Aug
6
2010
The Benjamin Franklin close or the Ben Franklin close is one of the most common sales techniques known. It is also known as the T-close or the balance sheet close.
In the old days, this was the technique salesmen would swear by to bring in the dough. Prospects were easily convinced, as this closing technique was still fresh. Years went by and this technique is now so common even novice salesmen has heard of this trick. Needless to say, prospects also became wary of salesmen who used the Ben Franklin close on them.
Some people who are in the sales profession have tried this method and reported its ineffectiveness. A few others consider this technique manipulative. However when used in the right way and with integrity, this worn-out sales technique is still a good workhorse that can bring in sales for you.
In case you are not informed of how the classic Benjamin Franklin close is used, here is how it goes…
At the end of the sales presentation, the salesman whips out a piece of paper and begins to draw a line down the center. On the left column, he’ll write “reasons for” and on the right, he’ll scribble “reasons against”.
Soon, he’ll tell his prospect to look at the situation logically. Starting with the “reasons against” column, he’ll try to list down a few points that stop his prospects from buying. On the other column, he’ll try to list down many reasons why Mr Prospect should buy his widget.
Not a bad approach, except that customers have become more sophisticated now. They have heard of this technique already. Many of them learnt this in schools that teach them techniques for decision-making and critical thinking.
Thus you must revive the effectiveness of this technique in order for it to be useful.
Your greatest ally is your sincerity. Your prospects must feel it. Otherwise he will feel manipulated as he recalls how other salesmen tries to pressure them into a sale. With this in place, we can then talk about technique…
Under the “reasons against” column, we’ll need to list out 2 major objections that are already in the mind of the prospect – time and money. After you handle these 2 objections, move to the “reasons for” column and write down the points you just mentioned to handle those objections. Then you list several other points you have prepared beforehand.
Here, you must elaborate on how your product can eventually save them time and save them more money in the future. By repeating your points in different ways, you’ll reassure them the obstacle is not as big as they think..
Finally, in order not to alarm your prospects as you use this sales technique on him, you must already have a piece of paper in front of you. Moving away from the table and breaking the flow of conversation to look for your stationery does not help the close.
Also, don’t draw a line down the paper as other salesmen usually do. Simply doodle on the paper as you speak, building up the two columns without raising suspicion.
Use this sales technique with an awareness of how your prospect feels about it, and you can still use it with much effectiveness.
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Jul
29
2010
Good salesmen know the power of using sales techniques to persuade prospects. The best among them understands the unfair advantage they get when they involve prospects in their presentation.
Many of these elites choose the demonstration close to showcase the prowess of their product. This elegant technique also helps them conclude the presentation on a high note.
You gain a lot of leverage as prospects interact with your product. Their five senses are engaged and they are likely to feel a sense of ownership. Simply by letting your product “speak for itself”, you can get wonderful results.
In 1984, Steve Jobs unveiled the first Macintosh with an awe-inspiring presentation. He began by making a simple introduction of his company’s new gadget, the Macintosh. Without going into the technicalities of the product, he promptly pulled it out from a box and displayed it before the audience.
Steve then held up a floppy disk before everyone and slots it into the Macintosh. His machine began to run a neat program that demonstrates every capability of his widget. The audience was held spellbound.
With good showmanship and effective use of the demonstration close, Steve Jobs made one of the most successful product launch in history. As a result, the Macintosh became intensely popular and gained rabid fans from every corner of the globe.
Learning from Steve, we can also make our presentations direct and to-the-point. After all, the ultimate objective is to impress upon your prospect what your product can do for him. Since your product is good, your prospects will be won over.
After a simple description of your product benefits, you can end off with a powerful demonstration close. This will help you sell more with less effort than trying to pressure your prospects with over-used sales techniques.
Of course, you should make preparations to stage your product in the best possible light. Simply winging it will not work. As you script your sales demonstration pitch, make sure you focus on your product’s strengths and its uniqueness over your competitors. You can create a “wow” effect with good preparation.
The demonstration close is a powerful technique that’s often underestimated. But when you use it properly, you can expect great results. If Steve Jobs used this technique to build an empire, surely it can help us bring in a little more sales, isn’t it?
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Jul
27
2010
The exclusivity close is a wonderful sales technique that helps inflate the perceived value of your product. As you use it, you can also fan into flames a burning desire in your prospects to buy from you.
This type of closing technique appeals to a person’s cravings for a sense of identity. Truth be told, all of us need to feel belonged and also feel special (unique). Unless we find a way to satisfy this psychological need, we’ll remain in a state of discomfort. Thus if you can satisfy your prospect’s emotional need, you can get him to do your bidding.
Combining this technique with another that appeals to the fear of loss, you can concoct a lethal combination that can potentially bring your prospects to their knees begging for your stuff.
This is how to use the exclusivity close:
1. Create desire. Sell your prospect on the benefits of your product. This is important groundwork because he will not bother about what you throw at him if he has no desire for what you sell.
2. Explain why your product is not available to the man in the street. You can also tell your prospect what’s available to the public – a watered-down version that is also more expensive.
3. Describe the qualification that’s necessary to make the purchase. At this point, you can also emphasize other advantages this privileged group has that the man-in-the-street cannot enjoy.
4. Tell your prospect he is qualified to make the purchase since he qualifies. If he doesn’t, explain to him how he can qualify or make a special arrangement so he can qualify.
The best way to learn how to use this technique is to observe how other businesses are using it. Take a drive down to the city and see which retailer feels more exclusive. Then ask yourself why…
Financial institutions selling credit cards often use this technique. An applicant for a Platinum Card has to earn a minimum annual income of $100,000 before his forms can be considered for approval. However they’ll (quite frequently) lower this criterion to allow more credit card sales.
Using the exclusivity close, prospects are thrilled to be part of the elite group even though they are not earning close to $100,000. They feel a sense of privilege to be allowed into the fold. Thus closing these prospects is like shooting fish in a barrel. Almost all of them will send in their application form.
To create a sense of urgency, these promotions have a short dateline. This motivates most of their prospects to sign the forms instantly.
You have an easier job – these businesses have already blazed the trial. You only have to glean their ideas and implement them into your business to enjoy the results.
Although the exclusivity close cannot catapult you into celebrity status right away, you can immediately enjoy the privilege of letting your hungry prospects into your exclusive club while making money from their sale.
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Jul
25
2010
Prospects sometimes bring their peers to sit with them in a sales meeting. The companion close is the best tool to handle such situations. It is a powerful sales technique that employs his friend as your accomplice. With “insider” help, your chance of closing the sale increases dramatically.
The strength in this technique lies in the relationship and trust between your prospect and his companion. It is likely his companion is there to give him assurance as he makes the purchase. Or he may need a friend’s opinion before making a decision.
Whatever the underlying reason is, the companion – a spouse, parent or friend – is almost always an influencer on some levels. If you can win him over, his opinion can be a powerful motivator for your prospect’s purchase.
But don’t you think that this is a difficult task!
Since the companion does not have to make a financial commitment, he’s likely to agree with you. If you make your presentation compelling and even entertaining, you’re likely to get a strong support from him.
Before you begin, connect with both your prospect and his companion. Your prospect won’t mind you doing this. So take the opportunity to get the companion involved as you begin the presentation.
As you do your trial close at each juncture, remember to involve your newfound accomplice as well. As he nods in agreement, you can usually find your prospect doing the same.
When you win the companion over, his opinions (that are favorable toward a purchase) will seem neutral and unbiased to your prospect. Thus his words carry far more weight than all the persuasion of a salesman.
You can even take it a step further by closing the companion. Just have to get him to give you an honest opinion about your products. Then get him to tell you which one he’ll eventually choose.
It’s easy for the companion to make a “decision” since it’s nothing more than an opinion. And very often your prospect will take it seriously and end up doing what his companion says.
In many ways, your prospect is compelled to be in agreement with his companion. This is a form of social pressure. Like peer pressure, this psychological force can alter the emotion and behavior of the individual. Under such influence, he might even perform an action that he would normally not do under normal circumstances. So use this technique responsibly.
If you use this sales technique with a little showmanship, closing sales will be a piece of cake whenever your prospect brings in an “accomplice”. If lady luck is smiling on you, you may even get two sales instead of one.
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Jul
23
2010
You may recall times when the customer is about to make a purchase but keeps contending about the price or a condition that was not met. It seemed like a dead end. The ask-the-manager close can help you turn such situations around to bring in the sale.
This is a technique where showmanship is of utmost importance. When done properly, your prospect is forced to either make the purchase or dissolve the façade of price objection to confess his real objection.
There are three steps involved to prepare the stage so you can experience this technique’s maximum benefit:
1. Confirm the objection
Have your prospect affirm that the price (or some other objection) is indeed the only concern holding him back. Then you do a trial close by saying, “…suppose this concern is out of the way, will you then put this art piece at your study?”
If he assures you this is the only concern standing between your product and him, progress him to the next step. Otherwise get him to tell you what’s the one thing holding him back from the purchase.
2. Emphasize the difficulty
Tell your prospect how difficult it is to meet his requirement. Throw all sorts of objections at him, then tell him this is the best you can do for him. At this point, drop him a hint that there may be a glimmer of hope if you were to speak to your manager.
Then do another trial close, saying “….we really don’t do such things here, yet I’ll persuade my manager to make a provision. Before I go in to see him, can I be 100% sure that in the event my manager agrees to another 5% discount, you’ll be doing the paperwork today?”
3. Dramatize the conversation
For some reasons, things that come to us easily aren’t valued much. Therefore dramatize the conversation with your manager in such a way that additional 5% comes after a great struggle. This requires a little practice.
As you do this, you may want to stand close enough to your prospect so he can hear your conversation yet far enough so he can’t intervene.
After walking your prospect through these three steps, they’ll come out of this experience with 3 affirmations:
1. He feels you are on his side, putting in an effort to fight the authority for them.
2. He feels great to have you arm-twisted into a good deal.
3. He feels the pressure to make the purchase because you have made him commit to it earlier.
This technique is so powerful some salesmen purposely setup such “dead ends” just so they can put this technique to use. If you’re thinking of using this as a primary means of closing your prospects, you have to make adequate provisions.
For example, if your prospect shoots a price objection at you, an additional discount is available… If he moans about the lead-time, an express delivery can be arranged… In case he bothers you about the color, an alternative can be manufactured…
With adequate preparation, your prospect tries to steal a bargain from you only to find himself entangled into a web of commitment.
But as with all other powerful sales techniques, you must use this with good showmanship and with integrity. Otherwise your prospect may feel cheated and never buy from you again.
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Jul
21
2010
The bonus close is one of the most common sales techniques. The crucial factor that makes this technique work is the element of surprise. With a little preparation, you can use this to pull in many sales that may otherwise be lost.
You should use this technique when your prospect is dithering close to the sale or is unable to make up his mind.
You can first go along the flow of conversation by saying “…here’s the brochure you wanted so you can go think about it.” While flipping your presentation folder, also pull out the brochure for your bonus and say, “…our dealership is now giving away polarized window films and micro-fibre upholstery when you get yourself a new car.”
At this point, you have to sell him on the benefits of the bonus. Close him on the bonus, and then add a touch of urgency by appealing to his fear of scarcity.
A simple way to do this is to create a sense of urgency by saying, “…and to qualify for this, you must make a decision by 15th April, which is today.”
To make it more convincing, shout across to your colleague, who’ll holler back with “15th April”. Then show him the calendar looking for the date and say, “…oh, this would be today!”
In some industries, giving out bonuses is rampant to the extend prospects expect to get them. Thus the power of this technique becomes diluted since the element of surprise is no gone. But there’s a way to turn it around…
Give them a valuable bonus, and then announce a mystery gift that will be sent to the prospect’s address. Suspense can be a powerful motivator.
For this to work, you have to emphasize what the mystery gift can do for the prospect. He must find it attractive and most valuable. You can drop hints, but the name of the product must be kept a secret.
There are many ways you can use the bonus close. If your bonus is very attractive, you can sweeten the pot simply by announcing the bonus. Otherwise it is best used together with other techniques, like ask-the-manager close or the give-take close.
The last thing you want is for your prospect to think, “so what”, as you talk about the bonus. Thus if your offer is similar to the business next door, beware. Your prospect has every reason to start sneering at your bonus close as you pull it up on him.
Used properly, this all-too-common sales technique can be revitalized if you know how. By using the bonus close with skill, you can still get hordes of business as your competition looks on.
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Jul
19
2010
You may already be using a few of your favorite sales techniques with good results. Yet if you want an instant boost in your closing power, the empathy close will be a good one to use.
This technique is sometimes called the friendship close or love close. It involves your willingness to work towards a mutually beneficial outcome. Like any friendship or relationship, your sincerity is the active ingredient that makes it tick.
The empathy close is similar to pacing and leading in Neuro-Linguistic Programming (NLP). It requires you to first pace (follow) your prospect’s rhythm, way of speech and even body language as you open up your conversation with him.
Without going into the inner workings of NLP, it’s sufficient to simply immerse yourself into your prospect’s world and truly understand where he’s coming from.
There are two reasons for doing this:
1. You’ll begin to speak your prospect’s language and this will nurture a feeling of affinity and familiarity. As you do, your prospect begins to trust you. When his heart is open to new ideas, more than half your battle is won.
2. The solutions you present to your prospects will feel more credible. As you introduce ideas in ways that are more palatable to him, he’ll digest them with ease. Then you can have a chance to impress upon him about how your product can improve his life.
Having empathy as you connect with your prospects put you head and shoulders above the average product peddler. This is because most of them only care about themselves and their product. Some may show concern, yet this isn’t the same as empathy.
The word Empathy is derived from the Greek work, “empatheia”, which is composed of two root words, “En” (which means “in”) and “Pathos” (which means “passion” or “suffering”). The ancient Greeks understood the concept of being immersed into the emotions of another human being.
As you empathize, your emotions closely resemble your prospect’s inner experience. Then an almost magical phenomenon happens – he’ll have that warm fuzzy feeling that you really care. This is a powerful emotion that can lead to deep trust.
With this, you have a good chance of shifting the way your prospect see things and lead them towards your point of view.
More than just a sales technique, the empathy close is really an attitude. As you can see, there isn’t really a process or what exactly to say. It’s a matter of the heart. But when you use it, you can get wonderful results and genuine friendships at the same time.
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Jul
17
2010
The artisan close can be a very good sales technique to kick the perceived value of your product up a notch. It can also transform a nonchalant prospect into an impressed buyer. With this technique, price objection often fizzles away as you wrap up your presentation.
The usual salesman starts his sales script by introducing his prospect with a product or service. Then he brings in its features and benefits, and other stuff in his bag of tricks. Better salesman would spice up their show by finding out what the prospect wants beforehand. Then he begins to show his prospect how the benefits can solve his problem.
But the best sales professional has more than the usual sleight-of-hand up his sleeves…
By showing your prospect the craftsman’s skill behind the product and years of experience that goes into the finishing, you can immerse your prospect into a very different perspective.
All you have to do is find out the intricate details on how your product is created – the process, the skills involved, the quality control, the materials used, etc.
If you are offering a service, describe the gory details of what’s involved, who’s involved and some of the problems that your service solve everyday in order to provide your prospect with an unparalleled value.
All these points should be summarized in a script, to be used when necessary. If your prospect is already sold on your product, there’s no need to impress him further. Instead, you can use it after he signs on the dotted line to assure him of the value he’s getting. This serves to reduce buyer’s remorse.
Let me give you an example of how to use this sales technique. Supposing a watch salesman knows his prospect can easily afford an exquisite timepiece. He’s been holding it for some time now but finds it a little pricey compared to another model. He can say something to the tune of:
“An ordinary mechanical watch has roughly 130 components. More complex ones hold hundreds of parts. This particular one you’re holding is crafted from 1,728 parts and is one of the most intricate creations known to mankind…
…each part is individually adjusted, hand-finished, then hand-decorated. Many components are only as thick as your hair. Thus its maker has to accrue over 30 years experience learning the craft before they have the skill to manage such complication. Moreover each of these masterpiece takes one full year to craft…”
If your prospect is enthralled, you can even go into fine details (of the mainspring, the balance wheel, the hairspring, et cetera) and do a trial close at every juncture to see if he is ready to make a purchase.
You can rivet your prospect’s attention by weaving all the information into an educational story. By the time you wrap up, most of your prospects will be ready to be closed.
If you can invest in a little time to put the artisan close to the test, you’ll almost always be surprised by the effectiveness and raw power of this sales technique.
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Jul
15
2010
The give-take close is one of the most powerful sales techniques we humans know. It employs a powerful psychological tendency to strengthen your prospect’s desire for your product. Instead of begging him for his business like other salesmen do, you will now have your prospects running to you.
In order for this technique to work properly, you must make adequate preparations.
First, you must know what is valuable to your prospect and what they want most. Then package your offer in such a way it comes in line with your prospect’s main desire. Alternatively, you can create this valuable item (as a bonus) to go along with your main offer.
This step is crucial, for a prospect won’t bite at your initial offer unless it is desirable. So take pains to make sure this is done.
As you present your product or bonus, get him to experience the pleasure of having it in realty (or at least in his mind). Or get him to feel the pain (physical or psychological) melting away into relieve.
As soon as he starts enjoying the moments of pleasure in his mind, take it away from him. Then throw an obstacle before him. If he retorts and wants the shiny object badly, make him jump through hoops to get it…let him to do some work to have it.
As he fights for what he (in his mind) is about to lose, you can use this momentum to bring the sale to a close. But don’t drive your prospect too hard, or he might get frustrated and walk away disappointed.
Here are two examples of how you can use the technique:
1. “…oh yes, this is what you were looking for, isn’t it? (Wait for his response, then get him to experience the benefits in his mind…) But I remember Mr Kingslee has ordered the last piece and this product range has been discontinued…”
2. “…what you’re talking about, sir, seems like something we have in our store…let me show you. (Again, wait for his response, then get him to experience the benefits in his mind…) Unfortunately the stock we’re left with has been pre-ordered by a client from New Jersey.”
Immediately after this, allow him to fight back and perhaps even get a little insecure. After a while, give your prospect some assurance by telling him you’ll turn things around for him. Also say, “no promises”, so it’ll keep him in suspense.
Five minutes later, you’re back with papers in hand, announcing the good news. Smiling from ear to ear, Mr Prospect promptly begins to sign on the dotted line and eagerly whips out a cheque to make payment.
Some salesmen have this technique backfire on them when their client finds out later what they said wasn’t true. So for this technique to be effective, everything you say (discontinued product line, last piece in the warehouse, whatever…) has to be true. Otherwise your customer will feel cheated and promptly ask for a refund.
What makes this technique so powerful is it appeals to the fear of loss in every human being. Most people will do anything to prevent a loss but will do absolutely nothing to make a gain. Most sales techniques show prospects what they can gain, but few do the opposite. This is one of them.
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13
2010
The double-bind or alternative close is useful for helping your prospect make any decision, big or small. Very often, conversations flow without direction and end without accomplishing its purpose. This technique can direct your conversations to where you want them to go, and get you the commitment you need from your prospects.
You can allow this technique to help you when making appointments, bringing the presentation to a close or to upsell your prospect. The possibilities are almost limitless.
When using this sales technique it is important to offer your prospect only two options – no more, no less. This gives him the perspective of choice, yet it doesn’t overwhelm his mental faculty with different options.
If your prospect has only one option, it may not fit his needs or timing. He may thus suggest alternatives you’re not prepared for, bringing the conversation into uncharted waters. If you give him more than two choices, his mind will be distracted and most (if not everybody) will put off the decision making to another day.
With only two options presented, most people feel comfortable to make a decision on the spot, especially if it doesn’t require a big commitment. Thus you can often get a commitment as soon as you use the alternative close.
Here are some examples of how you can use this sales technique:
1. When getting an appointment, ask, “What is a good time we can meet to discuss your real estate option – Thursday at 3pm…or would 6pm suit you better?
2. When closing your prospect, ask, “By the way, would you like to use your credit card or cheque?”
3. When you’re at MacDonalds, you’re often asked, “Would you like a cup of coffee or tea to go along with your big breakfast?”
When you can get your prospect to be more decisive, you can eliminate procrastination. Why is this important?
Whenever your prospect goes off to “think about it”, you have to make another appointment, get both of you into rapport again and spend time summarizing what was discussed during the previous meeting before you can pick up from where you left off. Sound draggy, isn’t it?
When you delay closing the sale, you risk losing it. In fact, sales are often lost when prospects say, “let me go and think about it”. This is because the prospect is distracted by other offers from the competition. His buying desire is also diluted over time by other events that appear to be more urgent in his life.
You can use this technique in your personal life as well. More than just a sales technique, using the double-bind really helps improve your communication. Many small, yet important decisions that are otherwise put away can now be made on the spot.
But don’t just take my word for it. Try it and see how easy it is to use this sales technique. It truly feels great when you can help your prospects put off their procrastination and make a decision today.
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Prospects sometimes bring their peers to sit with them in a sales meeting.
Sales Techniques – Get Your Prospect’s Involvement By Using The Demonstration Close by Hann
Good salesmen know the power of using sales techniques to persuade prospects.
Sales Techniques – The Powerful Give-Take Close by Hann
The give-take close is one of the most powerful sales techniques we humans know.
