The words we hear most often when talking about sales and how to improve the sales cycle are “how to accelerate it”, or “how to sell quicker”. That’s why we gathered the 4 best tips on how to quickly close sales and save time.
We’ll guide you through tried and tested tricks, show you the psychology behind them, and give you some examples on how to use them. With tips on how to customize specific solutions for different business models. So settle in and get ready to learn!
Close sales and save time with these tips:
1. Create a sense of urgency
Nothing speeds up the decision-making process as well as creating a sense of urgency. You can do this by announcing a limited-time sale, a sale of a product that you will only put up for sale once and never again. By announcing that certain product has limited stock. Or by showing how fast the items are selling out in real-time.
It works because attaching a deadline to a deal offers your client an incentive to make a commitment. However, you need to understand that you can only put urgency on products and services that people actually want. Putting urgency and discounts on things that aren’t selling otherwise, won’t produce the result you’re looking for.
A fantastic way of doing this is by creating an actual countdown in your newsletter that literally counts down the days/hours until your offer expires.
56% of people are afraid they’ll miss out if they don’t stay on top of what’s happening on social media.
The psychology behind creating a sense of urgency is, as obvious as it sounds, the fear of missing out. No one wants to be left out, and the harder it is to come by a product, the more people will want it.
A study conducted in 2013 shows that 56% of people are afraid they’ll miss out if they don’t stay on top of what’s happening on social media. Make the most of their FOMO by sending out newsletters and push notifications about certain sales with a time limit.
2. Bundle deals
Product bundling is a marketing strategy that groups several products or services together in order to sell them as a single product at a discounted price. Such a technique is widely used in order to entice customers to spend more, move a surplus of products, or increase sales on a less popular product.
If you think you can get all that with a discount, let us prove you wrong. Instead of offering a 50% discount on a single service, you can offer a few bonuses that don’t cost you as much but still raise the value of your bundle pack.
Bundles work for B2C and B2B companies, you just need to adjust your messaging. If you’re targeting customers, make sure to use phrases like “family pack”, and really get across the message of spreading the value of a single product to the whole family.
Bundles work for B2C and B2B companies, you just need to adjust your messaging.
In B2B cases, you’ll want to get across the message of saving someone’s time. If you bundle up products for an office, it means that your customers don’t have to shop for similar products several times, but can get everything they need at once.
The important thing about bundling is pricing. If you bundle up products that can be bought separately, the price of your bundle shouldn’t be the same, or higher as if your customers were to buy them separately. Selling them at a discounted price will still provide you with more profit since you’ll be selling more and faster.
3. Takeaway method
Another great trick on how you can close sales quicker is to use the “takeaway” method. What that entails is laying all the benefits of your proposal on the table and then taking certain aspects of the table once you see hesitation.
Although it may sound like a method you can only use in a face-to-face situation, it also works for online sales. The trick is to present your clients with differently priced solutions or products that go up in tiers both with the number of services provided and by price point. That way people can choose a price point they like.
You don’t want your client to feel as if they’re wasting money. Think about that and try to use the words investment or ROI instead of price.
It works because the price point is the most contested part of any proposal and this solution lets you showcase your targeted price as the cheapest solution among others, instead of just having a single number without a reference point for how much services you offer usually cost.
The takeaway solution works best in situations where you have a multi-tiered platform and customers can choose which features they would like to use. You should also think about the emotions you’re trying to evoke. You don’t want your client to feel as if they’re wasting money. Think about that and try to use the words investment or ROI instead of price.
4. Take advantage of the word “free”
Using the word “free” in your sales efforts may be the most widely used model of shortening your sales cycle and quickly close sales. It can be as simple as providing free shipping, the word will always evoke a reaction. As you have probably noticed, a lot of SaaS companies give out free trials, free e-books and demonstrations. The goal of this approach is to convert free users into paying customers.
If the best way for people to get familiar with your service is to try it out for themselves and see first-hand how much it would simplify their day-to-day tasks, then give them a free trial and keep them informed through effective email newsletters about all kinds of integrations they can implement and use.
The psychology behind this approach is our general aversion to loss. People will likely choose not to lose money rather than to gain something, even if it is of relatively greater value.
Beyond offering free trials, you can give out free products with a purchase, create coupon codes for a buy one get one free deals or offer free services that would usually be charged as extra with a bigger purchase.
The psychology behind this approach is our general aversion to loss. Researcher Gregory Ciotti suggests that people will likely choose not to lose money rather than to gain something, even if it is of relatively greater value. He describes a series of experiments in which consumers would pick a free item over a very low-cost one, even if it represented a greater value.
Now you can close sales quickly
With our numerous ways of speeding up the sales process and close sales, and examples that further demonstrate the point, you’re well on your way to having a fast and efficient sales cycle.
About the author:
Petra Odak is a Chief Marketing Officer at Better Proposals, simple yet incredibly powerful proposal software tool that helps you send high-converting, web-based business proposals in minutes. She’s a solution-oriented marketing enthusiast with more than 5 years of experience in various fields of marketing and project management.
It is a marketing strategy that groups several products or services together in order to sell them as a single product at a discounted price.
This strategy works because attaching a deadline to a deal offers your client an incentive to make a commitment.