A low sales closing rate or conversion rate (as you prefer to call it) seems somewhat acceptable these days. The good news is that it does not have to be that way.
Your sales closing rate can increase substantially as long as your team has the right tools!
About two weeks ago a person responsible for the Sales Department of a well-known car brand attended one of my training sessions. We’re talking about a very focused person, quite positive, with an inexhaustible energy and with a mind ahead of our time.
At a certain point, in a motivational way for the rest of the participants, that person said with great determination: “Whoever is in the sales department of the automotive industry knows that: out of every 10 potential customers we will make 1 sales. Therefore, instead of feeling bad with each potential customer that we lose, we should think that there are only 9, 8, 7 or more left to close a sale. At every business loss we would be closer to closing a sale.”
This statement was accepted by all the participants; in fact, it even encouraged the others.
I confess that I was initially shocked! How can one accept that it is good to lose 9 potential sales? How can you accept that the sales closing rate (or sales conversion rate) is only 1 to 10?
After the initial shock, I briefly reflected in this and realized how it’s only a reality for those who don’t know the SWAT behavioral profiling tool. In fact, without access to perceive the profile of each customer, one can consider acceptable to only achieve such a sales closing rate.
In any case, I now invite you to do some math’s with me and surprise yourself with the sales closing rate that you will get (if you are a salesperson) or that your team will be able to obtain (if you are a sales manager). You’ll be amazed at how much you’re competing for when you approach a new potential sale …
In the sales area, the Christian principle of “Do to others as you would have them do to you” should not be applied at all. In fact, if there are 1536 different profiles of people, what is the probability of closing a sale if I sell the same way I would like to be sold something?
Let’s do some math’s together and we will discover how a hero is with each closed sale, or how he has a team of real heroes …
We all know that the first thing a salesperson/commercial should be able to do is to build empathy with the customer, win his trust. Only then will the customer allow us to meet him and detect his needs and expectations. For this, the brands create a sales process. Having a sales process is a great idea, but did you know that if you try to apply this sales process to all customers you will be immediately giving up (or losing, as you prefer to call it) 40% of the sales you are competing for?
It’s true…about 40% of people love processes and thus feel safe, even considering that they are before a competent professional.
However, another 40% of people dislike processes and consider them a waste of time, “a total bore” and will respond with the famous “I’m just taking a look!” because they do not feel motivated to buy.
You’re probably thinking about the remaining 20%? Well, these 20% depend on which of their previous criteria ranks second in their hierarchy of human needs…
You’ll be safe, if in second, in the hierarchy of human needs, the two missing customer profiles are “security”! They will enjoy processes, and by applying the brand’s Sales Process, you can increase up to 60% the championship you are playing for.
However, if in second place in the hierarchy of needs, these 2 customer profiles are of “variety”, ups … you just lost all your chances to sell! You haven’t done anything special, you just started the attempt to win over the customer, and you’ve already lost him, just because you followed what you were taught to do so far!
To summarize: Following the brand's Sales Process, doing what you have learned so far, you will be competing for 40% to 60% of sales.
Following that is the vehicle demonstration and presenting arguments.
Well, the above mentioned Christian principle, again applied to sales, will not help you! You begin to speak, to present the best arguments you can find to persuade the customer but … if you always do it in the same way, as soon as you open your mouth, you will be giving up more than 50% of the sales closing rate.
The thing is 50% of the people buy a product for what it has, for what it does, for its advantages, for what the person wants for herself (example: economic, low consumption, small, easy to park), but the other 50% of the people buy a product for what it does not have, for what they want to avoid (example: it is not an expensive car, it does not spend much, it is not big, it is not difficult to park).
Sounds like the same thing, but it’s totally different how the brain processes the information in each of these two profiles.
Depending on how you view life, you will tend to present the arguments as you see them: that is, you will speak about what the vehicle has or what the vehicle does not have. Following this natural tendency and speaking with the words that are part of your reality map, you will not be adjusting your speech to the customer’s map, and in that sense, you will immediately be reducing to half your chances of closing the sale.
Right now, by not mastering the profiling tools, you may already only be playing for 30% of the chances of closing the sale.
Continuing to argue, and always following the mentioned Christian principle,
… if you like to know everything “in detail” you will want to argue each feature in detail with your customer,
… if you just like to have “a general idea” and then ask the questions to deepen only what interests you, your presentation be more general, lacking details.
If the customer has a reality map identical to yours, everything will go well, however if that’s not the case, you can lose all your chances at this stage!
While 50% of the people need detailed information and if your presentation is not specific they will consider not having perceived anything about product another 50% of the people are fine with general presentations, asking the questions needed to deepen what they want to know and how far they want to know. Being very specific with a customer who is “general” will only make the prospect consider you to be boring and run away as fast as he can!
That is, at that time, when you present your arguments, you’re already only playing for 15% chance of closing the sales!
I could continue to sharing several profiling tools with you, but please confirm if you have drawn the following conclusions:
If you are not happy with the sales closing rate you have, please contact
SWAT- The Profiler Specialist, we will help!
Author: Susana Areal