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7 Laws of Closing

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					THE SEVEN LAWS OF CLOSING DEALS


  1. Closing begins with the first contact with a prospect.


  2. Closing is part of the natural progression of a well-managed deal.


  3. Closing does not occur without providing a compelling reason to buy.


  4. Closing does not occur without putting the customer’s interests first.


  5. Closing is not a technique or a trick.


  6. The currency of closing is TRUST.


  7. Closing does not occur without visualization.
Using Covey to Close

   1. Be Proactive

       You need to know where your prospects are in the decision making process. This doesn’t happen
       without consistent and persistent contact with them. When you talk to them, always be selling
       something – an appointment, a new idea, a new feature, information, etc. Don’t wait for the
       customer to tell you they are ready to buy! Your proactive approach to the deal is part of a well-
       managed pipeline (see Rule #2).

   2. Begin with the End in Mind

       An effective salesperson begins to close the deal at the initial contact with the customer (Rule #1).
       Closing starts with gauging the interest of the prospect, selling them a “demo”, providing an
       effective and clear bid, and establishing a timeline. Beginning with the end in mind also applies to
       Rule #4. While a salesperson’s job is to close deals, a professional salesperson’s mission is to
       provide relief to a prospects’ problem. When you put the customer’s interests first, most will
       recognize your principled approach to selling and develop a trust-based relationship (Rule #6).

   3. Put First Things First

       What kind of prospects are you spending time on? Prioritizing your pipeline and being able to
       gauge where a customer is at in making a decision are keys to effective closing. In short, work on
       the customers most likely to buy. Many salespeople try to close every deal, regardless of interest
       level or the customer’s timing. Think of selling as growing exotic plants, not a lawn; each one
       needs to be planted and tended to separately.

   4. Think Win-Win

       Most business owners recognize that you need to do your job and that your company needs to
       make money. Being up-front about this with customers can take away some of the mystery in the
       closing process. If a prospect recognizes that you are seeking to provide a win-win solution, you
       are much more apt to close the deal. In addition, a customer always has the right to walk away
       from a deal; so does the salesperson! A deal where the customer wins, but your company loses
       can actually cost the company more in the long run.

   5. Seek First to Understand, Then to Be Understood

       This principle should part of the entire sales process so that when the time comes to close the deal
       you have done your due diligence in determining a profitable solution for the customer. It is the
       responsibility of an effective salesperson to clearly understand where a customer stands. Rather
       than worrying about “buying signals”, a salesperson should continue to listen and address the
       concerns of the prospect until a decision to buy is the next logical step.
    6. Synergize

        Often a customer is told only what your company provides. But what does the customer bring to
        the table? Do they have skills and connections that make the relationship worth more than just the
        transaction? By working on the relationship and not just the deal, you are connecting into your
        client’s network of talents, contacts, etc.

    7. Sharpen the Saw

        Think of this as a second growing season. When these principles are used after the sale, a
        customer is more likely to provide referrals, give a testimonial, and purchase additional products.
        In addition, “sharpening the saw” means you need to continue to hone your own craft as a
        professional salesperson. This means reading books, attending training, understanding how to
        apply new technology (like blogs, podcasts, etc) and other skills that keep you at the leading edge
        of your profession.


A final thought …

These principles require a cultural of transparency and customer-centric thinking in the company you work
for. If these principles don’t work in your organization, you may be working for the wrong company.

				
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Justin Foster Justin Foster Founder www.fosterunfiltered.com
About I am a Brand Strategist and contracted Chief Marketing Officer based in Boise, ID. Over the past 20 years, I have co-owned two marketing/branding firms, plus worked in sales and marketing for both small businesses and large corporations. I have conducted over 300 workshops and seminars - including as far away as Kuala Lumpur, Malaysia. In addition to my expertise in strategic branding, I consult, speak, and write on the impact of generational and cultural shifts - especially related to the influence of Gen Y, social media, and technology. My first book, “Oatmeal v Bacon: Differentiating in a Generic World” is out May 2011. Outside of work, I am a husband, father, football geek, Texas music aficionado, a shrinking former fat guy, and an avid student of everything. As a Brand Strategist, I work with high integrity organizations that want to create or maintain a meaningful, relevant presence in the marketplace. My work focuses on internal culture, differentiation, messaging, and business development planning. While my work is quite broad, I do specialize in helping established brands regenerate by attracting younger audiences. Whether employed as a contracted CMO or as a Brand Strategy consultant, I usually work with three kinds of brands: • Aging brands that need a fresh re-introduction to the marketplace. • Established brands that are dealing with disrupted business models or industries. • Start-ups that are trying to take that next step in brand maturity