The Three Things You Need to Close Any Sale

Hint: product knowledge isn’t one of them.

I once took a sales management job in a city I had previously worked as a salesperson.  When it got announced, a local seller called a mutual friend who had worked with me to ask about what I was like.  This person then told our friend that they heard I wasn’t much of a “closer.”

 They are right.  I’m not a closer.  Oh, I close, but the key to my success has never been my closing strategy.  It’s been my opening strategy in sales.  It’s been my understanding that you shouldn’t ask for the order until you know the prospect will say yes.

 Fact: You can’t sell anything to anyone, they must discover they want to buy it.

 There are three things you must know about your prospect before you ask for the order.

1.      You must know the prospect’s “Pain.”  This is defined as a challenge or opportunity so big they are willing to invest money to solve the problem or exploit the opportunity.  And of course, your solution must address this pain.

2.     You must know who the decision makers are and have gotten input from most or all of them. One person’s pain may not be the company’s problem or opportunity.  I was on a sales call where the seller met with a store manager, but not the owner of the business.  The solution he presented when he met with the owner was perfect for what he was told by the manager.  The owner, the economic decision maker, didn’t agree it was an opportunity she was willing to invest in.  The sales process had to start over.

3.     You must know what they are willing to invest (Budget) or how they calculate ROI BEFORE you ask them for money.  

 Too many sellers rush to present their solutions without understanding the prospect’s pain, or without talking to the all the decision makers, and understanding the investment available to solve this problem.  Why?  The rush to close, the pressure to sell from management or even things as mundane as the end of the quarter or month. Your quota, your month or quarter closing is not the client’s pain - it’s yours.

 If you are not clear on all three:  Pain/Solution, Decision Makers, and Budget, it’s not time to ask for money. 

Want to improve your closing ratio?  Slow down the process upfront by asking great questions to uncover Pain, learn about the prospect’s decision-making process early, and ask about investment levels before you put a solution in front of them.  In some cases, you will learn they aren’t a great prospect because you don’t have the right decision maker, you can’t solve their pain, or they aren’t willing to invest in your solution.

Isn’t it better to move on to a real prospect then waste your time on one that will never close?