Salespeople have increasingly relied on more subtle approaches for closing deals. Traditional promotion tactics are losing favor as salespeople increasingly employ personalized approaches in closing sales.
The most successful salespeople focus on providing their prospects with clear outcomes, helping them understand how your product will function and why investing in it makes sense.
1. Visual Close
Salespeople employ various strategies and tactics for closing sales. Closing tactics range from providing social proof and creating a sense of urgency, while it’s important not to forget that closing sales should not involve manipulating prospects but instead building trust by providing value.
One effective sales technique is the summary close, which involves providing your prospect with an overview of all of the features and benefits associated with your product in a concise way to reduce confusion or miscommunications.
The “1-2-3 Close” is an effective way of outlining your product’s key features and benefits in three sets. This technique can help put its price into perspective and emphasize the return you’ll see for any investment made in it.
2. Anchoring Effect
Anchoring is one of the cornerstones of business. Anchoring refers to the psychological phenomenon in which an initial piece of information becomes an anchor point for future discussions; this can either prove beneficial for sales or prove disastrous depending on its usage.
Negotiations is often about getting what we want at an acceptable cost; therefore, your first price offered often serves as an anchor that will guide subsequent negotiations unconsciously, creating the illusion that discounts are better deals even though they might not actually be.
To counter this, ensure your product or service’s regular pricing alongside its sale price is clearly presented to customers so they can see that its sale price is an exceptional bargain – giving them time to assess if their decision was fair.
3. Decoy Option
Decoy pricing (commonly referred to as the Asymmetric Dominance Effect) is an increasingly common strategy employed by industries including e-commerce, PR, finance and insurance, politics and more. It entails adding an inferior third product into a mix with high value target products in order to make them appear far more valuable than they actually are.
Customers at movie theaters typically select one of two choices of popcorn according to their own tastes; if offered two choices – small for $3 and large (the decoy) for $7 – most may choose the latter due to our natural propensity to prefer midpoint options (Goldilocks Effect).
4. Take Away Close
Take Away Close is an effective strategy when talking through buyer concerns has proven futile. It involves emphasizing the benefits your product brings such as saving time and money with software such as it; this tactic works especially well when offering no trial version or when pricing is high.
Effective closing techniques for dominant customers who crave feeling in control. Steer clear from using scarcity or an all or nothing approach as this could drive away dominant buyers.
5. Empathy Closing
If prospects are having difficulty believing your product can solve their issues, presenting its advantages and disadvantages to give reluctant customers a clear picture of how beneficial your product will be can help convince them that they’re making the correct choice and close deals successfully.
The inoffensive close strategy is an ideal way to approach customers who wish to maintain control and avoid feeling pressured. This works by agreeing on a minor point not related to your offer and creating the illusion that they’re cooperating with you on something.
Each salesperson needs to identify which closing techniques work best for them and their prospects, then practice and adapt your approach until it works optimally, becoming better at closing deals and meeting sales quotas as time progresses.