Key Takeaways
1. Closing is a series of commitments, not a single event
Closing isn't a single event, but a whole series of events. . . . And successfully navigating each one is vital for movement to the next.
Redefining closing. The traditional view of closing as a single, final event is outdated. Instead, closing is a process of gaining multiple commitments throughout the sales journey. This approach aligns with modern B2B buying processes, where decisions are made by consensus and involve multiple stakeholders.
Ten key commitments. The book outlines ten critical commitments salespeople must secure:
- Commitment for Time
- Commitment to Explore
- Commitment to Change
- Commitment to Collaborate
- Commitment to Build Consensus
- Commitment to Invest
- Commitment to Review
- Commitment to Resolve Concerns
- Commitment to Decide
- Commitment to Execute
Each commitment moves the sale forward and builds a stronger relationship with the client. By focusing on these commitments, salespeople can create a more predictable and successful sales process.
2. Control the process by gaining necessary commitments
Control the commitments and control the process.
Guiding the buyer's journey. By understanding and actively managing the commitment process, salespeople can guide their clients through the buying journey more effectively. This approach allows salespeople to anticipate and address potential roadblocks before they become deal-breakers.
Proactive leadership. Taking control of the process demonstrates leadership and expertise to the client. It involves:
- Anticipating the client's needs at each stage
- Explaining the value of each commitment
- Addressing concerns proactively
- Ensuring all necessary stakeholders are involved
By controlling the process, salespeople can create a smoother, more efficient experience for both themselves and their clients, ultimately increasing the likelihood of a successful outcome.
3. Trade value for each commitment to move the sale forward
Trading value is a critical concept in commitment gaining, and we have to cover it here, before we get to the actual commitments.
Value exchange principle. Every commitment requested should be accompanied by a clear value proposition for the client. This approach ensures that clients see the benefit of moving forward at each stage of the process.
Creating value throughout the process:
- Offer insights and industry knowledge
- Provide relevant case studies and success stories
- Share best practices and potential solutions
- Demonstrate understanding of the client's unique challenges
By consistently delivering value, salespeople build trust and credibility, making it easier for clients to commit to next steps. This approach shifts the focus from selling to problem-solving and partnership, aligning with the consultative selling model.
4. The Commitment for Time is crucial and often the hardest to obtain
If you don't ask for the commitments you need, you are wasting your dream client's time, your company's time, and your own time.
Overcoming initial resistance. The Commitment for Time is often the most challenging to secure, as prospects may be satisfied with their current situation or wary of salespeople. To overcome this:
- Clearly articulate the value of the meeting
- Promise not to waste their time
- Offer insights relevant to their business
- Use confident, natural language
Persistence and preparation. Expect initial rejections and be prepared to address common objections. Have a backup plan or alternative commitment ready if the initial request is declined.
Key strategies:
- Ask early in the conversation
- Lower the commitment level (e.g., request a 20-minute meeting)
- Promise specific value without a sales pitch
- Follow up with additional value if initially rejected
5. Help clients explore change and build a compelling case
You create value for your clients doesn't come from asking them what's keeping them up at night. It comes from telling them what should be keeping them up at night.
Shift from discovery to insight. Instead of relying solely on traditional discovery questions, provide valuable insights about industry trends, challenges, and opportunities. This approach positions the salesperson as a knowledgeable advisor rather than just an information gatherer.
Creating dissonance. Help clients recognize the gap between their current state and potential future state. This involves:
- Sharing industry benchmarks and best practices
- Highlighting potential risks of maintaining the status quo
- Demonstrating the impact of emerging trends on their business
By helping clients explore change and recognize compelling reasons to act, salespeople create opportunities and set the stage for further commitments.
6. Collaborate with clients to create tailored solutions
Collaboration with a prospective client is essential. Always invite them to help you make decisions about how to produce their desired outcomes.
Co-creation approach. Involve clients in the solution design process to ensure buy-in and address specific needs. This collaborative approach:
- Increases client ownership of the solution
- Uncovers potential implementation challenges early
- Builds stronger relationships and trust
Adapting and customizing. Be willing to make adjustments to your standard offerings based on client input. This may involve:
- Creating new roles or processes
- Integrating with existing systems
- Addressing unique stakeholder concerns
By collaborating effectively, salespeople create solutions that are more likely to be accepted and successfully implemented.
7. Build consensus among stakeholders to ensure successful implementation
Today, in most large corporations, consensus is king.
Navigating complex decision-making. Recognize that decisions in B2B sales often involve multiple stakeholders with diverse interests. To build consensus:
- Identify all relevant stakeholders early in the process
- Understand each stakeholder's priorities and concerns
- Facilitate discussions to address potential conflicts
- Demonstrate how the solution benefits various departments
Overcoming resistance to inclusion. Clients may resist involving additional stakeholders due to fears of:
- Losing control of the process
- Creating internal conflicts
- Extending the decision-making timeline
Address these concerns by explaining the benefits of inclusive decision-making and offering to manage the process efficiently.
8. Address the investment early to avoid price-based competition
If you withhold the necessary conversations about price until the end, your price will be compared to your competitors' and you'll be asked to discount.
Shifting the focus to value. Introduce pricing discussions earlier in the sales process to:
- Set realistic expectations
- Avoid wasting time on unqualified prospects
- Frame the conversation around value rather than price
Justifying higher investments. If your solution commands a premium price:
- Clearly articulate the additional value provided
- Demonstrate the long-term cost savings or revenue gains
- Address the risks of underinvesting in solving the problem
By having these conversations early, salespeople can better control the narrative around pricing and avoid last-minute negotiations or comparisons based solely on price.
9. Review and refine proposals before final presentation
Your goal should always be to craft a solution and a proposal to which your prospective client can only say yes.
Iterative proposal development. Seek feedback on your proposed solution before finalizing it. This approach:
- Ensures alignment with client needs and expectations
- Uncovers potential objections early
- Demonstrates commitment to getting the solution right
Collaboration techniques:
- Hold pre-proposal review meetings with key stakeholders
- Use collaborative tools to gather input asynchronously
- Be open to making adjustments based on feedback
By refining the proposal collaboratively, salespeople increase the likelihood of presenting a solution that the client is ready to accept.
10. Resolve concerns to build trust and secure the decision
Time has never helped anyone make a better decision. They need more information and better counsel.
Proactive concern resolution. Anticipate and address client concerns before they become obstacles to the decision. This involves:
- Asking directly about any lingering doubts or questions
- Providing additional information or proof points as needed
- Demonstrating how similar concerns have been addressed for other clients
Building confidence. Use this process to showcase your commitment to the client's success and your ability to handle challenges. Address both rational and emotional concerns to build complete confidence in your solution.
Key areas to address:
- Implementation challenges
- ROI and financial concerns
- Risk mitigation strategies
- ongoing support and partnership
11. Execute effectively by gaining internal and client-side commitments
If you want to be a rainmaker, you have to make it rain, which means that you create new opportunities.
Internal alignment. Secure commitments from your own organization to deliver on promises made to the client. This may involve:
- Advocating for necessary resources or budget allocations
- Coordinating cross-functional teams
- Ensuring leadership buy-in for customized solutions
Client-side execution support. Work with the client to ensure successful implementation by:
- Identifying potential roadblocks within their organization
- Providing change management support
- Establishing clear milestones and success metrics
By focusing on effective execution, salespeople can ensure long-term success, build stronger client relationships, and create opportunities for future business.
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FAQ
What's "The Lost Art of Closing" about?
- Focus on Commitments: "The Lost Art of Closing" by Anthony Iannarino emphasizes the importance of gaining a series of commitments throughout the sales process rather than focusing solely on closing the deal.
- Ten Commitments Framework: The book introduces a framework of ten specific commitments that salespeople need to secure to effectively guide their clients through the buying process.
- Modern Sales Approach: It challenges traditional sales tactics and promotes a customer-oriented approach, where the salesperson acts as a trusted advisor and partner in the client's decision-making process.
Why should I read "The Lost Art of Closing"?
- Practical Guidance: The book offers actionable advice and strategies for sales professionals looking to improve their closing techniques and overall sales performance.
- Comprehensive Framework: It provides a structured approach to sales that goes beyond traditional closing methods, focusing on building long-term relationships and creating value for clients.
- Adaptability to Modern Sales: The insights are tailored to the complexities of today's B2B sales environment, making it relevant for salespeople facing modern challenges.
What are the key takeaways of "The Lost Art of Closing"?
- Commitment Gaining: The book emphasizes the importance of securing ten specific commitments from clients to ensure a successful sales process.
- Value Creation: Salespeople should focus on creating value for clients at every stage of the sales process, which helps in building trust and securing commitments.
- Customer-Centric Approach: The book advocates for a shift from self-oriented sales tactics to a customer-oriented approach, positioning the salesperson as a trusted advisor.
What is the "customer-oriented" approach in "The Lost Art of Closing"?
- Focus on Client Needs: The customer-oriented approach involves understanding and addressing the specific needs and challenges of the client rather than pushing a product or service.
- Building Trust: It emphasizes building trust and long-term relationships with clients by consistently delivering value and acting in their best interest.
- Collaborative Selling: Salespeople are encouraged to collaborate with clients to develop tailored solutions, ensuring that the client's voice is heard and their needs are met.
How does "The Lost Art of Closing" redefine the concept of closing?
- Series of Commitments: Instead of viewing closing as a single event, the book redefines it as a series of commitments that guide the client through the buying process.
- Focus on Process: Closing is seen as an ongoing process that involves securing various commitments, such as time, exploration, and investment, to move the sale forward.
- Value Over Tactics: The book moves away from traditional closing tactics and focuses on creating value and building trust to naturally lead to a decision.
What are the ten commitments outlined in "The Lost Art of Closing"?
- Commitment for Time: Securing the client's time for meetings and discussions.
- Commitment to Explore: Engaging the client in exploring potential changes and solutions.
- Commitment to Change: Gaining agreement that change is necessary for better results.
- Commitment to Collaborate: Working together with the client to develop a tailored solution.
- Commitment to Build Consensus: Ensuring all stakeholders are on board with the proposed solution.
- Commitment to Invest: Discussing and agreeing on the necessary investment for the solution.
- Commitment to Review: Reviewing the proposed solution with the client for feedback.
- Commitment to Resolve Concerns: Addressing any concerns or objections the client may have.
- Commitment to Decide: Securing the client's decision to move forward with the solution.
- Commitment to Execute: Ensuring both parties are committed to implementing the solution.
How does "The Lost Art of Closing" address client concerns?
- Understanding Concerns: The book emphasizes the importance of understanding and addressing client concerns rather than viewing them as objections to overcome.
- Building Trust: By resolving concerns, salespeople can build trust and demonstrate their commitment to the client's success.
- Proactive Engagement: Salespeople are encouraged to proactively engage with clients to surface and address concerns early in the process.
What role does collaboration play in "The Lost Art of Closing"?
- Joint Solution Development: Collaboration involves working with the client to develop a solution that meets their specific needs and challenges.
- Client Ownership: By involving the client in the solution development process, they gain a sense of ownership and are more likely to support the final decision.
- Strengthening Relationships: Collaboration strengthens the relationship between the salesperson and the client, positioning the salesperson as a partner rather than just a vendor.
How does "The Lost Art of Closing" suggest handling price discussions?
- Early Discussion: The book advises discussing price early in the sales process to avoid surprises and ensure alignment on investment expectations.
- Value Justification: Salespeople should focus on justifying the value of their solution and the investment required, rather than competing solely on price.
- Investment Tied to Outcomes: The discussion should emphasize how the investment is tied to achieving the desired outcomes and solving the client's challenges.
What are some best quotes from "The Lost Art of Closing" and what do they mean?
- "Selling isn’t something you do to someone. It is something you do for someone and with someone." This quote emphasizes the book's focus on a collaborative, client-centered approach to sales.
- "Closing isn’t a single event, but a whole series of events." It highlights the book's redefinition of closing as a process involving multiple commitments.
- "The shortest path to improved sales success lies in a customer-oriented approach to sales." This underscores the importance of focusing on the client's needs and building trust to achieve sales success.
How can "The Lost Art of Closing" help improve my sales skills?
- Structured Approach: The book provides a structured approach to sales, focusing on securing specific commitments that guide the client through the buying process.
- Value Creation: It emphasizes the importance of creating value for clients at every stage, which can enhance your ability to build trust and secure commitments.
- Modern Sales Techniques: The insights and strategies are tailored to the complexities of today's sales environment, helping you adapt to modern challenges and improve your overall sales performance.
Review Summary
Readers praise The Lost Art of Closing for its innovative approach to sales, focusing on helping clients solve problems rather than pushing products. Many appreciate the book's practical advice, sample conversations, and emphasis on building relationships. The 10 commitments framework is seen as valuable, though some note it's more applicable to B2B sales. Reviewers commend the author's perspective that selling is done "with" and "for" people, not "to" them. While most find it highly useful, a few mention it may be less relevant for retail or personal sales.
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