It's Time to Close the Sale!

Want to increase your rate of sales success? Want to work at the same pace
but sell more? Here are 11 ways to increase your conversion rate and close more

deals.

1. Measure conversion rates at all stages of your sales pipeline, focusing in

particular on the conversion rate of leads and inquiries to appointments,

appointments to proposals, proposals to sales, etc. Set targets for

improvement and track performance against them. A small improvement

at several stages of the pipeline will have a major impact overall. For

example, if you could increase the rate at which leads become

appointments, proposals and orders, respectively by just 5%, you would

probably double sales.

2. Make your proposition more compelling. Too many sales messages are

vague and bland. So, take a fresh look at your company’s sales proposition. 

Is it credible, compelling, and clearly communicated? Does it describe the 

solutions, or benefits you deliver? Does is represent a competitive advantage?

Explore new ways to telling potential customers  why they should do business

with you.

3. Target key segments and tailor your approach so as to maximize its

relevance and appeal to buyers in each. For example, your proposition for

big companies is likely to be different to that for small companies and the

message for financial services companies is likely to be different to that for

the public sector.

4. Build a target database. For each segment you are targeting devise a

prioritized list of target companies. Put intelligence into your target list by

researching the companies you are going to approach. Then with the

names, addresses and telephone numbers of your target customers to

hand you can systematically communicate your message directly to target

buyers.

5. More pre-qualification. Improve pre-qualification of inquires and leads by

deciding what classifies a good lead, what criteria must be met for sales

appointments to be made, or proposals to be written. This will focus your

limited sales and marketing resources where they are most likely to deliver

results.

6. Improve your listening

Most sales people talk too much. By focusing on listening instead of talking

you will gain a much better understanding of the customer’s needs and

how they can be met. So, cut the number of slides in your sales

presentation, replacing them with good questions that will help you

uncover the prospect’s needs and buying motives.

7. Write fewer, but better proposals/quotes/tenders. Proposals take time and

thus are expensive to prepare. So, before agreeing to write a proposal

make sure that the customer has both a real need and a budget allocation

for your solution. Then when a proposal is justified write it as if it were your

last, involving the prospect at all stages. Ensure your proposal:

·        Confirms your understanding of the company’s problems, or opportunities

·        Shows how your solutions meets and exceeds the buyer’s needs

·        Offers proof (reference sites, awards, etc.)

·        Provides technical information / documents how it works

Most salespeople talk too much and don’t listen enough

• ·        Demonstrates your company’s credibility
• ·        Presents a clear cost justification and range of pricing options

8. Nurture your prospects more intensively. A sales meeting with a buyer

followed by a hastily prepared proposal is not enough. It takes months for

organizations to make complex purchase decisions, so sales people and

their companies must engage prospects over a long period of time to

present solutions and build thrust, as well as to demonstrate credibility and

expertise. This process is likely to simultaneously involve contact with

multiple decision makers and influencers in the target company.

9. Match your sales processes more closely to the prospects buying

processes. That sounds obvious, yet such mismatches are at the root

of all sales rejections, for example:

• a failure to talk to the right decision makers, or influencers

• a miss-match of styles and personalities

• a failure to understand buying criteria\needs, or budget requirements

• a failure to meet the prospects’ need for technical information, or validation

Thus, it is important to clearly understand how each prospect buys, both in terms of

what is explicit and implicit. It is also important to define your company’s optimal
sales processes, including how sales leads are prequalified, how sales presentations
are conducted, what is contained in proposals, etc.

Always ask:

• Is there a budget allocation for purchase this year? Is it likely to be spent as
  planned?

• When is purchase likely to be made?

• Who has budget-making authority? Who signs the purchase order?

• Who else is likely to be involved in making the purchase decision?

• What is your role?

• What are the key factors in making a decision regarding purchase?

• What are they key steps in the purchase process, or selection of a new supplier?

• Is there a supplier who has a head start at the moment?

10. Maximize referrals. Buyers expect salespeople to say good things about

their products and are highly skeptical about any claims they make.

However, when somebody the prospect knows and trusts says something

good about your product they are readily influenced by it. For this reason

when you are introduced or referred by a customer, or industry experts your

chances of closing are radically increased.

11. Increase your level of sales activity. The first ten steps involved improving

the quality or effectiveness of your sales and marketing activity. For most of

us this is an area of opportunity that will probably never be exhausted. But,

while you focus on increasing the effectiveness of the leads, sales calls and

proposals you can also increase the level of activity in each of these areas.

That means generating more sales leads and doing more sales calls.