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

Closing the Deal is one of the most important roles to increase online business revenue, and as the number of closings a business has, sales turnover increases as well.  

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?

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Closing the Deal, or Closing, is a method that facilitates a transaction between a seller and a potential buyer, a way to convert leads or prospects into buys, and as a business owner-operator you need to encourage potential customers to purchase the products offered, a technique that helps increase the interest of potential customers quickly closing the deal.

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5 Closing Techniques in Business

1. The Now-or-Never Closing Technique

The now-or-never closing technique can be applied by providing a deadline for a promotion or discount, which creates a buzz and sense of urgency for potential customers to immediately buy, and inform them that the promotion is only valid for today or that the product has a limited release.

2. The Complementary Technique

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

Generally, the complementary 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.The Striking-Out-Regular-Prices Technique

The striking-out-regular-prices technique is probably the technique most commonly encountered while shopping, and although the technique sounds simplistic it can have a tremendous effect on business sales, influencing 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. The Comparing with Competitor Products Technique

The comparing products with competitor products technique can also be effective for closing sales, by simply comparing the  price, quality, product advantages, or any bonuses of the products and services that customers can receive.

5. The Package or Bundling Offer Technique

Lastly, there is the package or bundling offer technique, a process 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.

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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 Youtap’s POS systems.