Tuesday, March 19, 2013

LED Sign Sales- Closing Technique Suggestions- 3 of 3

This is the final of 3 installment posts where I share with you suggestions on how to close an LED sign sale. So far, over the past couple weeks I’ve suggested 6 closing techniques and today I will meet my stated obligation of providing 3 more. Never being one to under-deliver I’ve upped the ante’ today with a 4th suggestion to provide a nice round number of 10 total!

From these 10, pick a couple and practice them. If you don't care to use these suggestions just search online on "closing technique" to see dozens of others available to you! Continue to practice and look for new ways to influence others and share your ideas.

If you stop and think about exactly how involved an LED sign sale is, it’ll blow your mind. Perhaps we shouldn’t do it, but here goes:

  •  A business opens through someone presumably having a skill or some product that they want to sell. Seed money is provided for start-up, a facility is acquired, licenses and legalities are muddled through and viola, a new member of the business community appears.
  • Talent is required so associates are recruited.
  • Competition is fierce so a solutions-oriented advertising method is required.
  • You, the sign dealer is called. Also perhaps some of your competition.
  • Sign options are discussed- sizes, colors, communication, functions.
  •  Pricing is negotiated and terms are finalized.
  • The LED sign contract is inked and the product ordered.
  • Permits are obtained.
  • The LED sign is built, shipped and received within the stated time.
  • The LED sign is installed, tested, while the customer is trained. And the sales cycle is complete.
It is truly incredible and this example above has been “dumbed-down” considerably. But somewhere around number 6 or 7 above, the actual close comes into play. This is the “great meeting of the minds” where the wallet comes out and the marriage actually occurs. Perhaps these 4 suggestions will help deliver the LED sign sale to your company:

7. Harmony Close

Be empathetic. Try it, feel how they feel and spend a day in their world. Understand their situation and relate to it.

They will start to empathize with you and suddenly you are on their team!

Talk about the situation using “us” instead of “you”.

Become a match-maker by providing your excellent product to a most worthy customer.

Two examples:

I get it, I really do and it makes a lot of sense for us to buy this LED sign today with this financing plan.

You know what? This solution will work great for us!

This close works by relating to them. When you feel what they feel it’s likely they’ll come along with your ideas. Wait for the right moment and try “sharing the love” and that is why this close is also called the “Love Close”.

8. Opportunity Cost Close

Demonstrate the cost of not buying the LED sign and show them the actual out-of-pocket cost is not as high as it appears from the price.

To do this use the word: 'cost' in an expanded sense: hassle cost, customer cost, service cost, missed opportunity cost, time cost.

Two examples:

If you keep your existing static signs and the radio advertisement program what will be the costs? You have the high cost of radio ads that you can’t instantly update and you still have the faded sign. The cost of not changing your ad program up looks much higher than getting on board with an LED sign.

This LED sign really highlights your business and puts you on leading edge here on Main Street. Think of the other businesses with their old reader boards and how they must feel seeing your LED sign.

Every choice has some cost associated with it. In finance, business, advertising the frequently used phrase is “opportunity cost” for not taking action.

Make the word ‘cost’ your friend. It’s not just ‘cost’ as in money!

9. Specifications Close

Make a list of their stated specifications and requirements. Then promise to deliver each of these, item by item to close the sale.

Keep the document and revisit it. Amend it as required throughout the negotiation process.

Two examples:

Let’s talk about all your specifications! If we can find a way deliver this, it'll be ideal, won't it?

I’ve made a list of what you stated your LED project required. Let me show you how we can deliver this and more.

Make the conversation an open conversation but write down what they say as it helps define the document as being more formal rather than just verbal wanderings.

10. Trial Close

A Trial Close is a test to see if the person is ready to complete the sale. It really isn’t a closing technique in itself.

Try it after a presentation or after you’ve made a strong point or use it when you have answered objections. 

Pose the Trial Close as a tentative question.

Ask 'If...' questions that assume they’ve already purchased the LED sign.

After asking the Trial Close question be quiet, watch and listen carefully for their response.

'ABC' means “Always Be Closing” but you must be cautious because ABC can become annoying if they are nowhere near ready to buy!

Three examples:

You seem very interested in my proposal. Is that true?
Have you decided on full color or grayscale?
How would it look installed where the reader board is?

The Trial Close works by putting the idea of closure onto the table and  person's response will tell you how close they are to buying your great LED sign project!

These comments belong to me, Mike Prongue, and do not reflect the views, opinions, hopes or dreams of anyone else, anywhere else and this includes Vantage LED. I appreciate your constructive opinion which may be sent to me at michael@vantageled.com. 

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