How to Close a Sale

1. Chapter 15Closing the Sale How to Close a Sale • Section 15.1 How to Close a Sale • Section 15.2 Customer Satisfaction and Retention

2. 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

3. All efforts up to this step of the sale have involved helping your customer make buying decisions. The Selling Process Seven key steps to selling: Approaching the customer: Greet the customer Determining needs: what the customer is looking for Presenting the product: Educate the customer about the product’s features and benefits Overcoming objections: Learn why the customer is reluctant to buy and providing information to remove that uncertainty

4. The Selling Process:Remaining is about getting customers to buy Closing the sale: Get customer’s agreement to buy 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

5. Closing Concepts and Techniques Closing the saleXThe process of obtaining a positive agreement from the customer to buy. Marketing Essentials Chapter 15, Section 15.1

6. Recognizing the SaleThe Best Language to Use When Closing the Sale

7. 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 months Look for buying signalswhen you are trying to close a sale buying signalsthe 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

8. Trial Close • 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? You may attempt a “test” to see if the customer is ready to close A trial closeX is an initial effort to close a sale where you’re actually asking the prospect for an opinion, not a buying decision.

9. Four Rules for Closing the Sale Recognize closing opportunities Help customers make a decision Create an ownership mentality for the customer Do not Talk to much or Rush

10. Four Rules for Closing the Sale 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

11. Four Rules for Closing the Sale 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

12. Four Rules for Closing the Sale 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

13. Four Rules for Closing the Sale 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

14. Specialized Methods for Closing the Sale How you close depends on the selling situation. Use one of Four Specialized Closing methods to close: Which close Standing-room-only close Direct close Service close

15. 1. “Which Close” Method Which closeX 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

16. 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.”

17. 3. Direct Closing Method The direct closeX 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?

18. 4. Service close Service closeX 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

19. 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.

20. 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

21. Successful Salesperson 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

22. Marketing and the Marketing Concept Study Organizer Marketing Essentials Chapter 15, Section 15.1