Closing Sale

14 Misconceptions About Closing a Sale

Sales are to an organization what fuel is to a car! It is the key to your organization’s financial and market growth.

Your sales need to be highly intentional if you wish to close them. Otherwise, any ‘sales’ you make that don’t close are simply just a conversation and nothing more. And deals that fizzle out halfway will bring down your team’s morale.

If you’re looking to learn how to achieve a higher sales closing rate, then this article will be highly useful for you!

Overview of The Sales Process

Here’s an introduction into the seven critical elements of a sales funnel:

  • Prospecting – Find your potential customer and their buying capacity.
  • Preparation – Reach out to prospective buyers and research them to find out what makes them ‘tick’.
  • Approach – Choose an approach tactic. An example would be to directly address a need of the client.
  • Presentation – You have to tell the story before you can sell the story. Prove the features of your product using the most effective media aids and tools.
  • Handling Objections – The key to conversion lies herein. Understand and address the deep concerns of your client.
  • Closing – If all goes well, close with a logical conclusion that makes sense to the buyer.
  • Follow-up – Stay in touch for referrals, after-sale service, and repeated sales.

If your sales process is missing one or more of the above, then your company needs to prioritize this as an urgent fix.

To strengthen your salespeople, you can grab your free copy of “5 Steps to Train Your Sales Team in 5 Days” here to help you get a jump start into developing a superstar closing team.

Now, we’ll look into dangerous misconceptions that may have been hampering your sales figures.

The 14 Misconceptions About Sales

  1. The Same Process Works On Every Pitch

    You may have developed a sales process for your team, but every customer engagement is different. Every client will have their own needs and wants. You must focus on the individual and unique traits of the deal to help you deliver the X factor and close the sale.

  1. Sales Presentations Are Superfluous

    The familiarity of a client may sometimes lead you to do away with a formal presentation. Such assumptions will cause information gaps and weaken the potential of your product. Presentations help break the ice and reveal unspoken needs that influence your deal. Conduct a formal presentation, whenever your situation calls for it.

  1. Inflating Figures is Common

    Sales are all about building trust and converting short-term associations to long-term relationships. Don’t ‘blow up’ your figures or your customer might disappear in a hurry.

  1. Chase Aggressively

    We’re all for follow-ups in the sales game. Having said that, you need to give prospects time to conduct their due diligence and arrive at a decision. Constantly hounding after your customer is going to make them question your professionalism. Honor the conversion process by providing some space and it will honor you back.

  1. Sales Close Themselves

    This fundamental flaw may have already cost you a good many deals. Putting forth a stellar presentation and projecting benefits is half the job done. Bringing the prospect to closure is also something a salesperson must lead into after the initial fireworks. After all, good first impressions don’t necessarily make good deals.

  1. The Sales Team Owns The Sale

    Every business function chips into the entire sales process. Your sales team needs the support of their colleagues who help with market research and fellow employees that perform the fulfillment. If your team is small, then your salespeople must carry other functions that help the sales process.

  1. Salesmen Are Born & Not Bred

    The best salesmen are those who are willing to extend their skills and learn new ones. This means that your sales team needs to be trained, not found as if they were a one-in-a-thousand talent. Provide your sales team with training, support, and evaluation – and you will reap higher closing ratios as the fruits of your labor.

  1. Bargain Smart

    A lengthy negotiation can drive away your client to easier and greener pastures (a.k.a. more straightforward competitors). When you sense that the client is ready to make a deal, close them in a timely manner.

  1. It’s All About The Numbers

    Pursuing more leads and prospects may not culminate to more sales closures. Sales involve strategy, research, planning, and some creativity. This makes it go much beyond the common perception of it being a merely a numbers game. Treat each prospect as a unique case on its own and you may surprise yourself with higher sales figures in short order.

  1. Sales Need To Be Fast

    This is where our addiction to speed gets the better of us. While we need to plan action points for the client to move along our sales process, it doesn’t mean that we don’t need to provide each client with the space and time that they need. Patience pays off.

  1. There’s No Such Thing As a Sales Script

    Research tells us that your chances of increasing a sale are 33%1 higher if you follow a sales script. While individual buyer preferences are important to consider, having a structure that your team can use will benefit your bottom line. Even a strong salesperson will need a strong sales script to fall back on sometimes.

  1. Sales are All About Cold Calling

    Digital marketers and social media analytics are quickly making cold calling a thing of the past. Today sales are quantified, calculated, directed and preempted. Cold calling used to be a viable method in the past, but these days there’s no denying that the complexities of sales go beyond just that. We need to integrate sales and digital marketing for maximum effectiveness – or be challenged with ever more difficult sales.

  1. Price is The Key Driver

    If price were the sole sales driver, there would be no ‘high-end’ or luxury brands. Instead, we need to aim at business value, effectiveness, and your USP to win big. Howard Schultz used this concept to launch the cafe and lifestyle experience we all know today as Starbucks. Once the value was clear, selling this idea was easy. It’s no wonder we pay as much as $7 for a cafe latte with that green mermaid logo.

  1. Close The Deal At Any Price

    If you’re a business owner, you’re well aware of the cost involved in every service or product offering you provide. If you keep shaving your price points, you’ll be inviting trouble in time. Not only will this erode your profits, but it will also strain you to push margins in other deals to make up for it. And worse – your reputation will end up as one of a cheap options rather than one of higher value.

How To Make Your Sales Process More Effective

If you’re looking for inspiration outside of the above, study legendary salespeople and case studies like Mary Kay Ash (the Queen of Sales), who topped sales in every company she worked in, or John H Patterson, the father of modern selling.

Dive to the archives of the greatest salespersons for inspiration and ideas.

Conclusion

Common sales myths blur the line and confuse your salespeople. Go through and challenge these myths with your team and watch as the clarity strengthens your sales funnel and help your salespeople become better motivated and skill at their work.

And while a robust sales process is a key pillar in your business success, always remember that there’s also an element of personalization and flexibility to each deal. And if something isn’t working, remember:

Be stubborn about your goals but flexible about your methods.

Remember: Your sales team is the engine of the car that drives your business!

And if your business is having engine trouble, chances are, there is a problem within your sales team. This means that something is wrong with your sales process and the way you’re training your team. Get clear on the “5 Steps to Train Your Sales Team in 5 Days” and you’ll not only end up with some great ideas to develop your sales team but some great ways to execute those ideas.

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