Marketing Essentials n Chapter 15 Closing the Sale

Marketing Essentials n Chapter 15 Closing the Sale Section 15. 1 Customer Buying Signals Chapter 15 n Closing the Sale 1

SECTION 15. 1 Customer Buying Signals What You'll Learn = The buying signals that a customer sends = The rules for closing a sale = The specialized methods of closing a sale Chapter 15 n Closing the Sale 2

SECTION 15. 1 Customer Buying Signals Why It's Important At a certain point in the sales process, your customer will be ready to make a purchase. Sometimes the decision to buy is quick and easy. At other times, it's more difficult. In this section, you will learn how to recognize customer buying signals and how to close a sale. Chapter 15 n Closing the Sale 3

SECTION 15. 1 Customer Buying Signals Key Terms = closing the sale = buying signals = trial close = which close = standing-room-only close = direct close = service close Chapter 15 n Closing the Sale 4

SECTION 15. 1 Customer Buying Signals Closing the Sale Closing the sale is obtaining positive agreement from the customer to buy. All your efforts up to this step of the sale have involved helping your customer make buying decisions. Chapter 15 n Closing the Sale 5

SECTION 15. 1 Customer Buying Signals Timing the Close the sale when your customer is ready to buy. Some customers are ready to buy sooner than others, therefore you must be flexible. Chapter 15 n Closing the Sale 6

SECTION 15. 1 Customer Buying Signals Look for buying signals, the things a customer does that indicate a readiness to buy, such as facial expressions, actions, and comments. = Example: A customer is holding merchandise and smiling, or making comments that imply ownership. Chapter 15 n Closing the Sale 7

SECTION 15. 1 Customer Buying Signals Trial Close A trial close is an initial effort to close a sale. Attempt a trial close to test the readiness of the customer and your interpretation of a positive buying signal. Chapter 15 n Closing the Sale 8

SECTION 15. 1 Customer Buying Signals General Rules for Closing the Sale You will find it easier to attempt trial closes and to close more sales if you follow a few simple guidelines: = Recognize opportunities. = Help customers make a decision. = Create an ownership mentality. = Don't talk too much. = Don't rush a customer. Slide 1 of 3 Chapter 15 n Closing the Sale 9

SECTION 15. 1 Customer Buying Signals General Rules for Closing the Sale Recognize Closing Opportunities Use major objections that have been resolved to close the sale. Take advantage of high customer interest after a dramatic presentation. Help Customers Make a Decision When a customer is having difficulty making a buying decision, stop showing additional merchandise and remove those things that are no longer of interest. Slide 2 of 3 Chapter 15 n Closing the Sale 10

SECTION 15. 1 Customer Buying Signals General Rules for Closing the Sale Create an Ownership Mentality Use words that indicate ownership, such as you and your. Look for minor agreements from the customer on selling points. Don’t Talk Too Much If you think the customer is ready to make a buying decision, stop talking about the product. Don’t Rush a Customer Be patient, courteous, polite, and helpful. Slide 3 of 3 Chapter 15 n Closing the Sale 11

SECTION 15. 1 Customer Buying Signals Specialized Methods for Closing the Sale Certain selling situations warrant the use of specialized methods: = which close = standing-room-only close = direct close = service close Slide 1 of 3 Chapter 15 n Closing the Sale 12

SECTION 15. 1 Customer Buying Signals Specialized Methods for Closing the Sale Which Close Encourage a customer to make a decision between two items. Standing-Room-Only close Use this when a product is in short supply or when the price will be going up in the near future. = Example: “This is the last pair of shoes I have in your size. ” Slide 2 of 3 Chapter 15 n Closing the Sale 13

SECTION 15. 1 Customer Buying Signals Specialized Methods for Closing the Sale Direct Close Ask for the sale with non-threatening questions or statements that get the customer ready for the close. = Example: "Based on what I've shown you, how do you feel about this product? " Service Close Explain services that overcome obstacles or problems: gift-wrapping, a return policy, special sales arrangements, warranties and guarantees, bonuses or premiums, and credit or payment terms. Slide 3 of 3 Chapter 15 n Closing the Sale 14

SECTION 15. 1 Customer Buying Signals Failure to Close the Sale Don't despair if your initial attempts to close a sale are unsuccessful. In a retail setting, invite the customer to shop in your store again. In business-to-business sales, it may be possible to negotiate further. Remember that even a customer who does not make a purchase is still a prospect for future business. Chapter 15 n Closing the Sale 15

15. 1 ASSESSMENT Reviewing Key Terms and Concepts 1. What are customer buying signals? 2. When is the right time to close a sale? 3. Provide examples of the following closing methods: which close, standing-room-only close, direct close, and service close 4. Why is the failure to close not a true failure? Chapter 15 n Closing the Sale 16

15. 1 ASSESSMENT Thinking Critically A customer seems to be frustrated because she likes three of the items you have shown her. What can you do to help make her buying decision easier? Chapter 15 n Closing the Sale 17

15. 1 Graphic Organizer Specialized Methods to Close the Sale Which Close Service Closing The Sale Standing. Room-Only Close Direct Close Chapter 15 n Closing the Sale 18

Marketing Essentials End of Section 15. 1 Chapter 15 n Closing the Sale 19