We’ve all been there before.
You spend tons of time with a prospect working a deal going through discovery calls, demos, etc.
Finally, you get to the close and the air comes out of your balloon.
You lost the deal.
The experience of losing a deal that’s all but closed is no fun. Thinking of all the wasted effort and second-guessing the things you could have done differently can make your head spin.
Lots of times an entire deal can fall apart on the final call. It doesn’t have to be this way.
How much better of a salesperson would you be if you closed twice as many deals as you do now?
After reading this article and implementing this framework, you’ll have a simple (not easy, but simple) method for closing more B2B SaaS deals.
Why You Have Difficulty Closing
The biggest reason that people have trouble closing is that they don’t go into the call with a strategy on how to close. Going into a closing call without a strategy will leave you floundering around on the call like a fish out of water.
Oftentimes salespeople expect that prospects will just happily hand over their money because of all the time and effort the salesperson has put into the deal up until this point.
No so fast.
Prospects won’t invest in your solution until you’ve checked all their boxes and they have total confidence in you.
You want to make sure that you ask the right questions to close effectively.
But, more on that later.
The Right Questions in the Right Order
Even when you do ask the right questions you have to make sure you ask them in the right order.
Not checking the boxes in the right order can cause a rift between you and your prospect because they will feel like you don’t understand them or their situation.
If a prospect feels like you don’t understand them, your chances of closing diminish drastically.
Nothing closes a prospect’s wallet faster than confusion and doubt.
So, how do you ask the right questions, in the right way, and close the deal?
A Three Step Process for Closing More Effectively
One of my old sales managers taught me this formula years ago and I still use it to this day. To close effectively you need three things (in this order).
Solution Fit – The prospect must agree that your solution or path to solving their problem is what they want and need, regardless of who provides the solution.
“Price and vendor aside, do you believe that [SOLUTION] is the best path for you to solve
Company Fit – After they agree that the solution you have outlined is what they want and need, they must agree that you are capable of providing the solution and that they trust you to provide it.
“Do you believe that I/we can execute [SOLUTION] and provide [OUTCOME] for you?”
Pricing – After agreeing to a course of action and agreeing that they believe your company can provide it, they must agree that your price works for them – both the cost and terms.
“Does the pricing work?”
You have to check off each box above in the appropriate order by isolating and resolving any concerns or objections that they present.
If the prospect presents any resistance, you have to successfully overcome that resistance before moving onto the next one. Going out of order will make for a more difficult closing process.
Here’s why order is important
Imagine that you’re on your way to a big job interview and you spill coffee all over your shirt. You spot a clothing store and rush inside to find the exact same shirt you’re wearing.
The only problem is they don’t have your size and no others will fit you. Even if the shirt is at a steep discount, would you buy it?
No, you wouldn’t because it’s not your size.
It doesn’t matter how cheap it is. If it doesn’t fit you, it won’t work.
Oftentimes sales reps will lean on price too heavily and use that as a bargaining chip before they’ve gotten the customer to agree to a plan of action, and that their company is the right one to help them fulfill it.
It’s imperative that you resolve all concerns and get buy in from the prospect on your plan of action first, the opportunity to work with you second, and finally price.
After you’ve checked all the boxes, you should come to an agreement on a timeline by asking, “when would you like to get started?”
You’ll have to use a little more finesse than that but you catch my drift.
There’s nothing worse than losing a deal inches before the finish line. Unfortunately, taking your foot off of the gas during the closing process can cause a “sure thing” to slip right through your fingers.
To successfully close a deal you must go into the final stages with a strategy on how you will close.
Every company, product, and sales process is different but at a high level a prospect must have confidence in your solution, your company, and your price point (in that order) before they will agree to work with you.
Gathering as much information as possible by asking questions throughout the sales process is the first step to understanding your prospect’s pain points, demonstrating value, and proving that you can solve their problem(s).