Closing the Deal in Business: Definition and Types of Techniques that Can Be Used to Increase Income and Profits

One of the important roles in increasing online business revenue is closing, closing the deal

As the number of closings in a business increases, so too does sales turnover. 

The following blog highlights five techniques that you can use to close the deal in your business.

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‍What Is Closing the Deal in Business?

Closing the Deal, or Closing, is a method for facilitating a transaction between a seller and a potential buyer. 

Put simply, closing is the way to convert leads or prospects into becoming buyers. 

As a business operator, you need to encourage potential customers to be interested in purchasing the products offered. 

This closing technique helps increase the interest of potential customers in making a transaction quickly.

Five Closing Techniques in Business

1. Now or Never Closing Technique

The now-or-never closing technique can be applied by providing a deadline for a promotion or discount. 

This creates a buzz and a sense of urgency for potential customers to immediately make a purchase. 

You can inform potential customers that the promotion is only valid for today or that the product has a limited release.

2. Complimentary Technique

Although this technique is easy to implement, not all products can utilize this method. 

Generally, the complimentary technique is used for physical products like clothing and jewelry.  An example of applying this technique is by providing testimonials to customers who have purchased your product, and after they have used it..

3. Striking Out Regular Prices Technique

The striking out regular prices technique is probably the technique most commonly encountered while shopping. 

Although this technique sounds simple, it can have a tremendous effect on business sales. 

This method can influence the psychology of potential customers by giving them the impression that the price they have been offered is very low, that it is a bargain!

4. Comparing with Competitor Products Technique

The technique of comparing products with competitor products can also be effective for closing sales. 

You can compare products and services in terms of price, quality, product advantages, or any bonuses that customers can receive.

5. Package or Bundling Offer Technique

Lastly, there is the package or bundling offer technique.

This technique is where you combine several products into one sale, hence the word bundle, to help boost the sales of slower-moving products. 

This method is popular among potential customers because bundled products are offered at much lower prices than if they have been offered singularly.

These five techniques are an overview of how to close a deal. 

Some techniques can help you increase your business’s revenue and profits. 

However, before choosing any specific technique, make sure that your business management is equipped with a digital system to make them more effective, efficient, and practical with Yoitap’s POS systems. 

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