Attract the Right Job or Clientele:
How Will You Improve Your Closing Ratio?
If you are like most, you concern yourself with the question, how will you improve your closing ratio? The culprit may not be a lack of good leads, a lousy contact list or an issue with the product. The problem may be your ability to differentiate good leads from not-so-good leads – or it may be your strategy and your ability to correctly time the close.
Not all leads will qualify as prospects.
Qualify Leads with BANT
It costs money, time, resources and effort to chase leads – so make sure they are worth chasing by qualifying them first. Leads are only worth chasing if they possess four qualifying factors:
The qualification acronym BANT sums up this concept. Let’s say you sell camcorders for $700 each. If a lead has only $250 dollars to spend per unit, that lead simply doesn’t have the budget to qualify. If you have a lead who seems interested, but he or she has to first check with a supervisor before committing, that person doesn’t have the authority required to qualify – go talk to the supervisor.
If a lead sells financial products to businesses, he or she simply doesn’t need camcorders and therefore doesn’t qualify. If a lead works in an industry where hand-held recording devices like yours are necessary, but the business just purchased several, the timing is wrong, and that lead is disqualified.
More on Timing: When to Propose
The article “Popping the Question: Ensuring a Good Close Ratio” equates sales to making a marriage proposal. Eventually, you have to just ask the person to marry you – but the timing has to be just right. First, you have to ask the other person out on a date and get through the first date successfully. Then, there are a series of follow-up dates. There there is a longer period of getting to know each other, possibly with a weekend getaway.
All of these phases build trust, ensure mutual desire and give both parties time and opportunity to make sure they’re sure. The same thing goes for sales. Eventually you have to ask the buyer to commit, but you can’t just propose on the first date.
Closing a sale is proposing marriage – timing is everything!
All leads should be qualified as genuine prospects before you squander time, energy and resources on chasing the wind. Those prospects, however, are not automatic sales. The close is the last piece of the puzzle, but it has to be preceded with a delicate and thorough sales process – one that reassures both you and the buyer.
Andrew Lisa is a freelance writer who covers small business and sales.
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Following Lisa’s advice on how to improve your closing ratio will have you on target to enjoy the Smooth Sale!
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