The Top 4 Mistakes You’re Making When Closing a Sale

The top 4 mistakes you’re making when closing a sale

People buy from people they know like and trust. No matter how fleeting the engagement it is important to establish some form of relationship so that the buyer of your product or service is confident that they have made the right decision.

The following 4 criteria will help you avoid making mistakes when closing a business sale.

1. Not Listening

Find out what the buyer wants or needs and provide the solution. So often when you are trying to sell something you want to talk a lot. Can’t wait to describe the benefits and great features of your offering. But that is not entirely effective. Far more important to ask loads of questions to find out what is needed and where you can provide a solution.

If a prospect's questions or objections become unreasonable or contradictory it is easy to start arguing with them. This of course never works. Better to try and see their point of view or just walk away.

Do your research beforehand where possible. Try and get an understanding of their business and needs. Use Google or if you know their website use it or use LinkedIn. Make sure you care about your customer and show it. It is the best way to build a relationship. Show that you have their best interest at heart and this will build your reputation and integrity

2. Focusing on Price

Whilst a low price and specials may attract the attention it is the value for money that is far more important. Concentrate on the benefits of your product or service. Let them know cheap often means poor quality and higher costs in the long run. Customers that rely on discounts are not loyal customers and often just chase the lowest price and hard to retain as ongoing customers. It will also have an effect on your margins. Far better to concentrate on maximizing your sale price.
 

3. Don’t make promises that you can’t keep.

Overpromising and underdelivering is a sure way of not only losing a customer but damaging your reputation. The old adage that if you do a good job then your customer may tell 1 or 2 friends but if you do a bad job then they tell 10 people. No matter how much you want to sell exaggerating or lying about your product or service or hiding faults or limitations will not work in the long run. Always try and offer more than they expect. If possible include a small gift or extra information that they were not expecting. These small surprises make you stand out from your competitors.

4. Not asking for the sale.

So often you have generated the lead and gained the interest of your prospect but failed to ask for the sale. You have to actually ask your prospect to buy. And the earlier in the process the better. Be confident and declare that in your discussion you are going to ask for a sale. It then gives you the opportunity to handle objections if there are any. But most importantly you are ensuring that you are dealing with the decision-maker. You are also wasting your time and effort. Make sure they need your product. There is no point trying to prove how good your product or service is if they don’t need it. 

If you want to stop making mistakes in selling to your prospects Listen, don’t focus on price, don’t overpromise and remember to ask for the sale to the right person.
 

 

Milton Collins

Author of Delight Disrupt Deliver, is a sought-after business coach, qualified Accountant and an award-winning business owner.

As the principal of The Action Business Coach, Milton dedicates his time to helping small business owners meet the challenges and maximise the opportunities of their businesses.

www.miltoncollins.actioncoach.com

0419 464 444

Tags: selling coaching small business entrepreneurs