Let’s face it, some months are better than others when it comes to sales. At some point, every sales rep has felt the overwhelming pressure to close business to meet their quotas. Whether you’re a sales manager, business owner or sales rep, you know that closing business is essential to the company’s overall success and ultimate survival. If you’re fortunate, you’ve established a solid customer base and can generate repeat business based on ongoing sales, which is always a great security base to build from. Or perhaps you’re disrupting an existing market and there is an incredible demand for your product. Regardless of the situation, every sales rep and business owner eventually face the inevitable down cycle in their sales. If you’re in sales you should be prepared to counter a difficult market at any given time. Prepare your “Plan B” sales strategies now, so they’re available when you need them most.
These 7 strategies for closing more business will help you stimulate interest and re-ignite sales opportunities in difficult sales climates or at times when your forecast doesn’t look too favorable. For some businesses, this may be seasonal strategies, while other reps may want to keep them in their back pocket for more difficult situations that call for creative selling. These closing strategies should be part of your sales playbook.
1. Promotions or Discounts
Selling 101 and the go-to solution in almost any challenging sales situation requiring an extra push is to offer the buyer an incentive. While incentives are the easiest ways to keep the buyer interested, be reasonable. Never compromise pricing a product or profit margins for the sake of making the sale, after all, you’re in this to make money. Know your threshold for discounting before you ever offer incentives and know your limits. Being prepared in advance will help you craft the best deals for both parties and curb seller’s remorse. Easing your way into discounts is a safe way to prepare for potentially tougher negotiations.
Some of the best incentives can be achieved by including loss leaders in the sale. By adding low cost and low margin products and services to the sale, the customer has the perception they are getting more value for their business dollar.
Lastly, always get something in return. Never offer discounted items without attaching a condition to it. Example; Get 50% the first 30 months when you sign up for a 12-month membership.
2. Create a sense of urgency
This tactic works hand-in-hand with incentives and discounts and provides a time-based stipulation in order to get the discount. The customer needs to act quickly to qualify for special pricing and offers. “Call within the next 30-minutes and get 15% off!” or “This offer is only valid until the end of the month”.
You can also combine upselling with urgent offers. “Purchase within the next 24 hours and get our premium services FREE for 90 days”. Creating a sense of urgency is also a great way to unload expiring or limited stock. “Only 5 items left.” or “Available while quantities last.” are common examples.
3. Incentivize your reps
Internal incentives are also a great way to drive sales reps to close more business. Some organizations might create sales contests, while others might set sales goals and milestone rewards. Rewarding sales when selling milestones have been achieved will have a long-lasting impact on hungry reps and can set a great example for newer or underachieving reps. Setting goals can help sales reps focus and maintain enthusiasm, while monthly quota contests have limiting and predictable results that can quickly become ignored.
It’s important that you establish all your selling strategies first, before creating an incentive program, so your reps have proven, acceptable strategies they can use to help them meet their sales goals.
4. Empower your reps
Incentives and pricing strategies should always be part of your weekly sales meetings. Whether existing sales strategies are being reinforced or new ones are being introduced, sales reps should be routinely advised and reminded of how they can stimulate sales and close deals quicker. Empower them by giving them the tools and encouragement they need to succeed. Sharing examples of real-life success stories and achievements throughout your organization is a great way to remind them of the possibilities.
5. Replicate your success
Staying true to proven processes and methods goes without saying. Recipes for selling success can come in many forms including but not limited to seasons, technique, customer types, industry, and product performance. Find out what’s working with your top earners and then replicate their success throughout your organization. Be sure your reps share their formulas for success often and build sales models and processes around these proven methodologies. Use your CRM data to watch for trends as well as selling and buying patterns.
6. Automate your selling processes
The key to generating more sales and incorporating more sales tactics in your selling process can often be achieved using CRMs that incorporate email automation. Email Automation, not to be confused with email blasting, gives sales reps the ability to double and triple their sales efforts, casting a wider net quickly. When using a CRM to facilitate your communications, email automation can often eliminate time wasted in following up with prospects early in the sales process and can improve conversions by increasing persistency when attempting to make initial contact with new prospects.
7. Upsell existing clients
Selling to your existing customer base has always been the fastest way to shorten your sales cycle and achieve sales goals quicker. Your customer has already been qualified, your relationship is established, and their purchase history makes them eligible for buying more and trusting your judgment when offering something new to try.
Taking an all-of-the-above approach with these 7 strategies is highly recommended to ensure increased and optimal selling success while staying one step ahead of the competition. Though CRMs are widely used today, there are differences in CRM technology, so it’s important to evaluate the latest CRM advancements to ensure that your sales reps successfully reach more prospects and increase overall sales efficiency, as well as help sales managers/business owners keep their fingers on the pulse of critical sales analytics.
Learn more about how Mothernode CRM can help automate your business processes. Schedule time with an advisor today.