Increase Your Closing Percentage

By Erika Smiley

There are many factors that can impact the growth of your business. Of course, you have to have enough meetings and activities. You also need to retain the clients you currently have. But what about increasing your closing ratio? What if you could close 4 out of 10 meetings instead of 2 out of 10 meetings? Let's talk about two main factors that can help impact your chance of closing — tapping into the prospect's emotions and drawing out all objections.

Strategies to Consider

• Tapping into the client's emotions: This involves understanding their needs, desires, and pain points. Why would we want to tap into someone's emotions? Most people are relational buyers, not transactional buyers. Owning a business is stressful and a potential client needs to know you genuinely care about helping them grow their business.
• Build Trust: Establish a rapport by being authentic and transparent. Trust creates emotional connection and makes clients more receptive.
• Active Listening: Pay close attention to what the client says. Ask open-ended questions, and encourage them to share their thoughts and feelings.
• Empathy: Show genuine understanding and empathy toward their challenges. Reflect on what you hear to demonstrate that you're engaged and care about their situation.
• Highlight Benefits: Focus on how your product or service can alleviate their pain points or enhance their lives. Make it personal — show them what they stand to gain emotionally.

Drawing Out Objections

The last few minutes are key to signing a new partner. People may tell you they want to think about it, need to discuss it with someone else, or want to have you "circle back." This usually boils down to a few underlying issues, and it's almost always PRICE or TERM. They are worried about the monthly investment... will it work? Will they get a return? Will they get trapped in a long contract?

When people give you fluff or smokescreen objections, you have to be direct and ask: "This seems like a great fit. What is it holding you back, the PRICE or the TERM?" If they are still elusive, directly say, "So you are good with the $1,550? How do you feel about the 36 issues?" Digging in will draw out real objections and give you the opportunity to get them somewhere they are comfortable.

If you just leave with a "let me think about it" or "let me talk to someone else," you may never have a chance to get back in front of them, and may get the dreaded "thanks, but no thanks" email. If you know you can help their business, don't be afraid to ask direct questions about price and term.

If you need help honing in on these skills, never be afraid to reach out to your coach or myself to help you tweak your meeting. Sometimes the smallest changes can result in new partnerships.