You can improve your closing rate by working more innovative and more hard. After you’ve proven that you can consistently produce at an acceptable level, you will be able to sell more. Sales is a numbers game. This means that you should do more of what you’re doing now to increase sales. Sales is a time-consuming business. There is only so much you can do each day. You will reach a point where you feel exhausted. This is when it’s worth working harder and more intelligent.
There are three ways to be more innovative: Find accounts that bring in more revenue for your time, make your accounts purchase more often, and increase your closing ratio.
These are five key points to increase your sales closing ratio.
1. Be more selective in who you approach
Create a profile called “My Ideal Customer” by evaluating your top customers and clients. What are the principal characteristics you should look for in potential clients? You will find more focus the deeper you dig. You can start by looking at the vertical industry or company size. But, consider culture, personality, and role of decision-makers, referred or unreferred, as well as whether or not the company is struggling or succeeding. To find common areas with your top clients, you need to identify these so that you can search for others who match this profile. This profile is key to your success.
2. Qualify more carefully
A no sooner than a no later is better. You only have so much time so make sure you spend your time with qualified prospects. Don’t just bid on anyone who wants a price, but start qualifying more. Are they able to express their problem, pain, or goal in order to justify a purchase? If not, they should walk away. Are they shopping or have the funds to buy? Are they your ideal customer?
3. Reduce the speed of b2b sales
One time in a great week, we meet a prospect who is ready to buy yesterday with a checkbook in hand. They might claim they are in a rush, but once it is time to make a decision, things slow down. You need to keep things moving but not letting your fear of losing interest or your desire for quick sales compromise your sales process. Take your time with the discovery process. You will always pay the price for taking shortcuts.
4. Refer to others
Referrals are the best way to get more business. You will also find that most salespeople don’t help clients or customers to generate more referrals. Set up a referral program. This link will take to you to an article about referrals.
5. Go beyond the traditional selling process and become part of your prospect’s buying process/system/culture.
This is the final step in selling. This step is not necessary to increase your closing ratio. However, it is essential for anyone who wants to see their closing percentage rise to 75%+. This is difficult to explain, but Sharon Drew Morgen’s book “Dirty Little Secrets” explains it in detail. It is all described in “Dirty Little Secrets – Why Buyers Can’t Buy, and Sellers Can’t Sell, and What YOU Can Do About It!” It is about letting go of your selling role and becoming a consultant capable of asking questions that enable decision-makers to discover the internal systems that support buying decisions and those that hinder them. It can be as simple as a manager or employee refusing to accept a problem that prevents an intelligent business purchase.
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