Buying Signals: Know Exactly When To Close The Sale

Only 19% of sales close, so you can have lots of selling conversations and the best closing skills but still not win new business consistently. That's because there is more to closing a sale than asking for the business. Not all prospects are a good fit for your product or service. And if your potential buyer isn't ready to make a purchase, then your odds of successfully closing the deal is dead. That's why you need to recognize your prospects' buying signals. But this isn't only about identifying when your leads are ready to buy your product or service. These signs occur throughout the buyer's journey. So, you need to watch and listen for buying signals during prospecting calls, discovery calls, demos, and every other prospect engagement. This includes phone calls, emails, social media interactions, data within your sales tools and video calls. But what are buying signals? Definition of the term ‘buying signals' Buying signals are verbal and non-verbal cues, signs, or indicators that tell you when the lead is either ready to buy or interested in moving forward in their buying process. You will often see buying signals from your prospect when a lead schedules a discovery call or when an opportunity responds to an email you've sent requesting additional information. In both cases, the prospect is giving buying signals indicating their interest in moving forward even though they aren't ready to become customers yet, by signing on the dotted line. Buying signals are like road signs, helping you recognize how to proceed with each prospect. A lack of buying signals might even mean not advancing them through the sales process. Why are buying signals essential to recognize? Spotting these buying signals is more critical than ever because sales reps are getting less time with prospects. For example, B2B buyers currently spend only 17% of their time meeting with potential suppliers. And if the prospect is considering multiple solutions, your time with this potential customer drops to as little as 4-5% of the time it takes for them to make a buying decision. This lack of face time with your leads gives you less time to pick up on indicators that the lead is interested in buying or moving forward with the sales process. So, it's essential that you learn to quickly recognize buying signals as they happen so you can respond appropriately. Reading the prospect's buying signals can also save you time by allowing you to disqualify potential customers too. You want to disqualify potential buyers because you don't want to spend precious selling time with prospects who aren't a good fit for your product. They are less likely to close or may take longer to close and are more likely to be dissatisfied or churn. Churn is when a customer cancels their subscription to your product after a short period or chooses not to renew. Ultimately, by spending your time with highly qualified leads who will most benefit from your solution, you significantly increase your close rate. What are buying signals in sales? Buying signals can be verbal or non-verbal, and some are more subtle than others, but with practice, you can learn to recognize all the different buying signals communicated by your prospects. Here are some examples of positive buying signals or signs when a prospect is interested in buying from you: Non-verbal buying signals: * Nodding, direct eye contact, and paying attention during your conversation or presentation.