Setting the Table for Closing Success

To increase your odds when it comes time to close, a few key things need to be in place. Before closing, be sure that the:

• Prospect is ready to make a decision: Before sending the proposal, get the buyer to agree to make a decision upon receipt. Schedule a time with them to review the proposal. If they won’t commit to a time before you send it, they’re probably not ready to make a decision and this can cause the process to drag on.

• Prospect has the funds and is willing to spend them: Rookie mistake #1 is sending a proposal before gaining agreement from the prospect on the ball park budget for the project and their willingness to spend. The proposal should not be the first time the prospect sees the price. They should already have a clear sense of what it will cost and have indicated that they are willing to invest that amount.

• Prospect has articulated the value of your solution: It’s one thing to lay out a fancy spreadsheet and calculate the ROI for the client; it’s another to get the prospect to articulate the value themselves.  If you can get the prospect to “do the math” and communicate the impact your solution will have on their firm, you’re in a much stronger position to propose your solution within the context of the value they see. Value is in the eye of the beholder.
  
• All decision makers are involved: Nothing kills a sale faster than adding a last-minute decision maker to the mix. Early in the sales process, be sure to gain an understanding of the prospect’s buying process and exactly who is involved in each stage, and get all decision makers involved as early as possible.

When it comes to closing, no technique late in the process will win you the deal. You should be closing throughout the process, so when you send the proposal you’re simply summarizing everything you’ve already agreed to. Do this, and you’ll find that the number of proposals you send goes down, but your win rate will more than make up the difference.