Sales Hustle is now Sales Transformation
Nov. 4, 2021

#187 S2 Episode 56 - How Sellers Can Increase Their Close Rates

On this solo episode of the Sales Transformation Podcast with Collin Mitchell, he will share how to increase your close rate.

You should treat your pipeline should be treated as a coveted space. By learning how to disqualify prospects and run better discovery can drastically impact your sales process. Collin talks about how he does it and drops a couple of nuggets of wisdom to make sure you're as efficient as you can in increasing your close rate.


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HIGHLIGHTS

00:21 Running discovery and better qualify your prospects

01:17 Not everything is under your control

02:00 Increase your skillset in running discovery

02:55 Final thoughts

QUOTES

00:35 "Get very clear on who you best serve and who you don't."

01:07 "You want to be very disciplined with what you allow to get in your pipeline. Make sure it's a deal that you actually have a good chance to close."

01:26 "You wanna do your best work on the front end of the sales process to make sure that the deals that you have in there are highly qualified prospects. Prospects that are highly engaged, prospects that you have identified have a business problem that they care about solving and you are the best candidate to solve that problem for them."

02:11 "It's not enough to just tell your prospect that they have a problem, you need to ask enough good questions to help them realize they have a problem. And that it's actually a business problem, not a technical problem or a nice to have the type of problem of solving and what is the impact and priority of solving the problem."

03:07 "Disqualifying your prospects is important because your time is valuable, you're pipeline should be treated as a coveted space for deals that have been qualified and validated that is worthy of going to the next step of your sales process."

If you enjoy the Sales Transformation Podcast, please subscribe, share, and send us your feedback. Please make sure to rate us and leave a review on Apple. 

  • Learn more about Collin in the link below: 

LinkedIn - https://www.linkedin.com/in/collin-saleshustle/

Also, you can join our community by checking out @salescast.community. If you're a sales professional looking to take your career to greater heights, please visit us at https://salescast.co/ and set a call with Collin and Chris.

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Transcript

[00:00:00] In the world of sales, you either sink or swim or breakthrough to the next level. My name's Colin Mitchell. And this is sales transformation, a new kind of sales show designed to bring you through the epic life-changing moments of elite sellers. So you can experience your own sales transformation.

[00:00:24] All right. Welcome to another episode of sales transformation. Today is a solo episode where I'm going to tell you something that you can do to increase your close rate. And it's not increasing your closing skills are learning how to better persuade people or be a better negotiator. It's how to better run discovery and qualify your prospects properly.

[00:00:50] So I'm not saying you should be following bands or anything like that because that's an old school way of thinking. And what I'm saying is get very clear on who you best serve and who you don't. And. This is important because sellers often are quick. Say, for example, if you have a prospect that is saying, send me a proposal, send me a proposal, and they want you to skip certain steps of your process.

[00:01:20] This is a huge. Mistake that a lot of sludge make because it bloats your pipeline, therefore negatively impacts your close rate. You want to be very disciplined with what you allow to get in your pipeline. Make sure it's a deal that will actually have a good chance of close. Now there is, even if you do everything right, there are still things beyond your control where deals will not close, but you want to.

[00:01:51] Best work on the front end of the sales process to make sure that the deals that you have in there are highly qualified prospects that are highly engaged prospects, that you have identified have a problem that they care about solving a business problem that they care about solving, and you are the best candidate to solve that problem for them.

[00:02:14] So in order to increase your close. You need to get better at qualifying and disqualifying your prospects. You need to increase your skillsets around running a good sound discovery. I'm a big fan of the gap selling method framework for running discovery. Um, it's not enough to do. Tell your prospect that they have a problem.

[00:02:39] You need to ask enough good questions to help them realize that they have a problem. And that it's actually a business problem, not a technical problem, or a, you know, nice to have a type of problem of solving. Uh, what is the impact of not solving that problem and what is the priority of solving that problem?

[00:03:00] Because if the problem, if the business problem is. Has a big enough impact to their business of not solving it. Then closing the deal no longer becomes as difficult if you do the proper work in the beginning of the sales process. So to sum things up there in order to increase your close rate. You need to be better at running discovery and qualifying and disqualifying your prospects and disqualifying.

[00:03:31] Your prospects is important because your time is valuable. Your. Pipeline should be treated as a coveted space for deals that have been qualified and validated that it is worthy of going to the next step of your sales process. If you enjoyed today's episode, please write us a review, share the show with your friends.

[00:03:52] It really does help us out. And we are always open to hearing your feedback. You can drop us voice DMS at sales transformation dot F. Hey, you stuck around that tells me you're serious about your own sales transformation. If you're tired of doing things the old way and want to get started in your journey with other people on the same path, head over to sales, cast.community, and crush your numbers on your loadable.

[00:04:16] Yeah. It's free sales cast, doc community. Send me a DM with your best pitch and mention this ad. And I might even give you free access to our best temples.