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Understanding the sales process (continued)
Handle objections Sometimes you can handle objections right away. Your options are to explain your way through an objection, change your offer, or provide other incentives. But sometimes you won't be able to immediately handle objections. Sometimes you'll need to do some homework away from the sales encounter. This is fine. But make sure you do the homework and actually follow up with the customer. Occasionally, you'll find an objection is legitimate and you really can't meet the prospect's needs. Be honest, shake hands, and wish him luck. Then walk away.
If your prospect has been qualified, you've got a motivated, interested prospect. I've had a number of instances where my prospect has identified his objections and then we've gone off together to research how to overcome them. In these cases, the objections were legitimate; they weren't gambits on the part of the prospect to manipulate the deal, but were real issues that simply needed to be resolved.
Loop to sales pitch Usually after you've met the set of objections presented to you by the prospect, it's time to go back to the sales presentation; modify it to discuss the objections; go through the attempt at the trial close; learn about new objections; meet those objections; and continue to work through the issues until the prospect indicates a willingness to move forward on the deal. This looking cycle can go quickly. Other times, it can take months. I once completed a deal where I had to loop through these steps for nearly a full year until we managed to handle (or reduce the perceived risk) of the prospect's objections.
Trial close (again) Another way to think of the trial close is as a checkpoint in the deal-making process. It's the point at which both you and your prospect determine together whether all the elements of the deal have been worked out and it's time to get down to business. As the deal gets closer to completion, you may find yourself doing trial closes on various elements of the deal, rather than the deal in its entirety.
Symbolic close I'm a big proponent of the symbolic close. Often, even after all the parties have come to agreement on terms, the actual paperwork that makes the deal legal takes some time. The period of time can often get in the way of the enthusiasm of the moment. So, even though the actual deal isn't closed until the purchase order is cut or the contract signed, I like to close the deal symbolically. Shaking hands, opening champagne, going out to lunch or dinner, having a party, or even doing a handshake over the phone are all symbolic ways to celebrate the completion of a deal.
With the symbolic close, the rapport dynamic changes from sales person/prospect to provider/customer and is critical as you build an entirely new type of rapport for the long-term business relationship.
Real close Of course, the real close is nice too. This is when the deal is actually done and the paperwork is in everyone's hands. Pat yourself on the back and do a little dance.
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