Successful selling is about building a win-win situation, however during the selling process you can have the nicest customer on the negotiating table having convinced him/her to buy but some mistakes you may accidentally make will cost you the deal by the time when you bring out the paperwork to try to close it.
Inexperienced and experienced salespeople can sometimes get in their own way of closing a deal. Here are three of the most common mistakes salespeople make as they start working to close the deal.
During the negotiation process most salespeople overlook the need for timing. If you don’t push to close with a sense of urgency, you risk losing momentum and with it, your prospect’s interest. Most Inexperienced salespeople usually find problems in situations where they have highlighted the importance of the need and got the prospect’s attention, but still fail to convince prospect why they need to address it right now.
This means explaining to your prospect not only why they should act but why they should also act now is the only way to close a deal. Always remember that, the deal isn’t verbally closed until it’s signed, so strike while the iron is hot or risk losing the deal on the last minute.
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Talking too much
Most salespeople tend to forget that, at the negotiation table, silence is your best friend. In most circumstances, the prospect is fully bought-in and ready to discuss specific terms, but the sales rep gets so excited that he/she keeps talking and accidentally introduce doubt into the buyer’s mind.
If you tend to be so talkative, no one will ever listen his/her way out of a deal. Every time you finish introducing a new term, responding to a question, offering a concession, or most importantly, stating your price, you should shut up and wait for the buyer’s approval to move on.
If you don’t know when to shut up, you may lose the deal completely having gone through everything.
Changing key terms
Smart sales reps are fully aware of the fact that, when you’ve agreed to a deal, you need to honour the terms discussed with your prospect.
Changing contract terms on the last minute such as scope, resources, assumptions, or cost, is a suicidal way to muck up your deal. Hence changing terms without your prospect noticing is like risking both the deal and your reputation.
In business, your reputation is everything. Have integrity, and protect it at all costs or risk complete rejection.
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Closing the deal might be a little bit tough for most sales reps, but by avoiding these three mistakes and sticking to a confident, concise, and focused mindset will set you up for success.