Buying signals: 6 things to look out for

You’ve presented your product or service to the prospect. This has generated interest, you’ve sent out a proposal and followed it up in a timely manner. But what next? How do you know when your prospect is ready to buy?

Timing is everything, and knowing when to close the sale critical. Knowing when the prospect is ready to buy will improve your ability to close the sale. This is where your active listening and observation skills come to the fore. Buyers are likely to give out verbal and non-verbal clues. These are known as buying signals and are the first step to closing the sale either with a test close or a full close. Both of which we will cover in future blogs.

So, what buying signals should you be looking out for? There are many, but here are a few examples:

1. Any Questions Around Price

When a prospect is asking questions that relate to price this should be considered as a positive. Often, if this is the case, the prospect has reviewed your proposal and is interested. This is where you can make sure that any outstanding issues and questions are resolved and move the sale forward by looking at payment options including perhaps milestone payments.

2. Questions About Availability/Delivery

If a prospect is interested, it is likely they will raise questions around availability. For example, they may question the delivery terms mentioned in your proposal or ask for a more detailed delivery schedule. They may also ask if the delivery times you have quoted can be reduced. If the delivery periods are unachievable you may be able to consider other options to assist them.

3. Repeating Statements

A prospect will often ask a question about a key benefit or ask you to confirm something that you have already mentioned that was of particular interest to them. Here the prospect is clarifying if what’s important to them has been considered and is included in the offer.

4. Product or Service Questions

Specific questions that relate to the product or service are usually an indication that the prospect is interested. Questions such as how does this operate? What is the time period between overhauls? What are the options available? Are all key buying signals.

5. Warranty or Guarantee Questions

Prospects may want to limit their risk exposure by asking questions around the warranty period that you’ve included within your offer. Here you can alleviate their fears by talking in-depth about what is covered and length. You could also discuss extending the warranty period if this is an option.

6. Buying Noises

Prospects will also show their interest by making comments. There are many, but examples may include things like – that’s helpful, I didn’t know that, that’s just what we need, that’s interesting – so it is vital that you ask pertinent questions and make sure you really listen to what’s really important to the prospect.

What is a test close, and when would you use it?

In our last blog we raised the question of knowing when your prospect is ready to buy. We introduced the concept of buying signals being the first step to closing the sale either with a test close or a full close. But what is a test close and when would you use it?

A test close is simply raising a deliberate open question with your prospect. It’s a useful way of gauging how interested the prospect is without going for a full close. A full close could put them off if it’s too early in the sales process. So a simple “how does that sound?” or “how did you find our proposal?” can be a way of making sure that you’ve sufficiently clarified everything and provided all the information that your prospect is seeking. It also gives the salesperson the opportunity to watch out for verbal and non-verbal clues that could provide some indication of the prospect’s intentions.

The test close starts a conversation so the salesperson can enter dialogue. This allows them to respond to whatever the prospects say. If the prospect has a doubt or is needing more information, this is the ideal time to provide it before trying another test close. Alternatively, with a positive response, the salesperson could go for a full close which we will cover in a future blog.