Once you have identified your customer’s needs and those making the purchasing decision, move into investment discussions and present your solutions. You are ready to get a contract signed.
Customer resources check
It is important to determine whether the customer has sufficient resources and desire to solve their problem(s). Also, be sure the client is pre-approved by your finance department and clearly identify the customer’s terms and conditions and payment method.
Close the deal
To close the deal, the seller must prove to the client that he can’t afford the cost of not accepting your solution. Review your customer’s needs and determine how much it is currently costing the customer to not make a purchasing decision. Moreover, I generally find that for a customer to make an investment, the cost of solving a problem should be no more than 25% of the developed need and have a return on investment of less than 2 years.
Proof and Interest Confirmation
In the Proof step of the sales cycle, the salesman discloses the product or service solution and reviews its features, benefits and pricing in detail.
To confirm the client’s interest, use the Range Finder. Ask, “On a scale of 0 to 10, 0 meaning you have no interest and 10 meaning you have decided to buy, where are you?” This allows you to parse out unresolved questions the prospect may have. Additionally, if the customer has interest but scores less than 10, ask, “What do you have to see to get you to 10?” Repeat the cycle until the prospect gives you a 10. To get to 10, some prospects may want a demonstration, a form of guarantee, or a change in terms.
Points to remember
- With some products or services, you may want to use a conditional contract or signed purchase order.
- Beware of verbal commitments. Prospects often change their mind about verbal commitments and may feel uncomfortable about seeing the salesperson again. It’s best to have either a written contract or a signed purchase order before finalizing the sale.
- Beware of buyer’s remorse. Once the contract is signed, thank the customer for their order and give them an opportunity to back out.
Get it signed
Lastly, to close the deal, confirm finances and interest. Be patient and thorough. Don’t rush. review, repeat, remind, and get it signed!
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