How to Close a Sale With the Weighted Close
When it comes to making a sale, the weighted close is super effective. Although it has been around forever, it not commonly used by sales people. I can’t remember the last time I had a salesperson use this approach on me when I was purchasing something. Each time any of us makes a sale we “weigh” the value we are receiving from making the purchase against cost of the purchase. We all do it. Sometimes we calculate the cost to benefit in a millisecond, and other times the evaluation is extensive. Obviously, part of the decision is based on your resources, the significance of the product, and how badly you need what you believe the product offers.
The weighed close solves many sales challenges when asking the prospect to make a purchase decision. One of the most common reasons salespeople get to the end of the sales talk and still fail to close is because they aren’t thinking about the internal dialogue the prospect is having when deciding to spend money. The mental pros and cons list the prospect is making is similar to the weighed advantages process salespeople can use to guide the prospect and close the sale.
How Any Sales Person Can Use the Weighted Close
While working with a variety of representatives during a sales training in Las Vegas, they each found the close applicable and easy to use. During sales trainings for realtors or insurance agents it can be obvious how a salesperson can weigh the value of the investment, security, and so forth offered by each of those products against the investment. Let’s get a bit more creative and illustrate how every rep can close more sales with this technique.
In Las Vegas there are many salespeople in the hospitality industry. Bottle and table service is an important sale for Las Vegas night clubs. Salespeople need to sell the value of pre-purchasing a table and a minimum number of bottles to the VIP Guests and tourists visiting the club. Some tourists might think agreeing to a table where they are paying several thousand dollars to have their drinks at a reserved table seems crazy. However, once the salesperson explains the amount of drinks they are getting, the VIP service they are receiving (no lines, admission included, etc.), their own waitress, prime location, prestige, and other benefits, the price is actually not that much more than if you just ordered drinks and paid for your admission.
As the hospitality salespeople helped the prospect weigh saving one or two hundred dollars compared to the cons of not purchasing, such as needing to wait on line for hours with no guarantee of admission, fighting the crowds to get a drink, not keeping your crew together, challenges in having your dates be able to sit, relax, or put their bags down, as well as truly being treated like a VIP and other perks, they could have easily asked isn’t all that easily worth paying a bit more.
Many salespeople, at the end of their sales talk, only discuss the benefits of their product, and fear that saying anything else would only weaken their chances of closing the sale. They wouldn’t dare bring anything else up (such as the cost of a few hundred dollars in the Las Vegas hospitality sales training example), fearing they might put a bad thought in the prospect’s head. What these salespeople don’t consider, however, is that the prospect is almost definitely thinking about those costs already.
It would be even more dangerous, however, to let the prospect weigh these items on their own. That’s why you, the salesperson, need to do it yourself. Your job is to show that while there are costs or “cons” to buying the product, the benefits far outweigh them. You can list any disadvantages to buying the product and minimize their impact while doing so. Then as you go through the benefits, you can show they are more valuable (worth it) than the expense. By the end of the weighing process, your benefits should far outweigh the “cons” – if they don’t, you are likely speaking with an unqualified prospect.
How to Execute the Weighing Close.
While it seems counterproductive, stating the reasons against buying can result in a higher closing rate.
As previously stated, the prospect is likely thinking about why they shouldn’t buy anyway, so it’s better for you to bring them up first and address the issue head on and guide them to the value you offer
When these arguments against moving forward with the sale remain part of the prospect’s internal dialog, they will often turn into a very strong objection. Even worse, it may be an objection they never state and that makes it even harder to overcome. On the other hand, if they’re discussed openly, the conversation will go much more smoothly.
When the prospect keeps their reasons to themselves, it becomes much more important than it should be. Once the salesperson assuages that fear, it doesn’t seem as important to the prospect.
Salespeople can overcome their fears of talking about the disadvantages by doing just that: talking about the disadvantages. With each sales call, the salesperson will find it easier and easier to have a “weighed” discussion.
When the salesperson brings up the disadvantages on their own, it helps them to look better in the prospect’s eyes. The prospect will see them as someone who is trying to be fair and not just make the sale.
It’s important to mention the main reasons the prospect might be able to see against buying. If the prospect has one reason that they can bring up without you mentioning it first, that will be the one they will focus on.
If you do your job as the salesperson and you are the one to bring up the main reasons against buying, it’s much more unlikely that the prospect will be able to think of a new reason against buying.
Before pressing the prospect for the close, you need to reassure them that it is the right decision. They need to feel comfortable about it and know that any disadvantage is outweighed by the benefits.
Exercise:
Pre-plan your weighed close. When Ben Franklin first described the weighed close 200 years ago he simply instructed people on how to weigh if a decision was good for them. He gave his prospect a piece of paper, and drew a line down the center thus dividing it into two halves. At the top of the left hand column we wrote Pros or “+” and on the right he put Cons or “-“. He would then ask they prospect why they were “hesitant” (notice the soft wording) and had them list those on the right. Typically there would only be one or two reasons to “hesitate”. Then both the sales person and the prospect would list all the advantages the prospect would gain, all the value they would receive and other benefits that came with moving forward. Each item listed would be put under the Pros column on the left. He would then ask “which way the scales tipped” or “which side was more valuable?” Then as the prospect weighed the decision they were often closing themselves on the Pros side.
Take a piece of paper and do the same thing. Put your big objection on the right under the “-” section and list all the advantages that out weigh that objection on the left under “+”. Essentially take yourself physically through the process so you will more prepared when working with a prospect.
| Pros (+) | Cons (–) |
Important tip:
When possible, have your prospect physically go through this process. The reason it is more effective when done physically is you are making the weighted positive answers tangible. The prospect can literally see the reasons, feel the reasons, and the side that weighs heavier is right in front of them.
SPECIAL NOTE: The “weighted close” is a sales tool that is very effective when the prospect is on the fence. They are literally weighing if they should or should not more forward. There is no reason to bring up negative reasons related to making a purchase commitment with prospects that are giving you solid buying signals. The weighed close is reserved for people that are debating (with you or in their own head) moving forward. It also works well when trying to overcome any objection they may have because you are participating in the pro benefit versus con cost conversation thus allowing you a certain level of control. The weighed close also known as the Ben Franklin close has ben around for over 200 years and is very effective when used at the appropriate times. Keep it in your sales tool box and be ready to use it.
