The Psychology of the Sales Cycle – Closing
I remember when I was young and single I would go out with friends and see pretty girls, but rarely had the gumption to go up and talk to them. The reason was fear of rejection. Nobody likes that feeling so we do what we can to avoid that possible self-inflicted wound.
In the same way I was afraid to talk to a pretty girl, salespeople are reluctant to ask for the sale for fear of rejection. It’s safer for the ego to let the prospect “think it over and get back to you.” In their uncertainty, prospects do one of two things: 1) take the safe route and don’t change anything, or 2) go with the salesperson who fearlessly asked them if they could start on the paperwork.
The number one question salespeople ask during The Principles of Persuasion Workshop® is, “What’s the best way to close?” My standard response is, “The best way to close starts the moment you meet prospects for the first time, look them in the eye and shake their hand.” From that point forward how easy or difficult closing is depends on what you do. I believe closing the sale should just be a natural part of the ongoing conversation with a prospect. The best compliment a salesperson can hear from a client is, “I never felt like I was being sold.”
Early on in this series I quoted Jeffrey Gitomer, “All things being equal, people want to do business with their friends. All things being not so equal, people still want to do business with their friends.” Tapping into liking early and often will make a big difference by the time you ask for the business. Always start your contact with a prospect on a social level bonding over things you have in common and looking for opportunities to offer genuine compliments.
The more you’ve done for the prospect and the more you’ve gone out of your way on their behalf, the more likely they are to look for some way to give back to you. If you’re unable to close the deal for some reason you might still leverage all you’ve done as a way to get some referrals because of reciprocity.
People want to know they’re doing business with an expert because it gives them more confidence in their decision. As you make your way through the sales process, show yourself to be professional and someone your prospects can rely on for answers when they need them. In short, tap into authority.
I believe consistency is the most important principle to tap into during the closing. Reminding people of what they said is a powerful motivator of behavior! This is where the upfront close comes in handy early in the sales cycle. At some point during the initial meeting or qualification stage you need to find out exactly what it will take for you to earn the right to do business with the prospect. If you know you can’t meet their requirements, cut your losses and move on. But, if you believe you can meet the requirements you might want to say something like this: “Shirley, from what you’ve shared it sounds like if we can meet your specifications at the agreed upon price by the delivery date you mentioned, we’ll be doing business, correct?”
You want the prospect to come back with: “Correct. Meet those specs at that price by the delivery date we discussed and you have a deal.”
This is also the time to confirm there are no other hidden reasons that might crop up to kill the deal: “Just to be very clear Shirley, are there any other reasons I’m unaware of that could get in the way of us doing business?”
Again, you want her to confirm what you’re asking. When it comes time to close you only need to refer back to what you’ve already agreed on: “Shirley, great news. We can meet the specs at the price we discussed and can even deliver a little earlier than you requested. Can we go ahead and start the paperwork so we can get everything in motion?”
It would be very hard for Shirley to come back and say no at this point after you’ve done everything she asked for. Will there be times when someone backs out? Sure. But, using consistency in an approach like this will have more people saying yes and will make it much easier and natural for you to seal the deal.
Last, but not least, is scarcity. Pointing out what someone might save or gain by going with your proposal will not be as persuasive as honestly sharing what they stand to lose by not taking the step you recommend. For example, if you are in financial services, talking about how much more someone might be able to save for retirement by setting aside an extra percent of their income will not be as motivating as sharing what they will lose if they don’t save a little extra.
Ineffective – “Ed, if we can find a way to set aside just 1% more you’re going to have more than $100,000 extra in the bank by the time you retire.”
Effective – “Ed, if we can’t find a way to set aside just 1% more you’re going to lose out on more than $100,000 by the time you retire.”
Hopefully these examples of weaving the principles of influence into the sales process will take some of the fear out of closing. There’s one more post in this series – asking for referrals. Next week we’ll look at ways to make that happen as naturally as the close, by effectively working the principles of influence into your sales cycle.