Coffee Is For Closers

Asking for money is one of the most challenging parts of a salesperson’s job. Weak closing skills prevent good sellers from becoming great sellers. Closing is so intimidating; it keeps some people altogether away from sales.  The number of ways to close is staggering, showing there’s no shortage on how to ask for the deal. In my training, I teach several different types of closes to use at various points during the sell.  By using a variety of closing techniques, it provides an excellent opportunity to get buy-in as the meeting progresses, diminishing the level of uncertainty and angst leading to the close. Between selling and managing sellers, I highlight three common closes that work, along with a few less used that work well.

Common Close

• Assumptive Closing – Also known as the presumptive close, in which the salesperson intentionally assumes that the prospect has already agreed to buy, and wraps up the sale. “Just pass me your credit card, and I’ll get the paperwork ready.
  • The Good:  The intention on behalf of the seller is clear. This close has a high percentage of winning if done correctly with the right buyers.  You are forcing the buyer to say no, instead of yes.
  • The Bad: If done with the wrong buyer, this close alienates the buyer and closes the door for future buys.  This includes buyers who were initially interested.

• Taste the Goods – This is known as trial based closed.  Startup and SAAS organization use this tactic, where the seller gives the product or service for free to the buyer to try it for a given duration. Once the seller has proved the value to the buyer, they ask for the money. When I worked at buySAFE, our sales team had to convince prospects to try the product. My team would follow up a few weeks later and establish the value of the product provided. We would ask the client to start paying for a service they were now using.
  • The Good: Faster distribution of the product, and an active follow up can generate a larger group of people paying faster than traditional sales methods.  Without having to prove an ROI during the initial engagement, it lowers the barrier to entry into new markets.
  • The Bad: There is no obligation from the buyer to make the most of the program since they are not paying anything.  You must double the sales effort by closing the prospect once to try the product and again to start paying for the product.

• Indirect Close –  Also known as a soft close is the in which the salesperson moves to the close with an indirect or soft question. “How do you feel about these terms” or “how does this agreement look to you?”
  • The Good: This is an easy way to transition into the closes. Does not alienate buyers and provides a platform for a great discussion that can lead to business.  This is a smart closing technique for entry-level sellers.
  • The Bad: Easy for the buyer to say no.  Even worse than a no, it can lead to additional work for the seller. The work typically is the seller sending more information to show the value of the prospect.  Instead of doing a different close, the seller gets into a cycle of providing more data validating the product to the opportunity.

Less Common Closes:

• One more thing  –   This is also known as the Columbo close, but most of us have never seen Columbo. The prospect thinks the meeting is over. Before you leave, you ask for it. The idea is to let them put their guard down and ask them in a candid moment. This is smart choice to use on a combative buyer. An example would be you saying thanks for the time today and see if they have further questions. After you shake hands to leave, pause, then state “so we can move forward”.
  • The Good –Anytime you can get your buyer to lower their guard it will be easier to close.  When people get into a mindset of seller versus buyer, this is an excellent way to get around that barrier and get them after they have dropped that mentality.
  • The Bad – You have given yourself a sliver of a window to close.  The buyer can usher you out without providing an answer.
• Take Away Close –  This is a classic.  A deal where the time is expiring to get it or there is only a limited quantity.  This type of selling and closing is set up to create a sense of loss. The idea is to make the buyer feel they are missing out on something big if they do not buy now.  You can use supply and demand issues – there is only one left in stock. You are creating a false sense of urgency in the buyer.  The buyer reacts because they believe they will lose something if they do not act now.
  • The Good – This close significantly shortens the sale cycle.  The buyers usually like this as well since they feel they are getting an exclusive deal. Works very well with competitive people in buying positions.
  • The Bad – If they don’t bite, you most likely put your best foot forward to get a quick buy.  Now they have a new price point and negotiating points they can use for future deals.
• Hard Close – My favorite, also known as a direct close. The hard close is asking at the end of the meeting how you can do business together. For people like me who believe a hard no is as good as a yes, this is straightforward.   I want the buyer to tell me that they don’t like what I have to offer.
  • The Good – Serious buyers or experienced buyers will like this approach.  They will tell you how to get to the next steps, or they will tell you no.  Either way, you have a clear understanding of where you are with the buyer and following steps.
  • The Bad – This can be unpleasant to some buyers. Some buyers think this is pressure tactic and  the seller is overbearing.