Six Mistakes to Avoid When Closing a Deal
B2B sales is incredibly complicated because of the ever changing nature of clients and the inconsistent blind spots that are involved with closing sales deals. Even with the most innovative sales tools and competitively priced services, you can still fail if you’re not aware of the steps to avoid through the sales process.
So what are the seven features that might be holding you back from closing the deal?
- Only going after large deals
- Not incorporating other members of the team
- Not diversifying your contact methods
- Overselling yourself or the product
- Overlooking Necessary Questions
- Not directly asking for the deal
1. Only Going After Large Deals
Several business suffer reaching their full potential because they fail to target the correct industry space. Similarly targeting the wrong audience within the correct industry is just as painful. Businesses in general tend to go after the large enterprise deals to elevate their product. However, more often than not they’re squandering precious pennies by attempting to reach audiences that are saturated with similar attempts.
So how can a business obtain the status their desiring without setting their sights on larger entities?
Start small. Smaller businesses can prove fruitful and benefit your business in one go. Smaller businesses tend to be easier to maintain and please, all while keeping costs low for your business. Smaller businesses – at the beginning of your brand – help you to stay away from high risk ventures and grow your capacity for truly nurturing a brand.
Evidence speaks for itself. Thus, if you can successfully nurture a brand and grow their business, you’ve created a status in a market space that is fueled by social proof. You can’t buy that level of notoriety.
Don’t abandon the bigger companies, but remember not to neglect the smaller corporations that are just as important for your growth. 2
2. Not Incorporating Other Members of the Team
Keeping interactions one on one may seem like the fastest and most hassle free route to success. However, this isn’t the case. The sales cycle for B2B operations are complex because of the sheer number of people that must be involved in closing the sale. The company you’re pitching to will almost never rely strictly on one persons knowledge to sign on to your product. Thus, why should you? In the role of the salesperson it’s pertinent to bring key members in on discussions to answer customers questions with ease.
If you’re selling an online service, looping in your software developers and direct product managers that will be working with said client will strengthen the sales process. These experts can answer questions directly and eliminate any confusing aspects of the sale. In doing such, you’ve become a diligent party and related them to the product in a new way.
Including the parties that are responsible for various elements of your product, shows credibility that can’t be given otherwise.
3. Not Diversifying Your Contact Methods
In an age where most every human texts, calls, sends emails, instant messages, communicates via social media, and much more on a daily basis, why wouldn’t you capitalize those same avenues when attempting to close a deal?
Take a look at how your prospect first came to reach you. If they found your product through social media, an online platform separated from the reality of human contact, perhaps a phone call doesn’t best fit the next step for reaching them. Investigate what your customer responds to best and contact them on their terms.
With ever growing restrictions for email communication, correspondence may not always be best suited via letters typed across a screen. Phone calls, while not the fastest means of contact to achieve, are direct and provide a personal touch when corresponding with a prospect.
Aside from the normal levels of communication, try breaking the mold. Create interaction methods on your social media pages and website, thus bringing omnipresent mentality to your brand.
Diversify your classic methods of communication and give your customers a customized experience to reaching you every step of the process.
4. Overselling Yourself or the Product
We’ve all been there. You’re presenting a prospect with personal anecdotes and relating to them on a personal level only to find out you didn’t land the client. So why doesn’t being incredibly personal and informative work?
No customer wants to be “sold something” aside from the product. Every prospect you come into contact with is aware that you’re already targeting them for something, so there’s no need to charm them excessively. When a client is inundated with information to the point of lack of clarity, you’re actually talking yourself out of the opportunity.
Now, if you simply take the time to understand the clients needs prior to beginning your exhaustive selling campaign, you’ve now made them feel personally related to, rather than pushing a “personal touch”.
Sell your product for what it is, and don’t try so hard to beef it or yourself up. O
5. Overlooking Necessary Questions
When trying to nurture a client, companies can forget to ask the questions that truly give insight to the client actually being a good fit for the product. Businesses have the goal of first deciphering if the client is interested in the product and then winning them over.
These goals can become too much when necessary questions are being pushed aside. Questions of who the decision maker ultimately is for the purchase of the product, their pre-determined budget and how your product would fit in, and what issue their trying to solve are all essential to your process.
By slowing down the process, placing emphasis on asking the correct questions and truly listening to the answers, can save you time and energy exerted in the long run.
6. Not Directly Asking for the Deal
Formally asking for a deal to be made can be tricky and often shied away from for fear of rushing the client. But, your prospect in reality probably isn’t going to tell you they’re ready to purchase.
It’s important to remember that pushing to close the deal is not formally asking them to sign a contract. Rather, it’s simply beginning to tie up the necessary loose ends required for working with one another. If you’ve had good rapport with the customer throughout, it’s nothing but normal to ask for the sale at this point in communication.
If you’re nervous about pushing for the deal you can of course ask questions to gauge their current happiness with your team thus far even asking for feedback on steps they would’ve changed in the process.
Asking for the deal prior to your customer being ready typically won’t end your sale. Rather your customer will inform you they need longer to decide or this could spur positive discussions that will ultimately improve the sales process overall. If the client does in fact close the deal, having an open line of communication with you from beginning to end will only reaffirm their positive regard for hiring you.
Closing a deal is complex with no fast track to success for any case. However, eliminating common mistakes in the sales process can improve the way in which you sell. Working smarter rather than harder is essential in business of any kind. Refine the approach you take to a sale from beginning to end and rid yourself of pesky blind spots.