How to Close a SaleChapter 15 Closing the Sale

Chapter 15 Closing the Sale

• Section 15.1 How to Close a Sale

• Section 15.2 Customer Satisfaction and Retention

• Section 15.1 How to Close a Sale

• Section 15.2 Customer Satisfaction and Retention

How to Close a Sale

Objectives

Identify customer buying signals

List four rules for closing a sale

Identify Four Methods for closing a sale

Marketing Essentials Chapter 15, Section 15.1

The Selling Process

Seven key steps to selling:

1. Approaching the customer: Greet the customer

2. Determining needs: what the customer is looking for

3. Presenting the product: Educate the customer about the product’s features and benefits

4. Overcoming objections: Learn why the customer is reluctant to buy and providing information to remove that uncertainty

All efforts up to this step of the sale have involved helping your customer make buying decisions.

The Selling Process:Remaining is about getting customers to buy

5. Closing the sale: Get customer’s agreement to buy

6. Suggestion selling: Suggest additional merchandise that will save customer money or enjoy the original purchase

ex: Best Buy- after laptop purchase you can get a printer for ½ off

7. Relationship building: Create a means of maintaining contact with the customer after the sale is done

Marketing Essentials Chapter 13, Section 13.1

Closing Concepts and Techniques

Closing the sale The process of obtaining a positive agreement from the customer to buy.

Marketing Essentials Chapter 15, Section 15.1

Recognizing the SaleThe Best Language to Use When Closing the Sale

Timing the Close

Some customers are ready to buy sooner than others;

•Can be immediate, can take 1, 2 or more hours•B2B can take weeks or even monthsLook for buying signals when you are trying to close a sale

buying signals the things customers do or say to indicate a readiness to buy. These include:

• Facial expressions

• Body language

• Comments

Marketing Essentials Chapter 15, Section 15.1

Trial Close

You may attempt a “test” to see if the customer is ready to close

A trial close is an initial effort to close a sale where you’re actually asking the prospect for an opinion, not a buying decision.

Here are some questions you can use for the trial close: •What do you think about this?

•What would you say is your position in all of this?

•What could this mean for you / your business?

•Does this product correspond with your expectations?

•Which option do you prefer?

Four Rules for Closing the Sale

1. Recognize closing opportunities

2. Help customers make a decision

3. Create an ownership mentality for the customer

4. Do not Talk to much or Rush

Four Rules for Closing the Sale

1. Recognize closing opportunities

• Customer will indicate intent by asking buying process questions:

• How Long would it take to deliver

• Is an upgrade available

• What colors does it come in

• Are you going to need a deposit

• One Looks at the other and

Four Rules for Closing the Sale

2. Help customers make a decision

• Stop showing additional merchandise if they are having difficulty deciding

• Remove products that are no longer of interest

• Ask which product interests them the least– narrow to two options

• Explain advantages or disadvantages of each remaining item being considered

Four Rules for Closing the Sale

3. Create an ownership mentality for the customer

• Use words like “you” and “your” to indicate ownership

• Look for agreements from customer to use as selling points

Four Rules for Closing the Sale

4. Do not talk to much or rush

• Be patient, courteous, polite, and helpful. Your first priority is customer satisfaction.

• If you think customer is ready to buy, stop talking about the product

• Don’t rush a customer into making a buying decision

Specialized Methods for Closing the SaleHow you close depends on the selling situation. Use one of Four Specialized Closing methods to close:

1. Which close

2. Standing-room-only close

3. Direct close

4. Service close

1. “Which Close” Method

Which close method of closing a sale that encourages a customer to make a decision between two items

Examples: Then ask the customer,

“Which one do you prefer?”

“Do you like the Samsung or the LG

Marketing Essentials Chapter 15, Section 15.1

2. “Standing-room-only” Method

Standing-room-only close - method of closing a sale that is used when a product is in short supply or when the price will be going up in the near future

•Should be used only when the situation honestly calls

•Can be perceived as a high-pressure tactic

•Often used in real estate

•Example:

• “I’m sorry, but I can’t promise that I’ll be able to make you this same offer later.”

• “This one time offer is only good for 24 hours.”

3. Direct Closing Method

The direct close is a closing method in which the salesperson asks for the sale.

•Used when the buying signal is very strong

•Example:

• Can I assume that we're ready to talk about the details of your order?

• Can I draw the contract up for this deal?

• You appear to like everything you have seen. Now we need to discuss the quantity you need?

• How would you like to pay for this purchase?

4. Service close

Service close is a closing method in which the salesperson provides special services that overcome obstacles or problems

Such services could be:

• A return policy (important for buying gifts for others)

• Special sales arrangements (payment options)

• Warranties

• Bonuses or premiums

Failure to Close the Sale

• Your attitude when you did not make a sale should be no different than when you did

• Always smile and be friendly, sale or no sale

• Keep in mind that a customer who does not make a purchase is still a prospect for future business

• A request for feedback and any other constructive criticism may work for you if you have earned the buyer’s respect

• If you clearly sense you are about to be turned down, it is better to make a graceful exit, leaving the door open for a future sales call.

Successful Salesperson

What do you think is required to be successful as a salesperson?

Personal Characteristics of an effective salespeople:

• A sincere desire to be helpful

• Strong interpersonal skills

• Confidence

• Problem-solving ability

• Honesty

Professional Characteristics of a successful salesperson are:

• Knowledge of their products

• Belief in their products effectiveness

• Training

• Apprenticeship

• Experience

Learning one’s products and how to handle various situations comes with experience and hard work.

Marketing Essentials Chapter 15, Section 15.1

Successful Salesperson

Marketing and the Marketing Concept

Study Organizer

Marketing Essentials Chapter 15, Section 15.1