Posts Tagged ‘Closing’

Negotiation: It’s Not Over Until It’s Over

Written by on . Posted in Sales Coaching, Sales Education 1 Comment

Negotiation

Ed. – Our first guest contributor this week is Jonathan Farrington, international business coach, consultant, author, and the founder and CEO of Top Sales World magazine. His work can be found in The Washington Post and The London Times and other high-profile publications, and he is consistently ranked amongst the global Top 20 influential sales and marketing experts. We’re privileged to offer some of his thoughts here at The HUB.

I understand and appreciate that many frontline sales professionals – and senior executives too, for that matter – are not comfortable negotiating. I enjoy it very much, and I have always particularly relished the final act, where things can get very tense.

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Putting Theory into Practice: The Never-Ending Close and Why You Will Lose the Sale

Written by on . Posted in Sales Cycle, Sales Methodology No Comments

Never Ending

A couple of weeks ago, Keith Thompson talked about how the sales cycle should be viewed as an elastic band, expanding or contracting as things inevitably change. Today, I’d like to talk about a classic example that many of us have been through – and that is the never-ending close phase.  You get to the end, and the buyer keeps putting you off. Why is this happening, and what should you do?

Lets describe the opportunity. You’re speaking with a new potential customer and you learn of a need for your product and they tell you they’re going to evaluate three suppliers and pick one within two months. They ask for product information, a demonstration/presentation, and ultimately pricing, and you provide everything as requested and on schedule. Everything seems to fit and you’re feeling pretty good.

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Sales Tip: Know When To Give It Up

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Screwed

Sales people often tend to concentrate on opportunities in the closing phase, no matter what the chances are. While there is so much to do in sales cycles in earlier stages, all the effort gets concentrated on the final battle. This leaves many other opportunities on the road – a wasteful, vicious circle.

But why is it? Why don´t sales people concentrate their effort more effectively? I think there are three main answers to this question: Loss aversion, sunk cost fallacy, and fear of criticism.

Loss aversion is an effect which is very well known in economic theory. We all have a tendency to avoid losses versus acquiring gains. A good example is the stock market where we may have invested in some shares which are starting to drop. Anticipating that the value of our investment is going to decline, it would be the right decision to sell at the very beginning of the decline and take a minor loss. But most people don´t do that.

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Getting Sales Done #12 – Action Part 3: Making the Close

Written by on . Posted in Sales Productivity, Time Management No Comments

Alec Baldwin

This is it – the last in my series on Getting Sales Done. The previous eleven articles covered each step in David Allen’s Getting Things Done process and equated it to the processes of opportunity management. Others will add more articles on this topic from time to time, but for now, I’m CLOSING.

And I confess, the close is my least favorite part of the sales cycle. Don’t get me wrong, I close all the time, but unless it’s a natural flow from the probing I did in the beginning and the proving I did after understanding the sales environment, it’s an effort for me. Almost as if I have to adopt another persona and act the part of the salesman.

The good part is that it usually is, and should be, such a natural flow. The transition from proving to closing should be indiscernible, and the first Trial Close indistinguishable from any other of the questions you’ve asked so far or points you’ve made.

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