Summarizes the product’s benefits in a positive

manner– You can easily adapt feature/benefit statements

for your “summary” close

• Call-Back Close– Have a reason to come back– Review everything when you call back

Types of Closes

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The Trial Order Close Sometimes called the puppy dog

close Appealing because of the low risk

to buyer Balance-Sheet Close

Based on the process people go through when they make a decision

Weighing the pros against the cons The same as debits and credits, act

or not act, etc. Many salespeople do not volunteer

any reasons not to buy

Types of Closes

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• Never the Best Time Close– Give examples of others who waited for the “best”

moment, but it never came. • 1-2-3 Close– Summarize in sets of three items– Word it as “We will give you this, that, and the

other.”

Types of Closes

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• Cost of Ownership Close– Compares long-term costs rather than up front

payments– Gets the focus off the initial “price”– Reinforces savings over time

• No-Hassle Close– Make completing the sale so easy that they give little

thought to potential concerns in the buying process– Works because of its simplicity

Types of Closes

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• Be sure all details related to the purchase agreement are completed; check everything with buyer

• Reassure customers by pointing out that they have made the correct decision

• Thank customer for the order: in most cases a thank-you note is appropriate

• Ask for referrals. Do this without fail!• Leave gracefully and quickly

After the Close