How To Close a SALE successfully

Hi Readers,
                   As you are aware of sales closing techniques with your own experiences being a sales professional.By this post i would like to share some effective closing techniques of sale activity which will enable you to close deals successfully. Hope this will useful for your selling activity..continue reading.

 A deal usually has several parts: the hatching of the idea by one party, then its conceptual embrace by the other side, and finally – the closing. The first two phases of a transaction or Sales cycle  are much easier than the last in most cases.

Sealing a deal – because of the prospect that it might fall apart before you get to that point – can put a lump in the throat of any small business owner.

Yet, there are ways to make yourself a better “closer” even if you’re not the natural schmoozing type and arent up on the latest sales techniques - you don’t even have to have ice water running through your veins.

Ideas for closing sales deals:

Get beyond “yes”: Time is your enemy. Once you’ve gotten your target to agree in principle that you’re going to make this deal, move them as quickly as possible toward getting it into writing. That’s because into the narrow opening between “yes” and signing on the dotted line can creep things common sales problems like second thoughts, competition or unforeseen events. So if you get a verbal expression of interest, then move resolutely toward a verbal commitment, then as quickly as possible to a written agreement that hopefully closes out the sales cycle.

Create a sense of urgency: Sometimes the person on the other end of the deal will be happy to close it – when they can get around to it. Timing may be much more important to you. So if necessary, you want to create a sense of urgency to get their commitment, and that may require some final concessions to refocus their attention. This may involve offering a 2% greater discount, net-30 terms instead of net-10 requirements, or offering a two-year service agreement instead of one-year coverage. You’ll know what it takes.

Use the threat of competition: Unfortunately, in order to get the other side to close, sometimes an entrepreneur will have to get them to understand that if they don’t do the deal with you, you’ll do the deal with someone else. Sometimes this involves bluffing, sometimes enhancing the appeal of what you’re offering. But if you can convince the target of your deal making that you’re doing something that’s going to become powerful, everybody wants a piece of that.

Generate “late-breaking news”: Throughout the relationship-building and negotiating process and beyond, be funneling helpful new information to the other party. This might be a press release about a new product, a copy of a story about your business that you’ve managed to land in the local newspaper, the result of a new independent test of your service, or that one last testimonial from an existing customer that you’re keeping in your back pocket.

                         Be prepared to not close:.Dear friends,never give up your confidence, even sale is not closed successfully. Being personally experiencing the sales i always tell a truth to upcoming sales professional ''The race is not over, because i have not won yet'' . This is most important saying i got from my company CEO through mail.The reality is that most deals don’t close, if you measure by the number of potential relationships and transactions that your company pursues. Something happens. There isn’t a fit. The timing isn’t right. You must disdain losing any deal and fight hard to land every last one. But you also need to be sober about the percentages – so you can raise them.

Customers--Types

Customer is considered as ''King'', in Business field.. The success rate of any kind of business would largely depends of their customers. So by this post i would like to share some valuable information about customer types.

The 5 Types of Customers

Increase Your Loyal Customers to Increase Your Sales

n the retail industry, it seems as though we are constantly faced with the issue of trying to find new customers. Most of us are obsessed with making sure our advertising, displays, and pricing all “scream out” to attract new customers. This focus on pursuing new customers is certainly prudent and necessary, but, at the same time, it can wind up hurting us. Therefore, our focus really should be on the 20 percent of our clients who currently are our best customers.

In retail, this idea of focusing on the best current customers should be seen as an on-going opportunity. To better understand the rationale behind this theory and to face the challenge of building customer loyalty, we need to break down shoppers into five main types:

• Loyal Customers: They represent no more than 20 percent of our customer base, but make up more than 50 percent of our sales.
• Discount Customers: They shop our stores frequently, but make their decisions based on the size of our markdowns.
• Impulse Customers: They do not have buying a particular item at the top of their “To Do” list, but come into the store on a whim. They will purchase what seems good at the time.
• Need-Based Customers: They have a specific intention to buy a particular type of item.
• Wandering Customers: They have no specific need or desire in mind when they come into the store. Rather, they want a sense of experience and/or community.

If we are serious about growing our business, we need to focus our effort on the loyal customers, and merchandise our store to leverage the impulse shoppers. The other three types of customers do represent a segment of our business, but they can also cause us to misdirect our resources if we put too much emphasis on them.

Let me further explain the five types of customers and elaborate on what we should be doing with them.

Loyal Customers

Naturally, we need to be communicating with these customers on a regular basis by telephone, mail, email, etc. These people are the ones who can and should influence our buying and merchandising decisions. Nothing will make a Loyal Customer feel better than soliciting their input and showing them how much you value it. In my mind, you can never do enough for them. Many times, the more you do for them, the more they will recommend you to others.

Discount Customers

This category helps ensure your inventory is turning over and, as a result, it is a key contributor to cash flow. This same group, however, can often wind up costing you money because they are more inclined to return product.

Impulse Customers

Clearly, this is the segment of our clientele that we all like to serve. There is nothing more exciting than assisting an Impulse shopper and having them respond favorably to our recommendations. We want to target our displays towards this group because they will provide us with a significant amount of customer insight and knowledge.

Need-Based Customers

People in this category are driven by a specific need. When they enter the store, they will look to see if they can have that need filled quickly. If not, they will leave right away. They buy for a variety of reasons such as a specific occasion, a specific need, or an absolute price point. As difficult as it can be to satisfy these people, they can also become Loyal Customers if they are well taken care of. Salespeople may not find them to be a lot of fun to serve, but, in the end, they can often represent your greatest source of long-term growth.

It is important to remember that Need-Based Customers can easily be lost to Internet sales or a different retailer. To overcome this threat, positive personal interaction is required, usually from one of your top salespeople. If they are treated to a level of service not available from the Web or another retail location, there is a very strong chance of making them Loyal Customers. For this reason, Need-Based Customers offer the greatest long-term potential, surpassing even the Impulse segment.

Wandering Customers

For many stores, this is the largest segment in terms of traffic, while, at the same time, they make up the smallest percentage of sales. There is not a whole lot you can do about this group because the number of Wanderers you have is driven more by your store location than anything else.

Keep in mind, however, that although they may not represent a large percentage of your immediate sales, they are a real voice for you in the community. Many Wanderers shop merely for the interaction and experience it provides them. Shopping is no different to them than it is for another person to go to the gym on a regular basis. Since they are merely looking for interaction, they are also very likely to communicate to others the experience they had in the store. Therefore, although Wandering Customers cannot be ignored, the time spent with them needs to be minimized.

Retail is an art, backed up by science. The science is the information we have from financials to research data (the "backroom stuff"). The art is in how we operate on the floor: our merchandising, our people, and, ultimately, our customers. For all of us, the competitive pressure has never been greater and it is only going to become more difficult. To be successful, it will require patience and understanding in knowing our customers and the behavior patterns that drive their decision-making process.

Using this understanding to help turn Discount, Impulse, Need-Based, and even Wandering Customers into Loyal ones will help grow our business. At the same time, ensuring that our Loyal Customers have a positive experience each time they enter our store will only serve to increase our bottom-line profits.

Happy selling, and increase your Customer Base

Sales Defined and Explained

Dear Readers,
                By this post, i am trying to discuss one of the key process in Marketing system...Nothing but "SALES". As you are aware Sales department in every organisation considered to be the "Revenue Generator'' for the Entire business..I don't want to look into the issue about the differences between Marketing and sales in this post. Because this post is purely relates to the ''Sales''.
       Sales people in every organisation represents the Brand of their company, as you know they are considered as Front line Employees.
A standard book definition defines ''sale'' as below
''A sale is the act of Selling a product or service in return for money or other compensation''..Now we will focus more deeply about this key function which will led organisation into greater heights and vice versa.
Sales process(Sales pipeline):
There is a general, overall process that successful sales people follow, although there are different perspectives on that process, including names for the various steps along the way. The next major section in this topic includes more detailed guidelines, tips and tools for each stage of one perspective on the sales process, or sales pipeline as some people refer to it.


You will find some useful content from wikepedia about sales process, so i don't want to   write it once again here.


CLIENTS:


These are the main people who will actually buy our offerings, from many surveys after there are 8 types of clients are identified..those are discussed below, it is purely the sales person choice to drop your client in the below catageory.

''The easiest way to sell someone is not figuring out what they want but how they want it.  Whether a customer or a boss, learn to distinguish the 8 different types of clients and start closing immediately''.

In the tumultuous art of salesmanship, there are hundreds of books, lectures, and self-actualization techniques occupying this vast realm. Many claim the “secret to success” lies bundled in this book versus the other contender boasting cliché allegories; fundamentals hidden beneath numerous pontificating chapters and exercises.

Speaking from an extensive background of 10 years in the “front-lines” for international companies and production events, I have purchased my fair share of these guides, ever so much in wide-eyed excitement for the golden goose, the panacea to all objections and glorious accolades from clients and the boss. However, there are few new approaches that can promise or guarantee. It is the basics: attitude, passion, drive, and knowledge.

I gather this reference list from years of experiences, numerous workshops, and colleague bantering improving upon the lengthy process of developing new clients and maintaining loyalty for increased sales goals. The current economic climate requires savvy awareness, increased determination, and perseverance.

Here is a list of eight types of clients/customers and advice in handling these personality types to adapt your pitch, thus increasing sales, office accolades, and getting your time to the top of the board. Please keep the context of information relative to your individual situation.

The Strong Need for Domination

Upon first interaction, either from new prospect or from a new lead, their trait is apparent: they are abrasive and defiant. The discussion is monopolized leaving small amount of time to inform or to overcome objections. Information is rapid from their impatience, tends to reaffirm their need of urgency, and interrupts when one introduces alternative perspectives. This situation can be frustrating; however, because of their desire to be dominant, you can use this to your advantage.

Solution: Prepare your meetings/conversations with extra information supporting a point allowing you to stay in control. By asking more open-ended questions you will keep the person talking and providing you with more information to the problem you need to solve.

Avoid the confrontation: this will ultimately, if not indefinitely, end in no gain and lost potential. Depending on the context, an ally within the company, such as partner, secretary, or other team member, may be ways to have your alternative perspectives reach this person on their own terms.

The Strong Need for Security

They are predominately silent, saying little to help you find the correct direction to their problem. Their attention may drift, leading to defensive responses. The reluctance to make decisions stems from their dislike in taking risks. Maintaining the status quo is their shield creating an uphill battle from the start. But, once reached within their terms, this type tends to be loyal and reliable: a worthy reward for any salesperson.

Solution: Make a consistent effort with frequent progress checks evaluating their temperament. If the need is not there immediately, the follow-ups prove to be a gradual reassurance from taking a risk.

Once an opportunity presents itself, provide a good, reliable track record from the product or service. Do not over-talk, listen patiently; you do not want to interrupt. A small amount of silence may allow the person to contemplate, allowing a perfect time for you to provide an ample amount of testimonials from current clients.

The Strong Need for Popularity

An overall enjoyable type from their desire to be liked. They are friendly, tend to agree quickly with your points, and avoid disagreeing with your data, leading you down a path of a “slam-dunk.” But, the distraction of their personality may lead away from ever making the decision to move forward. In some cases, they may keep you as a back-up only wasting your time since there is a perception they will close the deal.

Solution: Adapt your presentation to closed-ended questions in order to keep the prospect from talking off track. Find out more of their current situation: if you discover they have no real problem, they may just be talking. If they are a part of the decision process, use them as supporters for your proposal. Nothing would be better than to have an ally inside the meeting room when closing the deal.

The Strong Need for Self-Realization

This is a category that I find to be slow and long in the sales process. They are pragmatic and flexible in their time for you. Primarily solution-minded, they are self-assured by their experiences but not arrogant. Candid and open at times, they believe in risks only if the return is worth it. Demanding in differing opinions for constructive advice and solutions to hypothetical situations, they like to test a salesperson’s beliefs in the product or service.

Solution – Utilize the available time in narrowing their experiences to the solutions and the results. Since pragmatic by nature, objective data is necessary in accomplishing the sale.

Vague statistics and over-promising may be the demise to this potential prospect. Because they are candid with their own experiences, encourage questions relating to the pitch, either from an angle of what the pitch is not clarifying or from the perspective of what is leading them from their current supplier.

The Strong, Silent Type

Different from the security-driven type, they force the salesperson to do all the work. The entire “dog-and-pony show” does not sit well; they are neck deep in their own duties than to be concerned either with a proposal or information toward a solution. Uncooperative in answering questions, even closed-ended, they are a challenge to the salesperson and the salesperson’s assertions.

Solution: The significant key is being completely prepared not to waste the customer’s time. Understanding they would rather be doing something else, keep your pitch as short as possible without losing any of the important points to their needs.

Since they tend to ask or to answer little questions, be clear-minded to your objective. A good direction can be to draw the customer into a dialogue of conversation from their experiences relating to the product. Time is critical to them so if the product or service can save time or workload, use this.

The “I Can Get It Cheaper Somewhere Else” Type

This is self explanatory: always insisting they know somewhere else it is cheaper or they have a current supplier that provides a discount.

Solution: Early in my experiences, I usually shuffled this type deeper in my pipeline, but I began to understand that I already knew exactly how to proceed: let the product and objective data speak for itself.

Get information before you start into your product or pitch, especially the price they believe, or can get it at. This is a classic “pay for what you get.” The more information they can provide can lead you to research on the competitor. Display the true value they are getting with their current supplier versus the benefits from your prospective item.

Their current supplier might be cheaper, but calculate how much they lose if their orders are incorrect, late, or have no customer support, for example.

The I’m Everyone’s Friend, Salesman Type

Similar to the popular type in constantly drawing you off track with their sheer humor and off-beat casualness, you fail and fall into their trap. Their main difference is the clever way they get you to drop your defenses into providing lower pricing or additional service than you would originally have offered to a prospective client. Consider it ironic: you were sold when you were supposed to sell. And you lose out on your incentive for the sale.

Solution: Stick to business. The casual banter is always welcome; however, keep in mind what you are trying to do and what they are trying to do. Because of their nature, the innate ability to barter price with promises of future orders, insist on talking about the products and keeping the person involved by asking your own questions without getting off track.

Remember, business is a two-way transaction.

The Real Tough Buyer

The true competition for all salespeople. They make you work for their business, period. They are knowledgeable, discuss intelligently point for point your competition, and breakdown your product with a pros-and-cons formula.

Solution: Their drive for a hard bargain can cut into your pricing range but they are fair and logical in your efforts.

Being honest with the bargain and the follow-through is huge to them. Your personal attention is critical to their decision-making process. Never over-promise. The more you know about your product to combat his information on your competitor’s, the better you will close.

Always remember, salesmanship is an art. There is only so much that can be taught. The resilient attitude, the unflinching confidence, and the intuition to your prospect’s needs are the fundamentals and should never be forgotten. Take a moment to think about some of your current clients or prospects and decide if they do personify these traits.

So My Dear Friends,

"

 The next time you call could be your next close."