A deal isn’t a deal until it’s closed. Even if you can smell the ink, you can’t count it until it’s fully penned. In B2B and B2C selling, closing requires a well-executed plan. In both cases, there are three essential components of closing a deal.
Essential Components of Closing a Deal:
- Identifying and solving a real problem
- Working with the right people
- Communicating appropriately
1. Discover and solve a specific problem.
Before you can solve a problem, you and your prospect must be able to name it and claim it. While there is likely pain that needs addressing (i.e. missed opportunities, lost clients, internal chaos, etc.), it’s important to help your future customer understand the root cause of their pain and how your solution solves their specific problem.
Apprehension about purchasing from you may have nothing to do with your business, product or service. It may stem from your prospect’s inability to identify the root cause of their problems. The best way to unlock a prospect’s actual problem is to use a strategic discovery meeting (call) that takes control of the conversation and guides them along a path to identifying their issues that you can help them resolve with your solution. Use the findings from your discovery to show them that you are qualified and capable of addressing their needs. While each sales cycle is different, defining, and refining your discovery approach is a vital first step in the best practices for sales reps, and in ultimately closing deals.
2. Work with the right people.
Rarely do sales begin and close through conversations with one person. In many sales cycles, there are multiple threads of conversations happening—from customers to sales and internal support to management to executives. Each of these personas have different motivations and capacity to vet purchases, allocate budget, and make final decisions. These multi-threaded conversations help you determine who has the need and who has the authority to make the purchase.
No matter where your conversation starts, take the time to understand each person’s role in the purchase. Use each conversation to better understand the problem and the organization, and always seek to find out who is empowered to take action and how to influence them directly or indirectly.
In some sales, these conversations may take place across organizations. For instance, your IT team may speak with their IT team, and your CEO may need to connect with theirs. All of these discussions can still be happening while you are working on moving the deal forward, keeping track of the progress. Often, a sales manager will help coordinate these multifaceted discussions, as well, to help close the deal.
3. Communicate accurately and appropriately.
Deals are seldom closed in a single meeting, or even two. In fact, most sales cycles take a while to close. Even after you’ve identified the key buyer(s), you may need to sell and resell across an organization or to multiple influencers before the deal is inked.
Communicating accurately and appropriately is key to closing a deal. Consider the situation where a single person within an organization is frequently making inquiries of you, but you know that he or she is not the ultimate decision maker. Or, what about when your buyer is convinced of the value of your solution, but needs help finding the budget for it? It’s essential that you know who is where in the decision to purchase and who has authority as you continue to move the sale forward.
Inaccurate communication can be the death of a sale. Sending a faulty communication to a pivotal person within an organization can require a lot of work to resurrect the opportunity. You will need a reliable way to keep track of communication throughout the sales cycle. Capturing, recording, and tracking all communications (e-mails, calls, meetings, etc.) is key to establishing a rock-solid communication approach throughout your sales cycle and is essential for closing deals.
Bonus Tip: Use Salesvue to close more deals.
Salesvue provides the technology you need to close deals:
- capture and record prospect information
- track communications with customers and prospects
- log sales calls, face-to-face meetings, and emails with a single click
- access reliable reporting system to know how and when to best communicate with your prospect
- use automated follow-ups and customizable campaigns to make sure that no lead or prospect goes untouched or falls off the radar
- measure success rates based on a number of factors—from the campaign, to the sales representative, the timing, the form of communication, etc.
Knowing what it takes to close a deal successfully allows you to create and replicate best practices to close more deals. When entire sales teams use these practices to close deals, sales leaders are more effective in forecasting as well.
Salesvue is the world’s first Salesforce-native sales engagement platform. What does that mean? It means that it doesn’t simply integrate with Salesforce; it’s native to it. With Salesvue, your data never leaves Salesforce.com.
Salesvue is designed to improve an inside sales team’s productivity by delivering efficient communication, visibility, and accountability throughout the entire sales cycle and across the entire organization. Salesvue has rapidly become the solution of choice for America’s biggest companies for one simple reason: Salesvue makes sales teams more productive.
See how Salesvue can help you do more, close more, and improve more. Request a personalized demo today, and get ready to take your sales to a whole new level in 2020 and beyond.