Tech companies can pursue multiple avenues when it comes to driving growth and revenue, and one of the most important is to close more sales. This goal, however, is easier said than achieved, especially when you're talking about B2B selling, which is notoriously tricky and harder than B2C selling. That being said, there are effective techniques you can use to increase your close rate, including these eight.
1. Provide Potential Customers with Multiple Options
People who are responsible for purchasing decisions will usually shop around with different vendors and explore multiple options before making a choice. Therefore, if you can provide them with options— regarding different product or service levels and different pricing options—then you will have a better chance of winning their business and their loyalty. The main idea here is to present B2B prospects with about three options and let them determine the one that's the best fit in terms of their needs and budget.
2. Answer This Question: Why You?
Guaranteed you’ve heard the term ‘value proposition’ before, but do you know what yours is? The only way you can convince prospects that you're a better choice than the competition is to know precisely why you're a better choice, and this means understanding inside and out what value you can offer clients above and beyond the product or service you're selling.
3. Focus on Individual Pain Points
Your most effective value proposition could well be a way that your product, service, or brand is positioned to help prospects overcome a challenge or solve a problem. To do this, you need to have a thorough understanding of a prospect's pain points, including the challenges they face daily, weekly, monthly, and annually. These instances are where account-based selling can be useful because it can show prospects that your entire organization is on board as a problem-solving partner.
4. Have Solutions to Sell
The key to addressing pain points, however, is having a pitch prepared that explains how your product, service, or brand is the solution. You can do this by illustrating successful solutions you've provided to others and by demonstrating what results they can expect by choosing you.
5. Get Up Close and Personal to Make Your Pitch
One of the best and most effective B2B sales techniques you can master is also one of the simplest: state your case in person. Put down the phone and discard the email draft, and instead make an appointment and meet with the prospect face-to-face. This is especially important if your software (or other product or service) requires a substantial investment because there's something reassuring about meeting with a potential vendor in person.
6. Stick to the Facts
No matter what happens and regardless of what your prospect says during the conversation, it’s of the utmost importance that you not take anything personally. If you manage to keep your cool and retain a distant but friendly professionalism, then you will be in a way better position to respond to your prospect and convert them.
7. Explain Why the Benefits Are Worth It
Cost is a concern that will always come up in any sales conversation, and it’s up to you to explain why your pricing—which may be higher than the competition—is worth the investment. For instance, if you're a software company, then your monthly subscription may be higher than your closest competitor, but you probably also offer a superior product. You have to be ready with answers to explain your rates and to show your prospect that the value they'll get has no price.
8. Talk to the People Who Are Authorized to Say Yes
One mistake B2B sellers often make is not talking to the right people from the beginning. Sometimes, this means moving beyond purchasing managers and buyers to people higher up in the organization who actually have the authority to make a purchasing decision. After all, you don’t want any of your pitch getting lost in translation, so you might as well start talking to the person who has the power to say yes.
Closing more sales means better growth and a stronger bottom line for your company, but if increasing your closing rates was simple, more people would be doing it. That's not to say you can't learn to close more sales, and these eight techniques will help you connect with prospects on more meaningful levels, demonstrate why you're the best choice, and ultimately help you close more often.