Oftentimes, the longer a deal is in negotiation, the more difficult it gets to close. Also, the slower you conclude your deals, the lower the turnover achieved. It’s often tough to find success in sales if you’re unable to make your numbers.
Having said that, while speed can be an important factor in sales, it’s important not to rush. Customer trust and confidence are also critical success factors in the process, and they may suffer if you try to hasten the process. Here are some of the best sales training tips and strategies that you can use to close deals faster.
Use the power of social proof
Sometimes,sales negotiations stall due to the perceived risk associated with a purchase. Sharingsocialproofisone way negotiators may be able to overcome buyer-perceived risks. Social proof is a psychological concept that refers to the tendencypeople have to follow the crowd.
One way negotiators can use this concept is to share customer success stories. A study by WikiJob, the UK’s largest graduate jobs website, found testimonials can increase conversions by over 30%. Offering customer names or organizations (with permission) is another way to use social proof.
Remember, as a sales training technique, social proof tends to work best when existing and potential customers are similar. Also, it’s often preferable if the customers are in the same industry.
Create a sense of urgency
According to behavioral psychologists, people are likely to make a purchase if they feel they are about to lose a great opportunity. For example, when British Airways announced the upcoming cancelation of the London-NY concord flight, sales shot up the next day.
You can capitalize on this human tendency by creating a sense of urgencyto boost sales. Amazon’s Prime Day event is a great example of urgency in action. In 2020, it is estimated that the company brought in over $10 billion in two days.
To spur customers to take action, set deadlines or offer incentives with an end date. Another effective approach is to focus on the urgency of solving the customer’sproblem. When buyers understand the true cost of their ownproblem, they may be more motivated to look for solutions.
Become a trusted advisor
Earning the trust of potential buyers could help you close deals faster. Customersaremoreinformed now than ever before. Easy access to information means customers are better able to tell when a salesperson is only after a sale, which can diminish trust.
According to renowned author Stephen M.R. Covey, “Trust is equal parts character and competence.”
Making time to learn from the best through regular sales training is one way you can boostcompetency. Another is to build your product or service knowledge. To build character, Brian Tracy, an expert in sales training, says to work on building empathy, honesty, and accountability.
Be prepared for objections
Objections are a normal part of the buying process. Invesp, a leading provider of conversion rate optimization software, found that 60% of customers say “no” four times before saying “yes.” When objections are not handled promptly, they could slow the process.
Many salespeople believe objections are akin to rejection. Science shows rejection causes physical pain, which human beings are hardwired to avoid. One of the best tips you learn in sales training is that objections are not rejection; they are information.
Therefore, salespeople who understand when and why prospects raise objections may be able to keep those objectionsfrom delaying the deal.
Streamline your sales process
Sometimes the reason why you’re not closing deals fast has nothing to do with the prospect. Instead, how the team converts a potential customer from a lead to a closed deal may be inefficient.
So, takethetime to audit the process and how the team works. Check for any activities that take time yet add no value. Consider removing any simple tasks that don’t add anything to the process.
Also, see where you can adopt and utilize sales training best practices to shorten your selling cycle. With a robust sales process at your disposal, you could significantly improve your close rates.