The Art of Closing any Deal - Term Paper Example

 Contents Introduction 2 Statement of the Problem 2 Over view of the Discovery Process 2 The Necessity of Getting Beyond Yes or No 2 Meeting Management Worksheet 3 Unlocking your Customer Needs 3 Becoming Creative and Getting to Yes 4 Getting to yes Some Techniques 5 Closing the Deal 5 Dealing with Objections 5 Types of Closers 6 Conclusion 7 Bibliography 8 Introduction In this paper we will discuss a very important aspect of sales and marketing towards which all the marketing efforts are directed. We will do critical analyses of the whole process and will discuss the various techniques leading to a successful closure of the deal. We will utilize a few examples for a clearer understanding of the process. Statement of the Problem What is the right process and successful techniques for driving customers getting to yes and closing the sale. Over view of the Discovery Process A successful sale is basically the result of a chain of different processes. The discovery process is preceded by the successful completion of the prospecting process. Through discovery process we try to develop an understanding of the customer needs. Once it is done the target is to aim your company for a sale. Discovery process is considered the heart of the overall sales process. The Necessity of Getting Beyond Yes or No It is very important for any sales person to realize the importance of open ended questions. An open ended question demands a detailed answer from the prospect, whereas a closed end question won’t give you much insight into the mind of the customer. A successful sales man actually utilizes a good combination of both open ended and close ended questions. Open ended questions should be asked in the beginning of the sales discovery session. Close ended questions should be reserved for the end. Questions should be designed very carefully and should be prepared beforehand. A bad sales discovery meeting is usually a result of the type of questions asked. (Goldner, 2010) Meeting Management Worksheet As we have learned framing of question is of prime importance. The question arises how we can prepare good open ended questions. Following is the worksheet which provides a systematic of conducting a successful sales discovery process. 1. Description of objectives a. Identification of prospects needs b. Position your company c. Obtain your first small sale d. Obtain a no. of small sales e. Obtain your first large sale f. Obtain a no. of large sales g. Status of primary provider h. Expand account penetration i. Become trusted advisor 2. Define your strategy 3. Identify your unique selling points 4. Define your agenda a. What steps you have taken in the area… b. Identify areas of improvement c. Determine your future direction d. What is important to you in a relationship? e. Identify everyone involved in the decision making process 5. Based on all these steps identify your next step. Unlocking your Customer Needs Effective communication is very important for unlocking your customer needs. It requires your undivided attention. You need to empty your mind of everything and be with your customer with your heart and soul. It requires the entire physical and mental sense to be with the customer so that the two of them come on the same wavelength. (Val Gee, 2007) Every business deems to be profitable. Selling is about perspiration which involves things like making calls, knocking on the doors and being on the phone. It involves three major steps i.e. making appointment, following up, and getting a commitment. Getting close to yes requires being knowledgeable, confident, able to close and able to perspire. To close a deal you have to be at the right place at the right time. Only that sales person can do all this and close the deal that enjoys his work. Becoming Creative and Getting to Yes If you managed to sell that doesn’t mean that the story is over. A customer may change his mind after making the buying decision. To ensure a deal is properly closed a salesman has to follow the following guidelines. (Williams, 2007) Ensure that all parties are in agreement with the negotiations. If possible make the final agreement in written form Don’t forget to congratulate your opponent for the great deal he has made. Appreciate the time and effort he has invested in the deal. Try to get an understanding of what happens next. Make use of offer and counter offer Try to make your opponent feel that he has received something of value if you decide to give some concession Don’t concentrate on something unnecessary. Should know exactly when to call a time out. Getting to yes Some Techniques Selling is all about influencing others. You need to develop this skill to be a successful salesman. The most widely used technique in sales is Socratic Method. It’s all about asking questions. This is an excellent and very effective technique in asking referrals, closing deals and persuading others. You have to assume that the other person is listening only then you will get an answer. Another technique is that you must keep the attention of the listener or reader. Thirdly ask such warm up questions which elicit “yes” answers and the listener comes in positive frame of mind. Some suggestions for formulating or leading questions are. (Bennet, 2010) Use “Yes” tags Soften your question Phrase in the positive Closing the Deal Successful closing is a natural end of a good and effective sales process. It is a successful ending of your efforts. But it does require careful attention and as much preparation as at any step of the sales process. It requires an artful reaction to any objection that may arise at last moment. Dealing with Objections Any objection should not take you off-guard. A successful salesman has to learn to take it as a positive sign because they signal at the promising potential of a sale. Learn to welcome objections from sales prospect. Objections are evidence of interest; treat them as plea from customer to convince him to buy the product. (Zeller, 2007) Types of Closers According to the different styles, mannerism, ways of doing things we can classify the type of closers. A good salesman although should never try to copy a certain style but try to identify his own style and bring improvement in it. Different types of styles are (Pickens) The Jack rabbit closer The Turtle closer The Razzel- Dazzel closer The Psychological/ Methodical closer The High Roller closer The Older closer Pressure Closer Jack rabbit closer is the person who is enthusiastic and his excitement is never ending. He exactly knows what makes him tick and he knows how to utilize it to the maximum. Turtle closer is the honest, trustworthy friendly person who relaxes the customer ang get him uninhibited and smoothly closes the deal. He is not the magic man deal closer. He usually tries to outwit the rest of the salesperson and mostly outwit them in securing deals which are unknown to other persons. He is intellectual, proficient and master of words. Usage of double talk vocabulary is one of his tricks. The Methodical closer is a thinker and problem solver. He is the capability of gaining insight into customers mind. He is an expert in playing mind games on customer’s objections. The High roller closer is the one who puts customer into inferiority complex through his own hard earned success. He utilizes his props well to impress customers such as dropping a hint about his car, flash of his ring etc. The older closer is the person who has vast experience in this field and he presents himself as a father or grandfather figure. He presents a picture of all know attitude. Although all closers are pressure closers but the degree of pressure varies from high to low and soft sell to hard sell. This technique must be used with care with full control over the pressure otherwise it will explode Conclusion Getting close to yes and closing a deal is an important part of the whole sales process. It needs lot of preparation and a methodology to be followed. Any successful deal requires commitment, hard work, and precision of process. Bibliography Bennet, B. S. (2010). Year to Success. Boston: ArchieBoy Holdings LLC. Goldner, P. S. (2010). Red-hot Selling: Power techniques That Even Win The Toughest Sale. USA: AMACOM. Pickens, J. W. The art of Closing any Deal: How to be a mster closerin everything you do. NewYork: Shapolsky book. Val Gee, J. G. (2007). Open Questions Selling: Unlock Your Customer's Needs To Close the Sale . USA: McGraw Hill. Williams, G. (2007). Negotiate Afraid,"know more": Negotiate your way to Success. Indiana: Authorhouse. Zeller, D. (2007). 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