Tips to Improve Sales Closing Ratios: A business is only as good as its salesforce, or so they say and it is not ideal when a large portion of good leads don’t get converted. The sales team are very much the cutting edge of every business; without them there would be nothing, therefore it makes sense to invest heavily in sales training. Here are a few tips from the business guru regarding improving the close ratio.
- Closing is an art – Successfully closing a big-ticket deal involves using numerous techniques and they can be taught by a leading sales training company in Bangkok, who have in-house sales trainers and they can tailor the course to suit the industry. After making an initial enquiry, the sales training firm would have a video call to discuss your needs and based on the information they gather, a course can be compiled that will hone your team’s closing techniques.
- It’s all about management – Salespeople perform better when motivated, which is where your sales manager comes into play. Good managers lead from the front and just like their team, the manager can always improve their performance with some special management training that you can find online. As the business owner, you should be monitoring every aspect of team management, ready to step in if need be. A good sales manager sits down with the salesperson and together they analyse what went wrong with that last prospect, looking for ways to improve, while also dissecting closed deals to see what can be learned. Click here for tips on employee qualities to look for when hiring.
- Quality leads – If the sales team are flooded with weak leads, this will do their self-esteem zero good; pre-qualified leads, on the other hand, offer a good chance of a sale and the higher the person’s closing ratio, the more confidence they will have. The main reason for bad closing rates would be weak leads and by doing what you can to qualify the prospects, you will eliminate the weak leads, leaving pre-qualified prospects.
- Financial incentives – There’s nothing like wads of cash to inspire a direct salesperson and in the low season, run a cash prize incentive and raise that competitive nature. Money motivates and always will; this can lead to a spike in sales, as each team player puts 100% into their presentation.
- Practice makes perfect – Just like boxers spar to practice, you can arrange for your salespeople to ‘sit’ with prospects who will raise objections, giving the salesperson a chance to overcome the obstacle and continue to close. The more you do something, the better at it you become, this is a universal law that certainly applies to selling, so set the stage for regular role plays.
With a sharp and highly motivated salesforce, your business will thrive and always remember that staff training should be ongoing if you want to stay at the top of the tree. The sales manager is the key player, of course, so you should choose carefully when looking for a team captain, who should be someone who radiates positivity and has extensive managerial experience.
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