November 29, 2016

160: Closing – the Art of Creating a Decision

In this episode, Steli and Hiten are talk about closing especially in sales. Closing is involved in any relationship you have and there’s a foundation that you need to build. Listen as Steli answers questions on how closing doesn’t start with a closing, why is a foundation needed and the major no-nos in closing and selling.

Time Stamped Show Notes:

00:28 – Hiten introducing closing as it is used in sales and other places

01:20 – What closing means to Steli

01:25 – “Closing is the art of making a decision or facilitate a decision”

01:58 – Closing doesn’t start with closing

02:07 – Closing starts with selling

02:17 – Selling by making a connection to see a fit

02:54 – Closing is the final step

03:59 – Most people find it difficult to make a decision

03:36 – Some misconceptions about closing

04:00 – Closing is a singular event but it is not

05:53 – Closing creates a moment of truth

06:00 – It is an opportunity for people to get real

06:12 – Most people takes rejection negatively

06:20 – People should see it as an opportunity to be excited and improve more

07:38 – “A NO in that moment is a NO but it just means that there’s more to learn here”

08:03 – Take the other person seriously

08:10 – Find the right information for you to help them or to make you decide that it is really not a good fit

08:30 – “Once I’m convinced that there is a fit, I’m will try to close you”

08:50 – Understand the situation and help each other decide not be wrong

10:37 – “There’s a foundation to closing that needs to be set up earlier”

10:40 – The foundation happens in the beginning of any relationship and the goal is to completely show them that the deal needs to happen

11:12 – “I need to get sold on the idea that you need to buy my product”

11:28 – First try to sell yourself and the moment that you’re convinced that your product is the best for them and it will make them successful, don’t ask them to buy but tell them to buy

12:33 – Selling and closing is a transaction of confidence

12:54 – “If you are not confident, you can’t make a decision”

13:28 – You should be confident and have a level of clarity to make a decision that you’re going to sell

14:16 – What are No-Nos in selling or closing?

14:44 – People are not asking for the close

15:00 – People end a conversation without having a next step or call to action

16:00 – “Asking for a close is the greatest way to end the call or talk”

16:40 – Don’t ask late, ask for the close early and often

18:20 – Ask not with a question mark but with an exclamation point

19:21 - Ask for the close with clarity, keeping an eye contact and expect a yes

19:35 – If you get a no, embrace it – it will make you more confident

21:00 – “When go for the close and asks somebody to make a decision, you need to ask with confidence clarity and expect a yes and if you get a no, embrace it and take it as a learning experience. If you do that, you can have an amazing closure”

3 Key Points:

Closing is the art of making a decision or facilitate a decision.

There’s a foundation to closing that needs to be set up earlier.

When go for the close and asks somebody to make a decision, you need to ask with confidence clarity and expect a yes and if you get a no, embrace it and take it as a learning experience. If you do that, you can have an amazing closure.

Steli: Hey, everyone this is Steli Efti.

Hiten: And this is Hiten Shah. And today on the Startup Chat, we're going to talk about closing. And the most common sort of terminology, or when closing is used is in sales. But I would say to just to kind of put this out there is that you're probably closing all the time.

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By Steli Efti & Hiten Shah: Serial Entrepreneurs, Sales & Marketing Experts, Startup Investors & Advisors, CEOs running multi million dollar SaaS Startups

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