1/22/2024-Closing Business

It would be so uncomplicated if asking for the business and closing were the same. They’re not. Closing means you’ve addressed objections and created desire throughout the sales cycle.

It’s week four, and you’re wondering if your manager is ever gonna change her tune: "Close Q1 rev…CLOSE Q1 REV"! (Oye.)

Whether your business is transactional or has a long-term cycle like Saas, you will always be pushed to close as much revenue as possible each quarter.

The TOP 10% know that the proverbial "asking for the order" is junior varsity compared with knowing where you are in the sales cycle. Doing your best to close biz for the quarter won’t mean much unless you know the average term of your sales cycle.

Today, compare the days open for each of your opps against your company’s sales cycle term. (If you don’t have that number…get it. Without it, your close rates and quota achievement may lag.)

Your opps with an expired "use by" date are turning to mold and must be marked "Closed-Lost." For the others, ask yourself, "What do I have to do to move this prospect toward Closed-Won?"

Learning how to close business starts with understanding where you are in the cycle. It’d be horrible if your Q1 was over and you didn’t know it.

It’s old-fashioned to think of closing as a specific skill…as a skill that can be singularly practiced and trained for.

So what, exactly, IS closing?

The definition of closing is this: the continual act of moving the prospect toward saying "yes" and taking action to consecrate the deal.

Timing is everything when it comes to closing. The second you get the RFP and log the opp into your CRM, the clock is ticking against your sales cycle. That means you must proactively ask qualifying questions about buyer interest and objections – i n e v e r y m e e t i n g y o u h a v e with a prospect!

The above formula is anchored by qualifying skills, yet speed is of the essence. It’s not good optics walking around with scores of open opps in your CRM that smell as tired as the half-burrito in your fridge from September.

This 2-minute R-rated clip from Boiler Room might elicit several reactions from you: horror, chuckles, and maybe an appreciation for not having to work in that environment.

But get this…many members of the TOP 10% came up through boiler rooms. (Good for them!)

Ya don’t want to spend your entire career in a sweatshop, but there’s something to be said for the sense of urgency created by working in an eat-what-you-kill org.

ABC! A. B. C.