Closing is where the rubber meets the road. This is the time all your sales skills pay off. Putting to work the skills you learned in these videos will help you grow your sales, advance them through the sales stages, and close them. This video focuses on the tough questions to ask when you listen for closing signals and compelling events. It reminds you to not only sale based on price and why building a healthy funnel of sales activities will keep you winning.
- Closing is the time all your sales skills pay off. And building a healthy sales funnel is essential, to closing sales. Salespeople must understand how the funnel works, in order to close more sales, because it's all about keeping a steady flow of prospects, in the various stages of the funnel. A Sales Funnel starts broad. The top of the funnel includes the new opportunities. As they enter the funnel, they must travel though the various aspects of the sales cycle, until they get to the bottom, which is the close.
The way they travel through the funnel, is by constantly qualifying and managing the opportunity, and ultimately determining if there's a need for your solution. Now the cost of your sale determines how quickly your deal passes through the funnel. For example, if your average deal is $5,000, it might move through the funnel fairly quickly, because you don't need as many signatures. But if you have a deal that's $100,000, it'll take longer to move through the funnel.
Because it'll require, maybe, several proposals, presentations, and a lot more decision makers will need to get involved. All of this will slow the deal down, and give it a longer lifespan. If you wanna close more deals, you need to fill your funnel with lots of prospects and leads. There's some sales organizations that have an established marketing engine, that distributes leads into the top of the funnel. Once you take the time to call through these leads, there are some that will materialize to opportunists, and these are the ones that will enter your sales funnel.
Once they're in you sales funnel, you can't forget about them. Instead, you have to take care of them. By following up, with contacts, presenting to them, and moving the sale through the funnel, to eventually close the sale. The important thing about a funnel, and closing deals, is to always be juggling multiple opportunities that sit in various stages in the sales cycle. You need to keep your eye on the deal as it travels through the sales stages, that neatly align with your prospect's buying cycle.
A healthy funnel has a good mix of prospects, at different levels in the buying process. Some may be at the beginning, needing further qualification. And some are in the middle, where you've already had some contacts. And others, may sit toward the end, where you're waiting for response on a proposal, or a quote. On the other hand, an unhealthy funnel may not have as many prospects in it, and it might just be one large deal that's waiting to close, but doesn't have any back-fill of deals that are in progress.
This can be very dangerous. Your ability to build, and manage a smart funnel, is the key to closing. And your long-term survival in sales, depends on it. So think about your sales funnel. What does it look like right now? If you want to achieve a healthy funnel, you must dedicate several hours each week to building and growing your funnel.
- Understanding the qualities of successful inside sales pros
- Using the right sales tools
- Social selling with LinkedIn
- Improving your response rate
- Building a foolproof qualification plan
- Getting past gatekeepers
- Handling objections
- Closing the sale