Marc has great tips on how to increase your sales in general, not just the average size of your sale. Becoming a great sale person takes practice and learning how to sell more. Setting up a system to help find good leads and convert those leads into sales is a critical step to every business.
Learning how to increase the average size of the sale made, is a masterful step. Marc lays out 7 steps to make this happen. Very good article.
7 Closing Strategies to Double Your Average Sale Size
Do you want to be in the top 5 percent of salespeople? Of course you do. Most in your profession think success means closing more deals — but that’s simply not true. In fact, average salespeople often close more sales than the richest salespeople do. That’s because the top 5 percent of salespeople know how to increase their average sale size, enabling them to make much more money on far fewer deals.
The key to reaching the top level of sales is consistently closing bigger sales. How? By targeting massive organizations with the need and budget for larger investments. You can start by taking concrete steps to double your current average sale size. Check out these seven closing strategies for landing bigger clients, doubling your average sale size and dominating the competition in your industry.
1. Get over your fear.
Many salespeople are simply too scared to sell to huge companies. If this sounds like you, you may be surprised to learn that big organizations can actually be much easier to close than smaller ones. After all, these large companies face the same problems as your small customers do, just on a bigger scale. This means they need a bigger version of your solution — and they have the budget to match. Get over your fear, and you’ll quickly see that big companies don’t bite.
2. Stand apart from the crowd.
High-level prospects hear from an average of 10 salespeople every day. If you do what everyone else is doing, you’ll never get through to them or earn their trust. To double your average sales size, you must be intentional about standing apart from the crowd in your industry. While others pitch, you should ask questions. While others are enthusiastic, you should be low-key and genuine. While your competitors focus on their products, you should focus on your prospect’s deepest frustrations and show how you can solve them.
3. Stop selling to low-level prospects.
When you first call on an organization, it’s easier to connect to low- or mid-level managers. It’s easier to talk to these low-level prospects, and you’re more likely to set more sales meetings with them. Although you’ll feel safer selling at this level, you’re only harming your close rate and decreasing your average sale size. That’s because low-level prospects simply don’t have the power or budget to tell you “yes.” They’re not the decision-makers. If you want to increase the size of your sales, stop selling to prospects who lack the budget to invest in your solution.
4. Sell to decision-makers.
One of the challenges of selling to big companies is the glut of mid-level managers with confusing titles. This can make it difficult to determine who the real decision-makers are. It’s a best practice to head straight to the top of the food chain and sell to directors, vice presidents, and C-level executives. They have the power and budget to say “yes” to your offer. Don’t worry about selling too high. If someone refers you back down the chain, you’re still landing an introduction to the right person — by his or her boss, no less.
5. Stop cold-calling.
Cold calls are miserable. Trying to connect with people who’ve never heard of you is not only challenging, it’s also extremely ineffective. Fortunately, there’s a better way to connect with prospects: a sales-prospecting campaign. Plan your calls, letters and emails as follow-ups to a valuable letter or package you send via FedEx. This could be a special report, unique sample or company analysis. These intentional, repeated touches over a series of months will set you up as a familiar name by the time you actually get your prospect on the phone. When a huge sale is on the line, you can afford to invest time and money to catch a single prospect’s attention.
6. Know the decision-making process.
If you’ve closed only small deals at small companies in the past, you might be accustomed to working with just one or two decision-makers at a time. In large corporations, the decision-making process can be much more complicated. One of the biggest mistakes salespeople make is failing to understand the decision-making process. Get a grasp of this early on, and you can stay in front of the right people, build value for them and close your sales at higher prices.
7. Leverage sales for introductions.
When you close one large sale at a big organization, don’t stop there. Ask new customers for introductions to others in their company or network who could benefit from your offering. You have nothing to lose by asking for introductions, but failure to do so will cost you massive opportunity and revenue. Successful salespeople understand this, and they never miss the chance to leverage a big sale for more valuable introductions. This is the single-most effective way to consistently close bigger sales.