Why build a team of deal closers? Strong deal closers tend to reduce the turnaround of a sales process. A faster sales process means faster profits.
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A lengthy sales process means less income and more strain on the funding of your business. ‘Deal Closers’ know how to manage the sales process more effectively. They are professional sales people who know how to close a deal, but more importantly they know when to walk away from a deal.
Time versus probability
You, as the sales leader in your organisation, need to train your sales staff to focus on two factors; time and probability.
Imagine you played the Lotto and over every number there was a flashing neon sign that gave you the probability percentage of that number being picked to win. Some numbers flashed 20%, some 50%, and still others 80%.
Where would you place your pencil mark? If you were smart, you would walk away from the 20% numbers and only play the 80% numbers. That is what deal closers do. They work the high probability deals, not the pie in the sky ones.
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So how do you determine this probability percentage? Below are ten questions your sales staff can ask in order to determine the probability of a deal closing:
10 Questions Deal Closers should ask
- Am I dealing with the decision maker? This is the person who has the power to say yes and sign the contract.
- If I’m not dealing with the decision maker, how can I get to that person?
- Is this potential deal outside of a budgetary window, and has the purchase been signed off?
- Can I add value with my product or service, and will it solve problems?
- What are the deal breakers? If the deal breakers are factors that are out of your control, the probability of the deal closing are slim.
- Is the client willing to establish a relationship with me or are there walls up that I can’t break through? People buy from people and if you’re unable to establish a relationship with the decision maker, you’re unlikely to close the deal.
- Are there influencers on my side? (Influencers could be anyone who opened the door for you - don’t be scared to name drop)
- Is there a current level of dissatisfaction that I can exploit? This can be in terms of price, service or product quality.
- Am I being allowed access to the information or people that I need in order to develop a winning deal?
- If sold, is there a strong chance that the contract will not be approved by a more senior management team?
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Using the answers to these ten questions, top performing sales professionals gauge the probability that a particular deal will close.
What sets these high-performing sales people apart from the rest is their steadfast discipline to walk away from anything that falls below their desired probability percentage, as they understand the value of time in a sales process.
Top performers know that the real secret to improving their closing percentage is the self-discipline to ask hard questions of, and about, each potential deal. In doing so they work smarter and close more deals.