smart selling approach 9
Closing the sale
Reference to our smart selling-Many sales members after the completion of site visit in all respects; hesitate to ask for the Booking .There are many reasons for this . But one of the main reason is fear of being rejected.
After making an excellent presentation, showing them the sample flat /construction site. Explaining all the salient points, helping them to select a unit still they hesitate to ask for Booking or they hesitate to close.
Most of the sales members do not even ask the basic question of asking for a Booking? We have discussed this briefly in our previous blogs.
This being critical we say closing the sale forms the main part of a sales negotiation.
An excellent sales member prepares to talk every word to the prospect relevantly so that the same makes him closer to Booking.
Closing the sale – How important?
Is closing is important or a smart closing is important. Which is faster?
Obviously many sales member wait for the Booking.
In the last smart selling Blog-8 , we discussed about the 80% approach is in nurturing the prospect in terms of understanding his/her needs and studying his/her Buying behavior , the balance of 20% which is critical is the Actual closing.
A small recap of the smart selling approach 8
- How smart we need to identify the site visit prospect who will book? This makes you nearer to conversion by 50%.
- The second is how smart you are in identifying Prospect’s Top product market match criteria (This makes you to nearer to conversion by another 30%).for more information read-the smart selling approach 8-the smart selling approach 8
The 20% of the whole transaction is closure process and when the same is undone the site visit remains unutilized or in other words not being exploited for a sale.
For a smart sales Guy the advantages of closure process is primarily More quality Bookings* in a month or in a year, and the advantages are (*a Booking which is non reversible in the sales MIS, and does not qualify for cancellation on account of doubts, lack of trust, improper explanation, knee jerk reactions, momentary decisions, subsequent to confirmation of Booking process etc.)
- Faster site visit to Booking conversion
- More site visit to Booking conversion
- Better learning on Lost sales conversion analysis.
Faster site visit to Booking conversion-
what we mean is the closure time from the date of the site visit. How fast you are able to complete the Booking formalities from the date of customer site visit.
Site visit prospect is a serious Buyer and we all know the prospect is basically visited the site to see and understand the project and product. So your assessment of how fast he would like to buy starts here.
Faster conversion is meant when every other 80% assessment is met and all other things being fine for the prospect – he/she will buy immediately.
This has to be kept in mind by all sales members at this stage of sales process. If he/she delays the Booking more than 2 weeks (Industry standard) there is something critical and logical in it. Either you understand and kill the objection or if the same is unidentifiable and not revealed, you need to uncover.
In a non-conventional selling and todays selling climate, this has to be closed directly with a prospect.
For example you may ask him directly -Sir . I am sure you are convinced about the project and product. Also I am clear this suits your requirement. Is there any objection further unclarified by me? Finally
What do I need to explain or support you with so that you can bless me with the Booking or cheque? – Many sales guys do not ask this questions directly rather they wait for the prospect to respond.
This makes the selling cycle more time consuming.
Hence Too much of lazy follow up or non-structured follow up and sending the prospect without a closed end question ( Like the one above )at the end of the site visit will result in zero conversion. Speed and clarity with the visited prospect is the essence of post site visit process to close the deal.
*How do you convert a site visit to close the sale faster and what are the dos and don’ts in this (we will see in our subsequent blogs)
More site visits to booking conversion
How many site visits you are able to convert in to sale or Booking decides the fact that how many of your prospects are serious to close the sale. This gives you an idea on the quality of site visit and conversion numbers .Many times the sales members fail in the assessment of conversion status and many site visits get lost without conversion.
More the sales member is able to use the smart interpretation of the customer psychology during and post site visit, more the numbers on conversions. (Conversions will turn out faster /quickly when you are able to make the right interpretation from the prospect behavior in terms of responding to you during the site visit also after the site visit communication. )
Sales members who are adept in handling and clearing objections and convince prospects on product and utility based closing skills, bags more Bookings to site visits.
In other words sales member is able to convince the prospect who comes out with a clear question, with a proper justification for Buying this product also able to explain clearly if prospect buys the product , what is in it for him as a Buyer . (The Buyer looks out for many things varying from monetary to non-monetary benefits during the negotiation process)
We will deal this during the journey somewhere in the middle of the smart selling techniques. (We will understand in our subsequent blogs)
Why more site visits are not converted and how more site visits can be converted (we will understand in our subsequent blogs)
Better learning on Lost sales conversion or lost site visit conversion
Any salesman who is unable to understand why he has lost a customer always sells in Darkness (It is like you are trying to shoot in dark at the target). He may get a sale out of luck but may not enjoy the same every time. This means -You don’t know what your prospect is actually looking for or wants?
May be it looks simple, but many a time we don’t find an answer why the prospect does not buy after the site visit? The understanding of the same only improves your conversions.
If you are able to figure it out, then it becomes interesting to classify the prospects decision in to categories and improve our Product portfolio, price , features , amenities or anything for the future.
Ultimately there is a lot of learning, while you understand the reasons for non-closure .once we understand this then I am sure we will know how to convert some of these learnings in to improvement strategies for the next prospect.
Sometimes the companies may not be able to give everything you want to reduce your lost sales or improve your conversions. (Especially discounts)
How do you stand up in such situation to close the sale? Is it the responsibility of the sales man or the company?
Nevertheless smart companies do understand the intrinsic reasons behind lost sale analysis, and do come up with a corrective action .They are sometimes left with no options to study the conversion ratios. The sales/marketing team and the organization together need to work this out for holistic success. This is classifies as
- sales team skill based ,
- Product based
- Project/organization based.
Sales team skill based
- Physical level-Skills improvement for sales team on smart closures techniques, improving the confidence/body language of sales members.
- Knowledge level-Teaching them to embed in to digital world of networking, referral creation and own lead generation techniques
- Relearning/unlearning-Making them unlearn conventional techniques of sales process( most challenging )
- Analytical level -Teaching them to understand the data and data analytics for smart conversions and to prioritize quality time on classified sources of leads.
- Customer interaction level-Imparting the concept of Prospect engagement at site , for firm closure process
- Expert level-Top gun sales approach and bullet proof objection handling for closures.
All the above are smart selling techniques to meet out the most learned prospects FAQ’s, we will be detailing the same in subsequent blogs.
To understand the strategies of selling the product (Dynamic model) in the market.
Need for a change becomes inevitable when the products external environment changes. (the neighborhood market and related competition landscape.)
The micro market varies and comes out with stunning new design as competition configurations every year, with new launches beating you on cost, amenities, and other comparable attributes.
You may be able to change or tweak your product sometimes it is absolutely not possible.
What will you do if your product absorption preference from the native prospects in market is lowered .This is complicated situation.
Even then you need to do something about it to sell your product .Your sales members become diffident and are demotivated to sell.
What will you do in such situation which is going to last more than more than a year?
There is solution to do smart selling, even under such challenging situation.
Many companies fail to explore new ways and means and die in this scenario or incur cost overrun.
We will look at a brief outline of the same below as a matter of point of reference now, but details of each, in our subsequent blogs.
- Would you enhance the value of your product, to differentiate yourself from the crowd – differentiation strategy
- Would you sell your product by displaying a cost advantage ?-(Discounts/Freebies /innovative schemes ) cost based selling or -cost leadership strategy
- Would you go and sell your product in a different market or identify a new customer where absorption is less, but there is a niche customer for you.
(Niche customer -Focus strategy)
- Would you redefine the product completely so that you don’t worry about the competition and make the competition irrelevant .- Blue ocean strategy
Companies are sometimes rigid in thoughts of sales strategies and get rooted to conventional means of selling and avoid fresh thoughts and out of box thinking.
Today The learning Organizations survive and Organizations which believe in Measurement & analysis will be able to draw out smart strategies .
The process needs to be in place in the organization to wear thinking cap and to learn from mistakes and purge the organizational rigidities and adapt towards new way of sales strategies and change process.
- Marketing and Sales team need to be redefined in terms of induction of new skills, instead of remaining conservative with limitations.
- Using new and Powerful selling techniques both offline and online.
- Funnel based marketing and sales. One vision for sales and marketing.
- Adaptability and closeness to use technology based tools to understand and discover the prospects .
- More than the company the sales person being present in social platforms and should explore to connect with probable buyers improving the reach of organizational members in digital platforms.
- Organization attempting and delivering delightful customer experiences to differentiate conventional customer connect, and sharing the same in social platforms.
- Co-creation with customers.
- Powerful loyalty programs to build affinity based customer communities .
To conclude, closing is critical for an expert sales guy.
Expert sales guy is one who identifies the prospect need where he/she or fitting in project/product portfolio, and provides him a right solution. (Rather than the generic product like a 1 BHK, 3 BHK, Villa, or a plot) and reasons out why he has to take the solution, and helps or guides him to choose the product with a convincing reasons.
There are many salesmen out there, they hand over the product catalogue like a menu card and do not explain the catalogue .He proves his suggested solution suits his need with a strong evidence – narrates a story of one other customer and connects the dots to close his/her objections and finally closes the transaction with a win – win approach and walks with a Booking.
I am sure you know the reasons, how can he do that? After reading the above.
Stay tuned – secretes of closing the sale in 100 smart selling – Bye now