Techniques to Improve B2B Closing Ratio
November 25th, 2023 by Brian Suerth
In the world of B2B sales, relationships matter. Building rapport with your clients significantly impacts your closing ratio. The more you interact with your potential business partners or clients, the faster you connect with them on a more human level.
We are not talking about sharing personal anecdotes or showing interest in their weekend plans. You need to have a deep understanding of your client's needs. Take the time to research and comprehend their pain points, goals, and challenges. This information will serve as the foundation for tailoring your sales approach and offering a solution that truly resonates with what they are looking for. Remember, B2B sales are about solving problems and adding value.
The B2B Sales Closing Process
Let's say you have generated dozens of leads. How you proceed with the next steps will determine if you will succeed in closing the sale or not.
- Lead Nurturing
- Making the Client an Offer (Personalized and Mass Offers)
- Handling Objections
- Closing the Sale
Your relationship with the client does not end once the deal is closed. Keeping the client engaged through emails and informative blog posts can lead to upselling opportunities.
6 Techniques to Increase B2B Sales Ratio
Improve Your Follow-Up Game
One of the key strategies to ensure that your brand name stays at the top of the client's mind is to have a solid follow-up plan. You must maintain momentum and virtually knock on their email box every 48 hours. It's unlikely that the prospect needs the weekend to make their decision.
Create Urgency
Your company has introduced a new software to help businesses increase productivity. You decide to give access to only two features of the software for a month. When you follow up with your prospects, they have no idea what you are talking about. They do vaguely remember the software but not its purpose.
Why did this happen?
Because the trial period was too long, and after using the software for a week, they didn't find any need for it.
This is why the trial period should not be longer than a week to create urgency.
Measure Satisfaction Level
We have already established that it's important to stay in touch with the lead. However, sending an email should not be used just as a reminder. Throughout the client's sales journey, find out if they are happy with the product. If not, ask about their pain points and make adjustments.
It's Now or Never
Another way to create urgency is to let the client know this is a one-time deal that expires after a few days. This will put pressure on them and force them to make a commitment.
Many people don't want FOMO (fear of missing out). A discount, in this case, works best because it pushes them to make a decision. It makes them think that if they miss out on this deal, the next one might be out of their budget.
Direct Close
You have addressed your client's objections and have the product they want, yet they are taking their sweet time. So, let them know that the clock is about to strike 12. Meaning: The deal is no longer on the table.
Before letting go of the lead, ask for the sale: Do you want to get started?
If they say “No,” address their objections to determine why they aren't moving forward. If you can narrow down the final objection, proceed to the next technique.
Offer a Conditional Deal
You still might get resistance after addressing the client's pain points. If they still come at you with objections, try to comb through them one by one. Remember, if it all seems too overwhelming and impossible, focus on another lead.
Let's say that you are one step away from closing the deal. Find out the roadblock, clear it, and make the final offer:
“What if I reduce the price by half? Would you be willing to sign the deal then?”
The business landscape is ever-evolving. To stay competitive, you must continually educate yourself about industry trends, your competition, and the changing needs of your clients. Don't go chasing rainbows because it will be a waste of your resources and time.
Look for the following signals to ensure a prospect is interested:
- Mental Possession: If the client talks about the product like they own it
- Probing Questions: If the client asks detailed questions
- Asking for Opinions: If the client invites another person to the conversation for feedback
- Constant Agreement: If the client shows enthusiasm
- Comprehensive Evaluation: If the client wants to know more about the product
In conclusion, increasing your B2B sales ratio depends on how you engage with your clients. Stay in touch with them not just till the end but after the closing too, to make them feel valued.
If you want to learn more about techniques to improve B2B Closing Ratio, contact us today.
Posted in: Strategizing