What Might Be Killing Your Close Rate
What might be killing your close rate?
Focusing on closing.
It might seem ridiculous to think that focusing too much on closing is actually causing you to close less, but that might be exactly what's happening. If your close rate is high, keep reading so you don't miss a few ways to improve how it feels to execute.
What if every prospect who sat in a meeting with you dropped their shoulders, unclenched their jaw, relaxed and engaged in meaningful dialogue with you? What if every prospect felt safe and secure enough to tell you honestly whether they were in or out? What they're most apprehensive about? What if your close rate increased and your process to get there felt easy and natural?
The problem with many sales strategies is that they can feel dis-genuine or even disconnected from who we are. At best, we have a great script and solid questions to ask. At worst, we are uncomfortable and deliver a robotic presentation that leaves minimal room for authenticity. When you push a sales strategy into a meeting, your prospect feels that. When you're stressed about needing to close the sale, your prospect feels that. It impacts their ability to trust you.
I imagine you can think of sales conversations you've been on the prospect side for. You know, the conversations that the sales person just has something off about them? They're asking questions and you feel like the motive isn't genuine. It's to convert. They're pushing to sell. To hit their quota. At least, it feels that way. They might just be asking you a question about your budget and all you hear is “answer this question about budget and then I know you can afford to buy my product and I've got you!”. Intuition is a powerful decision influencer in the world of your prospect.
Your prospect enters each meeting internally evaluating whether they are in safe place with someone they can trust. The moment when a hint of questioning trust enters the conversation is the moment when the sale (and relationship) goes backwards. The alarms have been signaled.
What can we do about that? Well, we can intentionally stop pushing our agenda and start trying to add value to their life and situation.
What's better than focusing on closing the sale?
Focusing on adding value to the client.
I want to pause here and say that we are not adding value as a means to quickly close the sale and back them into a YES. We are adding value to their life so they can begin to experience what working with us will be like. So that they can actually benefit from time with us! No matter how much time they give us. When we add value, with zero expectation - trust starts to form. And, I've yet to see trust build and it not positively impact a life or business.
As you're in a meeting - think to yourself, “How can I add value to their life right now?”. As you're connecting with someone outside of work - think to yourself, “How can I add value to their life right now?”. As you meet someone for the very first time - think to yourself, “How can I add value to their life right now?”. Simply pausing to ask these questions will reframe your approach.
Here's what I'm not saying:
Work for free
Overextend yourself
Give up your boundaries
Meet everyone's needs
Spend money you don't have
The beauty of seeking to add value is that you can choose to add value using the resources you want to use. Whether it be your words, your time, your money, your ears or your heart.
So - don't hyper-fixate on the close. Focus on adding value. Let your prospects experience the value of working with you - the value of knowing you (because knowing you has value!) and having you in their corner. Don't hold the value back until the sale is done.
You might choose to stop exasperating the pain in your sales process. You might choose to add value and let your prospects experience relief from your time together - to the best of your ability. I'd encourage you to think about your process right now. Think about what your close rate says about your process. It's possible your close rate is high, but you dread every closing call! Think about how easy and natural your process feels right now.
A few other questions for you:
What do you lose if you add value to someone's life, business or situation and don't get the sale?
What do you become known for when you add value to every prospect you encounter?
If someone only ever does a discovery call with you - what do you become known for to them?