Does the phrase “Closing a deal” sounds familiar to you? Oh yes! I bet it does. Often times it is used to express the desire to get a potential lead or customer to buy from you. This ability to close sales and deals is one of the greatest assets and most sought after skills expected in all sales managers, reps, business owners and entrepreneurs.
Recently an article covering what most people are buying online right now was published and it also contains a break-down of the most declining products. You might want to read that later here. And if you are looking to sell more online and wondering about the e-commerce industry then I am sure you should also consider seeing this article here too. (You can open them in a new tab to go through later)
At this point, it is important to mention that closing does not always mean the lead buys or converts sometimes the deal could be lost too. However, the bright side to this is that it helps the sales representative focus more on other potential leads with higher chances of conversions. So regardless of the outcome, closing with sales lead is always a key and vital process to be completed.
Different industries, different businesses & different professionals – all have their own unique and different methods of closing sales.
In this article, We have carefully compiled 10 sales closing models and how they work – You can read through each different models and maybe even study them further in details during your own personal research.
So now lets work together on closing your next sales as we explore these top closing models:
- The Assumption Close Model – This method is often used by most accountants, account officers, HRs and in some cases software vendors and training coaches. It simply involves using a phrase or language that assumes the close is a done deal. For example, you could close with – When would you like to make your first deposits? Or a phrase like – Which of the payment plans works best for your business at the moment? – Often times upon mentioning your assumptive close phrase you can tell immediately which side of the close you fall on. If it is progressive, you get a conversion. If not, you can either close and maybe add such lead to a newsletter for recycling (Another series of nurturing) and then you move on to the next lead.
- The Take-Away Close – This right here is quite a tricky one and here is how it works. It requires you taking away one or more features to make the deal more appealing. It is often recommended for potential leads finding it difficult to say yes. I have tried this with a few clients and it worked quite well because along the line during your negotiations and exploring your take-away options, the client ends up realizing on their own how much they want those features even more and in most cases you end up closing the original deal and not a lesser one with the removed offers/features.
- The Puppy-Dog Close – Besides the two sales closing models mentioned above, this model is one of the most popular offers you find on the internet especially with subscription based products/services. This model requires offering a trial window to qualified leads where they get to experience the value within a period of time which often ends up leading to a conversion. However in this case, you must really confident of the value offered to record higher conversion rates. It also works for pet stores where you see the store owner asking potential buyers to take a pet for the weekend knowing fully well once the pet owner and pet are bonded sales is often guaranteed more or less. Another case study is in automobiles where you get to have a test drive to experience the vehicle before finally making purchase decisions.
- Sales Contest Close – Most popular with affiliate marketers, insurance companies and some network marketing schemes. This model basically requires the rep to offer the prospective buyer an incentive to close often outside the scope of what is attainable with the motive of knowing that closing more sales could get them a vacation trip or some other contest incentives – So in this case you often hear offers like – I will personally ensure they are delivered to your door step or phrases like, If you buy from me, I will give you all these other resources from my own personal collections et.c
- Sharp Angle Close – This model is often recommended once you are certain of the client key concerns. Mostly automobile dealers, importers, installations, developers that often get to use this model. It starts with the potential buyer saying something like – Can you have everything completed & set up in the next 3-days? and then the sales rep responds with If I guarantee this, do we have a deal? and boom the conversation and sales journey is closed.
- The Urgency, Scarcity & Possibility of Loss Close – Although this model also helps you close a lead, in some cases you might lose credibility with the lead and potentially damage your relationship especially when they realize, it was not as urgent as you made it seem to be and it could be extended or that you took advantage of their impulse to act based on possible scarcity of loss of value and then they realize it would probably never be scarce and they had enough time. Although this model might get you the result at the moment it could affect your long term sales especially if you lie about the scarcity, the urgency or possible loss of value. It works but personally do not recommend.
- The Apology & Next Steps Close – In this model you get to increase your chances of a positive close by first offering an apology and taking responsibility in some way and then allowing the prospect to define and choose their own preferred next steps and terms. If the potential client is interested they tend to take the actions by themselves. This mostly works for leads that are already at the finish line and are they key decision makers but you have to ensure you lead them into the Yes Chambers to avoid hearing words like I’ll get back to you or Let me discuss with the next decision maker.
- The Balance Sheet Model – Here both the seller and the client get to map out their pros and cons to decide whether or not to buy the products/service with the seller trying to make the benefits and list of pros are about 2-3 times longer than the cons.
- The Visualization & Artisan Close – This model works mostly buy first implementing the artisan aspect which involves emphasizing to your potential clients how much time, energy and efforts has gone into creating a product or service. This part works best when your leads really care about what they are interested in buying and then the visualization aspect comes in by having your prospect imagine the desired outcome they’d get and experience upon purchasing your product or signing up for your service. Closing becomes easier once the client sees themselves enjoying the benefits of your products/services
- The Value-Based Selling & 123 Model – In this model, you sell your value and emphasize on your USP and not your solution. Here you are trying to have your prospective client see what you are offering that is completely different from what all other competition have and then introducing your 123 strike where you mention 1 – 3 pain points your client has, 2 – 3 end picture benefit of your offering and 3 – you mention 3 of your top customers. Make sure the client equally already has enough information, make sure the client understands that it is up to them to initiate the next step and also ensure all other needs of the clients have been addressed – Then you wait and take the back seat. It is best to be seen as a partner than a marketing pest. This model often delivers amazing results because when the deal closes into a win, you not only get a good offer, you also earn their respect and trust too.
Personally, I like to mix up all different sales closing models when creating a selling cycle and strategy. Often times the model employed is based on interactivity and rapport with the client. So in most cases you will want to take note of verbal clues, personality types and get to know your lead/potential client both professionally and personally.
Then the rest is left to you on how you strike a balance between these two different entities existing within your client, how you can connect with them on a higher level and speak to who they genuinely are inside while capturing their desired outcomes and key objectives in your conversations/interactions.
Feel free to let us know if there are additional sales closing models you’d like to share, which model or combinations of models have delivered most results for you in past and also remember to share this post as it might really change the game for someone else that might find these contents valuable. If you haven’t yet, you should consider joining our exclusive inner circle virtual environment here where we talk about e-commerce, digital sales and also share free courses, tutorials and exclusive insider resources to all our members & Yes it’s free and will only take about 1min to complete. Click here to join our inner circle virtual environment to get more valuable contents and resources