How to close more sales
Small businesses can increase their revenue intake by closing as many sales as possible.
Achieving a strong profit is your bottom line – and small businesses can increase their revenue intake by closing as many sales as possible.
It’s not always easy to identify your potential customers, convince them of your offering’s value, then close the sale. Below we cover some ways to improve your sales efforts so your business closes more sales.
Begin by identifying the group of people, or businesses, most likely to buy from you. Gather as much information as you can on the types of individuals in this target market.
Find out more information from your current customers – including their age group(s), income levels, occupations, and the reasons why they buy your products or services.
Your next step is to build a database of ideal prospects. These are people in your target market who are likely to be interested in buying from your business. You can build a database of ideal prospects by:
Invest in Customer Relationship Management (CRM) software to manage your sales activities. Ensure that your employees document each conversation with a prospective customer. Record the following details about your prospects:
Rate each person's level of interest in buying from your business, and focus on communicating with the people who appear to be the most interested.
Your Scotiabank Small Business Advisor can provide guidance on business loans that can help you grow your business through CRM software investment.
Set realistic sales goals for each day, week, month, and year. Measure the number of phone calls made in a week and the number of sales (or sales appointments) made in a month.
The best salespeople are extremely knowledgeable about what they’re selling. This not only enables them to feel confident when speaking to potential customers, but it also helps to build trust in your business.
Allocate some time to training in each of your sales meetings. Consider bringing in an external sales trainer to improve sales skills and build confidence.
Before contacting your prospective customers, find out more about each of them. Research them online to discover useful sales angles.
If you're selling to another business, read their company's brochures, annual reports, and other corporate literature – or ask a friend or colleague to buy something from them.
When calling a prospect for the first time, find out if they have the authority to make a purchasing decision or if they need to consult with others. Ensure you're talking to a decision maker before making a sales appointment.
During sales appointments, adopt a consultative approach to selling by asking questions. Find out about your prospective customer's individual needs, problems, concerns, and goals in each of the following areas:
You can then match your solutions and benefits to each of these areas, showing how your business can provide solutions in a cost-effective and timely manner.
When doing this, utilize engaging ideas, visual aids, anecdotes and other devices designed to capture the person's interest. Above all, demonstrate how your offering will help them.
If necessary, be flexible and creative. Think about how you could modify your existing offering or create a package that would meet the buyer’s exact needs.
It's important to sell from the potential customer's point of view. Find out exactly what they want and show how your products or services will meet their needs.
View questions and objections as an opportunity to reassure and convince a potential customer of your business's benefits.
After addressing questions and objections, it's time to close the sale. It's a good idea to convince a potential customer of the value of your offering before revealing the price, so wait until this point.
There are different types of closing techniques such as simply asking for the order. However, the best salespeople convince each prospective customer that their needs will be met.
Once you've closed a sale, don't forget your new customer. Call them to ensure they’re happy. This will help you to build a long-term, mutually beneficial relationship.
Some sales are closed within minutes – others may take many months. Follow these tips to boost the ability of your sales team to close the deal each and every time.