No matter how good a sales team's close rate is, any sales manager worth their salt will constantly ask themselves: "How can we do better?"
Of course, if things are going well, you shouldn't be negative just because there might be a better way, but any ambitious mind will be re-assessing and looking for new best practices.
And if things aren't going so well, with targets being missed and the pressure on from the powers that be, it's essential to look for a new way of closing more deals.
Below, we've listed some of the most straightforward ways to get your team to close more deals today.
1. Address common objections BEFORE the call
No matter how experienced your sales team is, dealing with significant objections on the phone can be challenging; it's one of the most tiring aspects of the job.
Having to say the same thing repeatedly to prospects can be pretty monotonous.
Not only that, but people often don't take in the message they need to when you tell it to them directly.
A great way to warm your prospects up with articles and blogs that focus specifically on the fundamental objections and road blocks involved with whatever you sell.
Outline the most common objections that your team repeatedly says, and then work with your marketing team or an external agency to get some content up on your site that addresses them.
This content can be sent out to all of your prospects in mass campaigns, but you can also use each piece individually to send out to prospects in light of your conversations.
This is a much softer approach to objection handling and works very well in conjunction with your standard, outbound approach, as you can also send and refer your prospects to articles.
2. Address common objections BEFORE the prospect does
Another great way to close down common complaints before they rear their ugly heads is to have your salespeople bring them up themselves.
"... many people used to think OBJECTION. I can see why people thought that a few years ago, but that's not the case now because, if it were, then ABC wouldn't happen and neither would XYZ."
By pre-empting objections, you quash them in the prospect's minds on the phone or in the meeting before they have a chance to raise the challenge.
This is a simple but effective way to have people see things your way with little to no response.
3. Offer more payment options
Of course, we would bring this one up - we are a finance provider, after all.
Limiting your buyers to only one way of purchasing will also significantly increase the risk of them saying no.
Let's say you have a product that costs £10,000.
If your prospect doesn't have that money in the bank, as much as they want whatever you're selling, they physically won't be able to buy it.
Their only options are:
a) to take out a loan
b) to leave the deal until they do have the cash
c) to find a competitor with a cheaper product or more flexible pricing structure
You don't want them to take option b) or c), so why not offer them option a) in the first place?
Setting up a leasing supplier for your team will allow you to close far more sales than you currently do.
What's more, if you're able to sort the finance for them as well, rather than having to deal with another party, you keep everything under your roof, rather than even tempting them to look at other options elsewhere.
4. Financial automation
Leading on from our previous point, when looking for a finance supplier, make sure they offer automated decisions.
If your prospect has to wait longer than a day for a decision, they'll start looking elsewhere.
An automated finance lender will be able to give you and your customer an almost instant decision, increasing the odds of your team closing the deal even further.
5. Disqualify early
Another great way to increase the close rate of your team is to disqualify bad leads early on.
Ensure that your team isn't just financially incentivised on the number of opportunities booked but also on their quality.
This will put the onus of your team on generating high-quality opportunities rather than just maybes.
It can also be efficient to look back over the last six months to see if there are any trends in where the good and bad leads came from.
This will help you in going forward to amplify any previous successes and cut out poor lead streams rather than focusing on them.
6. Ask for the close!
Finally, salespeople are afraid to ask the big question far too often.
Without asking for the close, you can't progress the sale.
If someone says yes, great.
But if your prospect comes back and says no, you can then figure out why and revisit whatever objection needs to be handled to seal the deal.
Usually, when you get to the decision making stage at the end of the deal, there are only three or four reasons someone won't sign on the dotted line.
If you can identify these with your team, you can work out different scripts for each fundamental objection and ask new questions to overcome their concerns and win the business.
Asking if they want to purchase isn't the end of the road; if they say no, that moves the deal forward, giving you the chance to discover why and overcome that obstacle.
Thanks for reading
Giving your sales team the tools to close more deals is key to increasing your close rate.
If you're interested in adding a new financial string to your team's bow, click below to learn how Love Finance can help.