Step 5

Closing

The amount of personal satisfaction relieved on closing the sale depends on the
salesperson’s attitude toward the product. Salespeople who believe strongly in their
product enjoy converting prospects to customers. Abc companies sales people have
strong believe in their product and have self confidence, they also look forward to
continuing partnership with the new customer. After doing an effective sales presentation
closing become easier. But still there are some factors that they consider while closing
sales. Their guideline for closing the sales include: 1. Focus on Dominant Buying
Motives 2. Negotiating the Tough Points Before Attempting the Close 3. Avoid Surprises
at the Close 4. Do not Isolate the Prospect during the sale 5. Display a High Degree of
Self-Confidence at the close 6. Ask for the Order More than Once and 7. Recognize
Closing Clues. These are describe below-
1. Focus on Dominant Buying Motives: Most sales people of abc company
incorporate the outstanding benefits of insurance into the sales presentation. This
is only natural. But in the time of closing the sale they alert to the one or two
benefit that generates the most excitement. In terms of insurance most prospect’s
DBM is security guarantee. Most of the prospect concerned about the security and
the sales people of abc company make them understand in this uncertain and
unsecured world life security is very much important. They also give many
successful example of their existing customer. Like- “Mr. X who was a school
teacher with a limited income but has two daughters. So it is natural that he was
very much worried about his daughter’s marriage. On day he came to know from
another customer of abc company that abc company is providing insurance for
marriage and the terms and conditions was perfectly match with a limited income
school teacher like him. Than he brought the insurance and it matured at the time
of his daughters’ marriage. So for that time being of his daughters’ marriage he
was secured and his tension and wariness was reduced by that insurance.” By
giving this type of example salespeople focus prospects dominant buying motives.
 But example varies prospect to prospect in terms of prospects income and type of
insurance.
2. Negotiating the Tough Points Before Attempting the Close: Many products
have what might be tough of as an Achilles hell. In other words, the product is
vulnerable, or appears to be vulnerable, in one or more areas. Insurance has also
Achilles hell, basically insurances Achilles hell is price and credit terms. Many
prospects see insurance as an expensive product. In this time salespeople of abc
company tell the various benefits of having an insurance and as well as demerits
for not having an insurance to the prospect and establish the value of insurance
before attempting close. For example, expensive product (like- buses, trucks etc)
needs insurance because any damage can occur any time which is uncertain
(accident). In this case they will be compensated by insurance company if they
buy insurance but if they do not buy insurance large amount of loss will be
occurred. In this way abc company’s salespeople established value to the product
and negotiating the tough points.
3. Avoid Surprises at the Close: Some salespeople make the mistake of waiting
until the close to reveal information that may come as a surprise to the prospect.
For example an insurance agent quotes a price of his insurance but is not specified
terms and conditions and credit terms clearly those prospects have to deposit
money annually, semiannually or quarterly. So for that at the time of closing they
fall into problem. But abc company’s salespeople make clear all the terms and
conditions, credit terms at the time of sales presentation and also by asking
questions. So at the time of closing the sale prospect do not surprise.
4. Do not Isolate the Prospect during the sale: Adults are self-directing people.
They are most comfortable when they have a voice in matters that influence their
lives. Abc Company’s salespeople do not forget this important point at the time of
attempt to close. They try to involve the customer in the close if at all possible.
Like they involve the prospect by doing activity, salespeople ask prospect to hold
the company’s prospectus as the salesperson explains the details. After describing
three or four types of insurance they ask prospect-
 Which type of insurance you like most or which one is best fitted with your
economic conditions?
They also achieve involvement with questions. They summarize points of
agreement with carefully phrased confirmation-type questions.
5. Display a High Degree of Self-Confidence at the close: abc company’s
salespeople believe in their product. They believe in their company. They believe
that they have identified a genuine need. So they do not display nervousness. This
is especially true for experienced sales people. New salespeople build their self-
confidence by gathering experience that is why first several times they go with the
experienced sales agent to convinced prospects. They look the prospect in the
eye, and ask for the order. They do not apologetic at this important point in the
sales presentation.
6. Ask for the Order More than Once: Too often, salespeople make the mistake of
not asking for the order or asking just once. But abc company’s salespeople ask
for order nine or ten time. They start asking for orders from step two that is from
sales presentation. They said to us that a surprising number of yes responses come
on the seventh or eighth time. Whenever they identified closing clues, they ask for
order because they have self-confidence and believe in their company.
7. Recognize Closing Clues: A closing clue or buying signals is an indication,
either verbal or nonverbal, that the prospect is preparing to make a buying
decision. It is a form of feedback, which is so important in selling. When abc
company’s salespeople detect a closing clue they try to attempt a close. Closing
clues are two type verbal clues and non verbal clues. Spoke word (verbal clues)
are usually the easiest to perceive. Abc Company’s salespeople pay attention three
types of verbal clues. These are questions, recognitions and requirements. For
example sometimes prospect ask-
“Is there any type of insurance where I have deposit money quarterly?”
“How many people of my position have this type of insurance?”
“Do your company allow to deposit money 7th of month instead of 4th?”
“What if, if I fail to pay installment money on time?”
“If I buy insurance for my whole family than would your company be more
flexible?”
Recognition is any positive statement concerning insurance. Some examples
follow-
“I have wanted to own insurance like this.”
“I like the flexibility of your company’s bill paying system.”
“Our company’s policy fitted your insurance company’s terms and condition.”
“Your company’s terms and condition is better than X company’s terms and
condition”
Sometimes, customers outline a condition that must be met before they can buy. If
insurance agents are meeting this requirement, they found it a good time to try a
trial close. Some requirements that the prospect might voice are-
“Our company needs insurance for all 30 buses.”
“I have to pay installment money 7th of month instead of 4th.”
“I need a guarantee certificate from your company.”
“I want to buy this insurance within two weeks but you have to help me to take
loan for this purpose.”
These are the types of verbal clues that an insurance agent looks for while talking
to customers.
Nonverbal buying clues are even more difficult to detect. Once detected, this type
of signal is not easy to interpret. Abc Company’s sales agent alert to body
movement, facial expression and tome of voice. They look for when-
Prospect’s facial expression changes. Suddenly, the person’s eyes widen, and
genuine interest is clear in the facial expression to have loan.
Prospect begins showing agreement by nodding.
Prospect leans forward and appears to be intent on hearing message
Prospect begins to examine insurance on the prospectus or study the sales
literature intently.
These are the nonverbal clues that abc company’s salespeople look for while
talking to prospect.
 Specific methods for closing the sale
Actually there is no best closing method. It is often a good idea to be prepared to use a
combination of closing methods and abc company’s salespeople use combination of
closing methods. Here they use- 1. Combination Closes 2. Trial Close 3. Summary-of-
Benefits close 4. Assumption Close 5. Special Concession Close 6. Multiple Options
Close
1. Combination Closes: For most effective close abc company’s salespeople use
combination close which combines three or more of the closing methods. But for
one prospect it is not that they use all the seven methods. Combination varies
prospect to prospect. One example of combination close is “Mr. X I have
discussed two benefits that seem especially important to you. First, this insurance
will reduce your tension and wariness and will secure your future life. Second,
you your financial position has perfectly matched with this insurance’s term and
condition and you have agreed that. If I process your order now, you will have
your document with guarantee certificate with a week and you can send your
installment money through money order which cost will be carrying by our
company.” Here it can be seen that this close starts with a summary of benefits
close and ends with a special concession.
2. Trial Close: A trial close is also known as a minor point close. When abc
company’s salespeople reasonable sure that the prospect is about to make a
decision but is being held back by natural caution, then they use trial close. A trial
close often is presented in the form of a probing or confirmation question. Like-
“Which insurance do you want to buy first one or second one?”
“Do you want to receive your installment’s payment report through e-mail or by
post?”
abc company’ sales people use the trial close more than once during the sales
presentation. They presents a feature, converts that feature to a buyer benefit, and
confirms the prospect’s agreement that the benefit is important, and then use a
trial close.
3. Summary-of-Benefits close: while insurance agent talking to prospects they
cover a great deal of material. So there is a chance that the prospect is not able to
 put the entire picture together without agents help. At this point they provide a
concise summary of the most important buyer benefits. The reemphasize the
benefits that can help bring about a favorable decision. Basically the focus on
prospects dominant buying motive. For example “ Mr. X our company will
provide you five lak taka life insurance for you, which will be matured after 10
years and than you will get eight lak taka, for god sack if anything happen to you
your family will get full five lak taka of you insurance. And finally our company
will finance you if you need any health care benefit at any time. Should I go
ahead and fill up the insurance from for you?”
4. Assumption Close: The assumption close assumes the customer is going to buy.
This closing approach happened when salespeople of abc company visits the
prospect three times or more. When they find a genuine need presented solutions
in terms of prospects benefits, presented an effective sales demonstration, and
negotiated prospects concerns satisfactorily, then they assume the prospect is
ready to buy. Some examples may include-
“Do you want this purchase under our Muhammadpur branch or Dhanmandi
branch?”
“If I give your all insurance document by next Tuesday will it be OK?”
5. Special Concession Close: The special concession close offers the buyer an extra
incentive for acting immediately. But abc company do not follow a low-price
strategy for their insurance. Rather than that they give liberal credit plan, provide
a yearly calendar each and every year, sometimes provide money order cost to
send installment money if the prospect live far away from insurance company,
provide all installment information through mail, sometimes consider late
payment without penalize etc.
6. Multiple Options Close: abc company provide the prospect with options
regarding insurance configuration, installment terms, and price of insurance. This
allows the prospect to examine several different options, and try to assess the
degree of interest in each one. Sometimes salespeople help prospect by removing
some of the options which reduces confusion and indecision. Suppose there are
three types of insurance and all is for hundred thousand taka but one’s installment
 is annually ten thousand taka for ten years another one is semiannually ten
thousand taka for five years and last one is quarterly five thousand taka for five
years. But fist ones profit is less then second ones and second ones profit is less
then third ones. So in this case prospect choose any one which is affordable and
insurance agents also helps prospects to select insurance.

Recommendations:
1. Longer selling cycles have become a fact of life. As insurance has a negative demand
and also expensive, so it is natural that salespeople need to do their sales presentation or
need to talk to prospect for four or five times before the purchase insurance. On the other
hand buyer has also more options than in the past because there are many insurance
companies. So as customers have more options than in the past are likely to take more
time to make a buying decision. That is why sometimes salespeople loose patience to talk
to prospect. So, sometimes salesperson creates pressure to prospect to buy insurance
because company give specific sales target to the prospect. Or after three or four times
approaching if the prospects do not buy insurance they became depressed. So abc
company should arrange motivation session for salespeople and make them understand
that longer selling cycle require more patience.
2. Sometimes salespeople of abc company fail to recognize both verbal and nonverbal
clues. To recognize verbal clues it requires more practice and effective listing power so
that they can catch up important information from the prospects. For that salespeople
should participate in seminar to enhance listing power.
3. When salespeople use multiple options close than too many choices and too many
complex terms makes prospect confuse so at that time salespeople of abc company
should remove products that the prospect does not seem genuinely interested in and
concentrate on the options the prospect seems to be interested in.
 Step 5
Servicing the sale

Customer service is the key to building customer loyalty. A sales organization that can
develop a reputation for servicing each sale is sought out by customers who want a
long-term partner to help them with their buying needs. Research shows that when
someone has a good customer service experience, he tells and average of six people;
when he has an outstanding experience, he tells twice as many. Abc Company has
also emphasis customer relationships.
Adding value with a suggestion selling
Suggestion selling is an important form of customer service. It is a form of value-added
service when it is presented correctly. This is the process of suggesting services that are
related to the main item sold to the customer.
1. Suggest new items: In most cases the salesperson of abc company who already
has established a relationship with the customer is in the best position to introduce
new products. By reviewing prospect’s financial position they offer different type
of life insurance or a prospect who have brought life insurance agent suggest him
to buy insurance for his or her car, ornaments or introduce home insurance.
2. Suggest a larger quantity: the customer can benefit in several ways from buying
a larger quantity. Economy is one of the most common benefits. Abc Company
also offers a discount on large orders. For example buying insurance more than
one hundred thousand taka will give the prospect discount. The larger the amount
will be the larger the discount rate will be and the larger the profit or bonus will
be (after the maturity period). Another example is that suppose a business man
who stored his inventory in different four storage around the country, now if he
buy insurance for from all four’s from abc company instead of for one’s then the
business man will get discount.
3. Suggest Better Quality Product: abc company has different types of insurance.
So they suggest insurance according to customers needs and wants.
 Adding value with follow through
A major key to an effective customer service strategy is follow-through on assurances
and promises that were part of the sales presentation. The commitments that have been
made on sales presentation are full filed after-sale action. Here abc company uses
following things to add value with follow-thorough -
1. Making Credit Arrangements: abc company make credit arrangements for
specially big corporate buyers of their insurance when they are sure that their
business will generate expected cash inflows in near future. Like- Private Bus
service Ltd. Companies, Manufacturing Companies (especially new Companies)
for their inventory insurance etc. so abc company’s salespeople have established
relationship with the credit department.
2. Timely Deliveries: abc company add value with on-time deliveries of insurance.
That’s mean at the maturity date of the insurance the pay the insurance money to
the customers.
3. Customer Training in the Use of the Product: Hear abc company’s salespeople
make clear the customers terms and conditions of insurance. Also teach the
method of how to calculate insurance bonus so that customers can able to
calculate insurance’s benefit and match their calculation with the company’s
calculation so that there will not be suspicion of calculating insurance money.
4. Price Changes: abc company’s salespeople have clear idea about every type of
insurances terms, conditions and price. Because the regularly make contact with
the company collect up-to-date price list of insurance.

Adding Value with Customer Follow-Up

Customer follow-up methods usually have two major objectives. One is to express
appreciation for the purchase and thus enhance the relationship established during the
sales presentation. The second purpose of the follow-up is to determine the customer is
satisfied with the purchase. Abc Company also adds value with customer follow-up is a
systematic and businesslike way. Abc Company uses 1. Personal Visit 2. Telephone Call
3. Card 4. E-mail Message
 1. Personal Visit: This is usually the cost costly follow-up method, but it may
produce the best results. But abc Company has got advantage over it. Personal
visit is the secondary objective of abc company’s salespeople because when they
go for sales presentation of a prospects home or office at that time they make a
short visit of their existing customers in that particular area. That is why it is cost
effective for abc company. In personal visit sales people informed customers
about new type of insurance and used him as a center-of-influence to develop
prospect base.
2. Telephone call: abc company also use telephone to follow up a sale. In leisure
period salespeople of abc company make telephone call to its existing customer to
say just thank you. The advantage of telephone call is it allows two-way exchange
of information which strengthens the relationship between salespeople and
customer.
3. Card: At the time of Eid and Nobo-Barshow abc company sends well designed
thank you card to its customers. Sending card is inexpensive and convenient form
of customer follow-up.
4. E-mail Message: It is lot quicker to send an e-mail message than to make a phone
call. Abc Company do collect customers e-mail address but it do not send e-mail
to customers. Instead of sending e-mail they send massage to the prospects mobile
sometimes wishing for independent day or victory day or sometimes letting
customers know about their new insurance.
These are the four types of method that abc company use to customer follow-up.

Recommendation
Abc Company’s salespeople sometimes make suggestions too early, for that customer
become confused or sometimes fail to give full attention to proposal. For example one
day a sales agent of abc company got a prospect’s name through centre of influence who
live in Dhanmandi area. Than he make an appointment with the prospect and approach
him to buy insurance but after sometime when they saw the prospect is rich then he
offered him to buy insurance for his car and then he offered him buy insurance for
ornaments. This attitude of the insurance agent makes him confused and as a result he
suspects the insurance agent and he closed the deal and told him to leave. So the learning
form this bitter experience is “Never make suggestions to early, the customer may
become confused or fail to give full attention to proposal. Another recommendation to
abc company is to follow-up customer regularly. We found that they are irregular with
customer follow-up which may result weak relationship with customers.

At the end we can say that abc company moral less follow the six steps of personal
selling to sell their insurance. This process will be more effective if they follow our
recommendations.