In this episode we are providing the entrepreneurial prescription for this frequently encountered business challenge: How do you close a sales deal quickly? Close is getting longer and we need to shorten it. Tune in this episode to learn how to improve your closing time.
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There are seven critical success pillars to your business and if you manage them proactively you’re assured of having the success you want within your business:
Sales plays an important role in your business, it transforms prospects into leads, and a refined process is the key to predictable, repeatable profits. Typically entrepreneurs miss focus on this that’s why close is getting longer.
The steps on how to close a sales deal quickly:
Hi, this is AJ Mirabedini. Founder and CEO for Entrepreneurs RX, where we’re providing alternative business prescriptions for entrepreneurs globally, to be able to systematically grow and succeed in their businesses.
I’m here today to answer more questions that were sent to us through our 911 Entrepreneurial Helpline.
This question was sent to us by Juan. The question is- our time to close is getting longer and we need to shorten it. How do I do that?
This is a pretty broad question, but I’ll try to give you some guidance as to exactly where you need to go and how you need to approach what you’re doing.
First question and obviously a great direction would be if you don’t have a sales team, adding a sales team with certainly facilitate this because the motivation is going to be there for both your sales team and the client to proceed quickly forward.
If you do have a sales team, my suggestion would be for you to look at territorial mapping of where your sales teams are at. So then there’s more intimate connection between your sales team and your clients to be able to facilitate and move things forward when it comes to closing deals for your clients.
I trust that I would hope that you have some sort of a CRM program, a customer relationship management program, where you store all your data and they’re automated practices for reminding you and creating a system internally to be able to engage and follow up with your customers. That certainly would go a long way to automate a lot of this.
So, you take the human factor out of it and if your system is automated to be able to engage, encourage, and follow up, it’ll automatically also help you close quicker because then you’re not waiting for human interaction to be able to get in the way of that thing.
Another suggestion is create urgency. And by that, I mean to make your proposals make your offers limited time offers. That this coatcodeis good until X date and beyond that it gets increased by so much.
You create more urgency that way to be able to achieve the engagement that you want. And also to close your deals.
Offer a expiration date to your proposal. That way they know that if they want to get the deal that they’re getting from you, they need to act by a certain date, as of which time then the deal is no longer available.
The other thing you can do is you can price your close based on when it closes.
So you can have a discounted rate for a quicker close, and you can have a more expensive one for a later close. That’ll certainly get you the ability to be able to close quicker and for your customer to be able to appreciate what you’re doing.
Another idea is to provide trial purchases for your products. Again, I’m not sure what your company is and what your products and services are, but a trial offer is often very encouraging and allowing people to be able to experience your service and your product sooner.
And if they choose that they don’t like it, you can encourage them- return your product to be able to get a refund or whatever else. But to make it easier for them to do business with you and to experience the deliverables that you’re going to give them and the transformations you’re going to provide them, would go a long way to be able to expedite the whole process.
Good question. We’d love to be able to support you with more information if you need. I trust that this will get you going along the right way. Have a great day and here’s to your business health.