Knowing your inventory inside and out is essential for your success in sales. You’ll become an expert in your products or services and can properly recommend the best possible solution for your client’s wants, needs, and problems. The time investment will seem like a lot up front but will pay off handsomely in the long run. Not only that, but being an expert in your inventory will allow you to properly use the inventory close.
The inventory close works by changing the product, service, or package on your client to something that fits their needs or budget more. Typically, the best time to do this is when the client is trying to negotiate for a better deal, fixated on a price, or not completely sold on what you are selling. This technique changes up the game on them. Instead of discounting or slashing margins you downgrade them to something similar that would fit their budget. Also, you can upgrade them to something they would value more. Now, if they’re sold on the first option then this technique closes the doors for negotiations. All you have to say is something like, “(client’s name), if you’re wanting the first option for a lower price, I can’t go any lower. However, what I could do is offer you our special financing or throw in (potential freebie) with this purchase today! Want to go ahead and do that?”
If the clients are sold on what you are selling, why would you negotiate?
What that scenario does is close the door for negotiations while providing positives with those options. You never want to just leave it at a no but offer solutions instead. And then of course ask for the sale! Sometimes clients will request lower prices just to see if you’ll budge. The sales masters know how to stay strong and hold their ground. You can always resort to hitting them with the ole Clooney approach!
Alright, that might be a little too strong but you get the point.
Disclaimer- Don’t confuse this with the takeaway close. The takeaway close focuses on taking away an item or two to from the deal to fit the client within their fixated budget or price (read my post on it here).
5 Benefits From the Inventory Close
The inventory close has quite a few benefits:
- Ownership. This is a psychological tactic that’ll create more ownership for the inventory you are taking away (if your client is truly sold on it).
- Foot in the door. If the client isn’t sold on the last product, service, or package then you keep yourself in the game with new options. This is important because you may be missing the ball with what your client is wanting, needing, and how it will solve their problem. It keeps the sale alive along with your chances of closing it.
- Bigger sales. Many outcomes from this close result in upsells, upgrades, and bigger tickets (if you practice upselling you are leaving money on the table, find out why here).
- Higher margins and more financing. You never want to resort to discounting. If your client is sold on it they’ll pay. No one’ll ever give you their last money. If they don’t have the money to pay then push the financing. You’ll keep your ticket and margins high.
- Less discount selling and more confidence. I know this may seem like it isn’t that big but this is the best thing to come from the inventory close. People don’t buy because of price they buy because of value and customer experience. Not only that but when you close someone by overcoming objections instead of discounting your confidence will skyrocket. Confidence is imperative for continued success in sales.
Mastering the art of the close is essential for your continued success! It’s important to have an arsenal of closing technique at your disposal. If you need more closes check out my reduce the ridiculous close, piggy bank close, or the urgency close. Let these closing techniques be that extra push to get your clients to that final YES! After you’re making more money closing all these sales you’re going to be celebrating like…
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