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Perfecting the Pitch (Part Three): 5 Pro Tips for Closing the Deal

Posted by IndustrySelect on Monday, November 11, 2019

100065_closing the deal3 MIN. READ

Welcome to part three of our "Perfect the Pitch" series, where we cover how to craft the perfect sales pitch from start to finish.

In our first two parts, we went over how to tell if a pitch isn't working and how to write a sales pitch that will convert prospects into clients.

Today, we'll be laying out our best tips and tricks for how you can close deals. This guide will cover five essential elements of any closing that you can use to secure lucrative contracts with high-profile manufacturers.

1: Target the Right Decision-Maker(s)

It's no secret that buying groups have been getting bigger and bigger. In 2014, the average buying group had around five stakeholders. Today, that number has increased significantly. Most buying groups have 7-10 members.

However, the decision-making power of every buying group member is not equal. For example, manufacturers are hyper-concerned with safety. If your product or service specifically targets the production pipeline, the word of a chief safety officer will weigh more than the opinion of a quality management officer, whose operations won't be directly affected by your offering.

Selling the right decision-makers on your offering will be invaluable once you actually start to close the deal.

Click here to see how IndustrySelect can help you narrow down a list of prospects and target those hard-to-reach decision makers in manufacturing. 

2: Rely on the Rapport and Narrative You've Built with Stakeholders

In the previous parts of this series, we covered the importance of crafting a narrative with your pitch and building a rapport with stakeholders based on objectively useful industry information. Refer back to these values once you start working toward closing the pitch.

If you've been providing objectively valid industry-related information to the buying group, refer to that advice to showcase your trustworthiness. If you plan your pitch correctly, the closing should be a culmination of all the selling points you've laid throughout your pitch.

3: Make the Closure as User-Friendly as Possible

Nothing sucks the wind out of a sales deal like realizing the sales rep is entirely unprepared to actually seal the deal. To avoid this faux pas, make sure all your paperwork is in order and forwarded to legal ahead of time. Notify your procurement department of a potential sale. Be ready to forward your buyers into price negotiations as soon as they agree to close.

These steps remove the barrier of entry from buyers. In a high-stress industry like manufacturing, buyers will appreciate sales reps who go above and beyond to make their lives more convenient.

4: Ask your Buyers "The Question"

As soon as you're ready to start closing the deal, ask your buyers some variation of this question:

"I've shown you what we offer, how our product or service can enhance your company, and I've answered your questions. What steps would we need to take to close this deal?"

How your buyers answer will reveal everything you need to know about whether you should pursue the deal or bail. If your buyers are still unclear on how your offering could help them, your pitch has failed. If they're locked into a contract or are completely ambiguous, it's probably better to cut your losses.

However, most buyers will offer constructive feedback that directly helps you close the deal. They'll also appreciate your candor and capability to compromise. Asking this singular question can allow you to close deals that would have otherwise failed.

5: Be Persistentlead_gen_success.

A not-so-fun fact for salespeople: 80% of prospects report saying "no" at least four times before they say "yes."

You'd be surprised by how many deals are closed due to the persistence of a salesperson. The trick is to offer something of value with your follow-ups. Asking the question we outlined in number four should help you avoid hearing "no" four times before you hear "yes."

In the manufacturing industry, acquisitions often affect the entire enterprise and require significant investment. It's not uncommon for stakeholders to have reservations about pouring money into a product or service. As long as you aren't harassing buyers and are genuinely helpful with each follow-up, being persistent should help you close more deals.

Close More Deals with IndustrySelect

If you're a salesperson or marketer in the manufacturing industry who wants to close more deals, IndustrySelect can help. IndustrySelect subscribers gain access to unique data points, including the contact information of key decision-makers that can be vital for closing deals. IndustrySelect provides access to MNI's database of 400,000 U.S. manufacturers on a subscription basis, providing detailed profiles of each company. Subscribers can select up to 30 data points on any manufacturing company in the U.S. to help identify or pre-qualify leads. Try a free demo today!

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