business man shaking hands with business woman

Sales is a combination of art and science. If you enjoyed "4 great ways to close a business deal," and "3 more great ways to close a business deal," and want a few more closing strategies to consider, here are another three approaches that might be appropriate to you and your clients:

1. The hot button. Many agents and advisors can help clients with insurance, investments and sometimes even banking products. One of the earlier ideas discussed concerned "Identifying a Need, Proposing a Solution." The idea was once a problem is identified, it doesn't go away.

Here's a cheerier approach, The Hot Button. Your prospect loves taking cruises. They take one every year. They sail over the Christmas holidays. You talk about when they go, how much it costs and when they make their deposit and staged payments.

The close: "One of the features I've designed into the plan is to have a certain amount of money come available each year around (date) when you put down the deposit for your cruise. Later in the year, a second amount comes available around (date) when you make the final cruise payment."

Why it works: You identified a need and showed how your proposal addresses it.

Why it doesn't work: They are getting their own money, interest or dividends in hand when they need to make the cruise payments. They aren't getting a "free cruise" doing business with you. You need to explain you are helping to address needs, not handing out free vacations. Costs change over time. So do interest rates.

2. No decision is a decision. You propose a plan of action. They say: "I want to wait." When the economic climate is uncertain, they might think sitting tight is the safe option, because they aren't making any changes. If their money is in an insured bank account, that might be true. If it's invested in the stock market, their money is at risk.

The close: "The final decision is in your hands. If you say wait, we wait. You are currently invested in (stocks, other investments). By waiting, you are saying the (stocks) you currently hold are the right thing to own, moving forward. Could you explain what you are thinking?"

Why it works: They might think doing nothing is the safe option. You've highlighted they are assuming a level of risk by sitting tight.

Why it doesn't work: Your recommendation might include a degree of risk too. When comparing both, they feel more comfortable with what they own.

3. Dollar cost averaging. Back to selling is both art and science. Usually we talk about an "all or nothing" approach. Many prospects are hesitant to take the plunge. What if they make the wrong decision? What if it keeps them awake at night?

They can take small steps by committing money over time. Many insurance products are structured this way.

The close: "I understand your reluctance. You want to take advantage of the situation, but don't want to move too far, too fast. I have this idea: Suppose we commit a portion of the money now, adding more on a monthly basis?

Why it works: There should be an amount they would commit, without feeling the risked too much. It should still be enough to make a positive impact on their overall financial health.

Why it doesn't work: They don't want to move now, not in any amount of money.

There are many ways of asking for the order or approaching closing. You need to find ones that are comfortable for you and your prospect.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.

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3 more strategies to use in closing a business deal

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