Hearing “no, I’m not interested” is all too common in the sales industry. The average conversion rate of leads to customers is between 2%-10%, depending on your industry.
That means for every ten people you contact, hoping to close sales, only one will make a purchase. Because of this statistic, over 67% of sales reps end up missing their quotas.
However, you can turn that statistic around with these seven steps to close a sale like a pro.
Key Takeaways
- Most leads don’t become customers
- A pro uses short and effective sales pipelines to reach more customers
- Listening to your customers’ needs is more important than your sales pitch
- Always be willing to switch up your sales approach
1. Qualify Your Leads (And Eliminate Dead Leads)
When you qualify your leads, you sort potential customers by how likely they are to make a purchase. Then you can focus on the best leads while dropping any dead leads.
Qualifying leads requires demographic information and purchase history. For example, if you were selling a car to someone, you would want to know if a lead is already talking to a competitor or purchased a new vehicle recently. Those leads are unlikely to follow through with another purchase.
You can gather this information through website analytics or by talking with customers and asking about their buying status.
2. Create an Effective Sales Pipeline Process
Once you have a list of leads that are most likely to purchase, you can switch from information gatherer to sales representative.
But the worst move you can make is to start right in with a sales pitch you made up on the spot. Instead, have a standardized sales process in place. A sales process is also sometimes referred to as a company’s sales pipeline.
Companies with effective pipeline management saw a 15% increase in their growth rate.
Your sales pipeline will act as a road map and guide you through the most effective strategy for bringing home a sale.
3. Keep Your Sales Cycles Short to Quickly Close Sales
The longer a person goes between your first contact and making a sale, the less likely they will finalize the sale. A large gap gives leads time to choose a competitor or lose interest in purchasing altogether.
The average B2B sales cycle takes over four months to win a new customer. Of course, for a regular consumer, the time varies greatly depending on what you’re selling. However, a good average is that each customer has eight touches or eight interactions with a sales representative before they are engaged.
You can close sales quickly through these four tips.
- Go straight to the decision-maker when making your sales pitch
- Create a sense of urgency, such as a limited-time deal
- Anticipate any possible concerns and address them immediately
- Automate some of your sales processes through a CRM
Over 65% of sales professionals use CRM to automate part of their sales process because automation does more than speed up your sales process. It also keeps you organized and manages your sales so you can focus on other areas.
4. Connect to Your Clients and Their Needs
People crave a personal connection. However, many businesses are switching out their people with artificial intelligence. But you can stand out by giving people that one-on-one interaction with a human.
To make a meaningful connection with your lead, you need to take time to listen just as much as talk. When you listen, you’ll learn about their needs and have a starting point for your sales pitch by explaining how you can resolve those needs.
Also, when connecting with customers, you should drop any sales personality. No one likes being pressured or hassled into a sale. However, 57% of customers are more likely to buy from a salesperson who doesn’t pressure or hassle them.
5. Give Prospects Something of Value
Part of connecting to your leads is presenting them with something of value. First, you are offering them a solution and valuable purchase. Second, you can offer an incentive that shows the customer they are essential, like a loyalty program.
You will want to skip over any fluff or sales language and get right to the point. When you create value, you are more likely to convert them to a customer because they’ll understand the need for the product and feel essential to your company.
6. Follow Up with Your Leads
Nearly 92% of salespeople give up after four nos. However, 80% of prospects say no four times before they say yes. If you want to close a sale, you need to be persistent yet respectful.
One way to be more effective in your follow-ups is to contact leads quickly. They should still have your sales pitch fresh in their mind when you contact them again.
7. Review and Improve Your Sales Process
Even if you performed the previous six steps perfectly, you’d still have a few leads that don’t make a purchase. So, while you won’t be able to convert them all, study possible weaknesses in your closing techniques so you can do better the next time.
Review your KPIs to see how effective and efficient your sales are. Your KPI will tell you:
- Overall revenue
- Employee performance
- Call time
- Customer satisfaction
- Sales generation
- Overall efficiency
You will do your best in sales if you are also willing to learn. After studying your KPIs, adjust your sales process so you can be the most effective at closing sales.
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