My mentor always said "Never leave money on the table". The success of your business, your territory and your future depends on closing bigger, better deals. Put your time and energy into prospects with the power to make large investments and introduce you to others who can do the same.
Do you want to be in the top 5 percent of salespeople? Of course you do. Most in your profession think success means closing more deals -- but that’s simply not true. In fact, average salespeople often close more sales than the richest salespeople do. That’s because the top 5 percent of salespeople know how to increase their average sale size, enabling them to make much more money on far fewer deals.
The key to reaching the top level of sales is consistently closing bigger sales.
By targeting massive organizations with the need and budget for larger investments. You can start by taking concrete steps that will lead you to bigger deals. Check out these seven closing strategies for landing bigger clients, doubling your average sale size and dominating the competition gaining a significant edge in your industry.
1. Get over your fear.
The biggest fear is fear of the unknown. When you look into a dark cave and you cant see whats on the other side of darkness fear kicks in. Its a protective mechanism that will keep you from your goals and dreams.
Many salespeople are simply too scared to sell to huge companies because they have never done it before! If this sounds like you, you may be surprised to learn that big organizations can actually be much easier to close than smaller ones. After all, these large companies face the same problems as your small customers do, just on a bigger scale. This means they need a bigger version of your solution -- and they have the budget to match. Get over your fear, and you’ll quickly see that big companies don’t bite.
2. Stand apart from the competition
About a week ago my wife and I were traveling home from a family vacation in Spain. We had just landed in the LAX terminal and waiting for our bags to arrive on the carousel. As we were standing there a man jumped onto the ledge of the carousel and started walking on the edge. During that time, apparently my wife asked me a few questions regarding our baggage. I had no clue what she said or asked because I was so focused on this guy walking on the edge of the carousel. In that moment that gentleman (who got me in trouble with my wife) had my attention, because he was doing something out of the normal. That is what you need to do when you are looking to close bigger deals as well.
High-level prospects hear from an average of 10 salespeople every day. If you do what everyone else is doing, you’ll never get through to them or earn their trust. To double your average sales size, you must be intentional about standing apart from the crowd in your industry. While others pitch, you should ask questions. While others are enthusiastic, you should be low-key and genuine. While your competitors focus on their products, you should focus on your prospect’s deepest frustrations and show how you can solve them. A great book that I recommend to all my clients is "SPIN Selling. In this day and age its not about how good the product is. Its about how good your prospect believes your product is.
3. Stop selling to low-level prospects.
What weighs more a pound of bricks or a pound of feathers? Better question, would you rather collect a pound of bricks or try to scavenge to find a pound of feathers?
When you first call on an organization, it’s easier to connect to low- or mid-level managers. It’s easier to talk to these low-level prospects, and you’re more likely to set more sales meetings with them. Although you'll feel safer selling at this level, you’re only harming your close rate and decreasing your average sale size. That’s because low-level prospects simply don’t have the power or budget to tell you “yes." They’re not the decision-makers. If you want to increase the size of your sales, stop selling to prospects who lack the budget to invest in your solution.
4. Sell to decision-makers.
One of the challenges of selling to big companies is the gluttony of mid-level managers with confusing titles. This can make it difficult to determine who the real decision-makers are. It’s a best practice to head straight to the top of the food chain and sell to directors, vice presidents, and C-level executives. They have the power and budget to say “yes” to your offer. Don’t worry about selling too high. If someone refers you back down the chain, you’re still landing an introduction to the right person -- by his or her boss, no less.
5. Stop cold-calling.
Cold calls are miserable. Trying to connect with people who've never heard of you is not only challenging, it’s also extremely ineffective. Fortunately, there’s a better way to connect with prospects: a sales-prospecting campaign. Plan your calls, letters and emails as follow-ups to a valuable letter or package you send via FedEx. This could be a special report, unique sample or company analysis. These intentional, repeated touches over a series of months will set you up as a familiar name by the time you actually get your prospect on the phone. When a huge sale is on the line, you can afford to invest time and money to catch a single prospect’s attention.
6. Know the decision-making process.
If you’ve closed only small deals at small companies in the past, you might be accustomed to working with just one or two decision-makers at a time. In large corporations, the decision-making process can be much more complicated. One of the biggest mistakes salespeople make is failing to understand the decision-making process. Get a grasp of this early on, and you can stay in front of the right people, build value for them and close your sales at higher prices.
7. Leverage Sales for Introductions!
When you close one large sale at a big organization, don’t stop there. Ask new customers for introductions to others in their company or network who could benefit from your offering. FOLLOW UP, FOLLOW UP, FOLLOW UP! You have nothing to lose by asking for introductions, but failure to do so will cost you massive opportunity and revenue. Successful salespeople understand this, and they never miss the chance to leverage a big sale for more valuable introductions. This is the single-most effective way to consistently close bigger sales.
Have you been working to close more sales when you should’ve been focusing on bigger sales? Don't worry we have all been there, I know I certainly have! Getting started is the hardest part. Most of the time its because you don't have a strategy of implementation. I help sales and business professionals just like you all the time develop their long term strategy for success every day. Let me help you. Book a strategy call with me today by clicking here. Or you can start by downloading my Significant Edge Bundle Pack today by clicking here