deal closing

Don’t Let These 2 Mistakes Hurt Your Deal Closing

Deal closing is a vital part of selling yet many salespeople struggle when it’s time to make the sale. In fact, SalesFuel’s research revealed that 20% of sellers say that closing is a top weakness of theirs. 

Unfortunately, reps may be undermining themselves when it’s time to close, allowing for what The Virtual CRO’s Casey Murray calls, “value leaks.” Writing for HubSpot, he explains that value leaks are “instances where your email, proposal, word choice, presentation, or body language diminishes the perceived value of your solution.” And these leaks can be tough to contain. 

Why do value leaks hinder deal closing?

Value leaks hurt sellers’ chances of closing because they lower buyers’ confidence in the solution. The value is diminished in the buyers’ eyes, making them less likely to buy. But value leaks aren’t inevitable. “Value leaks are easy to spring, but if you remain mindful of where and how they can pop up, you can ensure that you‘re not undermining your chances of closing throughout your sales process,” Casey explains. 

2 mistakes that produce value leaks

One way that sellers create challenges to closing is referencing discounts or low prices early in the process. Doing this immediately hurts perceived value. Often, to appeal to a buyer, a seller will mention a discount or competitive pricing right away, even during an outreach communication. Doing this can actually impact their chance of closing because it suggests low value and low confidence on the part of the rep. 

A prospect will only buy your offering if they perceive it as being better than the one they currently use,” he writes. “They‘re interested in the most valuable solution — and there’s a major distinction between valuable and cheap.”

Instead, keep the focus on value to pique their interest in your solution to avoid a value leak. Mentioning personalized benefits, potential positive outcomes and other attractive benefits is a best practice. For more advice on how to emphasize value at each stage of the sales process, check out SalesFuel’s tips

Getting rattled by objections

Deal closing requires confidence, and often, sellers’ image of confidence will break down when they’re faced with an objection. Responding defensively, being dismissive or being unable to generate a thoughtful response all can lead to value leaks. While objections do present a challenge, they’re also a powerful opportunity for you to counter buyer concerns head on. 

And the professionals at Pipedrive agree, noting, “An objection gives you a precious opportunity to understand your potential buyer's struggles, target their specific needs and build stronger relationships. A question or objection is a crystal clear insight into the pain point you can solve.”

Sellers need to listen to the objection and determine what is behind it. As SalesFuel reports, “a subtle shift in thinking can make facing and overcoming objections in sales easier.”

SalesFuel shares a simple four-​step process that can help you overcome an objection. The four steps, in this order, are: 

  • Listening fully rather than getting defensive
  • Understanding what the buyer’s primary concern is
  • Asking the right follow-​up questions to uncover what is driving the objection
  • Responding and confirming to address their objection and ensure you are on the same page

Using this strategy when faced with a skeptical buyer can prevent value leaks and reaffirm why your solution is the best choice. 

Value will be what ultimately convinces a prospect to buy. Don’t undermine your deal closing by springing value leaks throughout the process. Addressing these two common sources of leaks can keep your solution’s value the focus and inspire a buyer’s confidence both in you and what you are selling.

Photo by The Coach Space