6 Key Elements of Closing The Sales

At Sales Concepts, we deal with hundreds of sales managers throughout the year. So naturally, the topic foremost on their mind is closing the sale. Seldom does a day pass without hearing sales managers say they want their people to close better.

One time, a sales manager even said to me, "Okay, this sounds good. Let me hear your best closing technique." The problem is that a technique doesn't work when your customer knows it's a technique!

We believe that closing is a state of mind present throughout the entire sales process. It is not some event or gimmick that happens at the end. Closing is a process in and of itself. Six things must happen before a sale occurs. The order of them does not necessarily matter. It does not matter whether you proactively do something to close or your customer unwittingly does it for you. They have to happen for a customer to buy.

The six key elements of closing a sale are:

1. Your solution has to address the relevant specific needs of the customer.
2. Prospect accepts your value proposition.
3. The economic buyer is engaged and in favor of your solution.
4. A consensus must exist among the key players within the customer's organization.
5. The customer must understand your solution.
6. Your customers can visualize your solution, and they like what they see.

We'll look at the first three this week and the next three in our following email.

Your solution has to address the specific needs of the customer. You may have a long list of why customers should buy from you. However, it does not matter if you do not address their key concerns or needs. To make the sale, you have to understand exactly why the customer wants what you have from your customer's point of view.

Customers who buy from you trade their capital for your products, services, or solutions. They are telling you that what you are selling is worth more to them than the price you are asking. Value, in other words, is what makes something worth the price. For customers to buy from you, they must believe you provide enough value to "make the trade." No value? No sale.

We define the economic buyer as the individual who can say "Yes" without anyone else's permission. You may know of them as the final decision-maker. With significant, capital-intensive sales in large organizations, a committee may approve buying decisions. However, every committee has a top dog. Your job is to make sure this person is on board. Without this person's favor, you and your proposal may likely be relegated to the bottom of the priority list.