The sole purpose of your trade show booth is to close the sale. When this is accomplished all your hard work pays off. If you don’t close, your time was wasted. This is why closing is so stressful. There are several different ways to generate new business at your trade show. You must use the right technique for each situation to be successful.
Some customers can be closed when you tell them you understand they are not ready to make a decision and you want them to take their time. The majority of customers expect you to be aggressive and push for the close. Using the opposite approach can put your customers at ease and makes them feel you truly want the best for them. Telling them you will call them the next day after they have had time to consider what you have said is extremely effective and may result in a close.
Another effective close is explaining to potential customers how much thought, skill, time and work you have invested in your product. Your customers will place more value on something that was difficult to make. Usually, the customer takes the time to educate themselves on things they are interested in. They may know as much about the product as you.
Discounts & Promotions
Never underestimate the power of offering discounts to close the deal. Tell your customer you are willing to try and persuade your manager to approve a discount. Make certain you confirm that if you obtain a discount, the customer will purchase the product. Your credibility will be boosted because your customer believes you are willing to work for them and compromise on the pricing. Tell your customer to come back in an hour or two. When you see the customer again let them know the discount was approved and make the close.
Explain not only the benefits of your product to your customer but the drawbacks as well. The customer has already figured what the pros and cons are of your product so highlighting the value of your product might act as a confirmation for the customer to buy the product. When you take control, you earn valuable trust. Make certain you explain why the advantages far outweigh any disadvantages. Present a sense of urgency and explain why it is important to make a purchase right now. Your reasons must be genuine to be effective. Your customer is already motivated and excited. Too much time will most likely kill your deal.
Dealing With Rejection
When you believe the customer is not ready to close, ask them for a future meeting. This gets the customer to give you a commitment. Make certain you schedule the date and time to call or visit them. This will show the potential customer their business is important. Never become discouraged if you don’t close the sale. Remember, it’s a numbers game. The more opportunities you have, the better.
Explain the complete cost of owning your product. This includes upgrade fees, services, implementation, etc. Make comparisons with your competitors and show them how a little difference in cost becomes substantial as time passes. This will take the focus away from the actual price and ensure your customer envisions the future. Make certain you give approximate figures for the amount of money your product will save them as time passes. Even if you do not close the deal you have opened a door to a future purchase.
Getting Past The Price
When a customer is unable to get past the price of your product, talk about the cost per week or month. The price will appear a lot smaller when it is divided into increments. Make comparisons with the cost of everyday purchases such as a cup or coffee or a sandwich. Your product will appear more affordable enabling you to make the close.
After you have spoken with a customer for a while, you should be aware of the reasons they are interested in your product. Use this information to review your product with your customer. This will show your product is an excellent fit for their needs. You should be able to meet enough of their requirements to establish it is a good purchase and make the sale.
List Product Features
Once you have discovered exactly what your customer wants, you can reveal the negative ramifications for not purchasing your product. This tactic will create doubt, urgency and fear for your customer and invite them into closing the deal. This is a good way to get past any hesitation. It is important to be ethical and any consequences discussed must be real.
Make certain you complete as much of the process as you possibly can. This includes filling out any paperwork, agreeing on a price and sending materials to your legal department. When the administrative details have been taken care of it makes it much easier for your customer to say yes. They will also be more likely to buy because you have been so helpful and spent time with them.
Close The Deal
Talk about the value of your product. Explain how easy your product is to use, how long it will last, how little maintenance is required, the exceptional design, etc. The majority of your prospects will be looking at the price but once they understand the value you have a much better chance of making a sale without discounts.
Running a trade show booth takes time, hard work and money. The above techniques will help ensure your investment pays off.