How to Boost a Close Rate: Tips from Our Playbook

Table Of Contents

1. Know The Customer
2. Qualify, Stop Wasting Time on Dead-End Leads
3. The Power of Preparation: Become a Subject Matter Expert
4. The Magic of Storytelling: Don't Sell, Inspire
5. The Art of Listening: Shut Up and Let Them Talk
6. The Power of Social Proof: Boost Your Sales Performance
7. The Follow-Up Formula: Persistence Without Being a Pain
8. The Sales Process: Objection Judo: Turn Obstacles into Opportunities
9. The Urgency Factor: Create FOMO Without Being Pushy
10. Sales Team Structure and Enablement
11. The Close: Ask for the Business to Improve Your Win Rate (Yes, It's That Simple)
12. Conclusion
13. FAQs

How to Boost a Close Rate: Tips from Our Playbook

Ever wondered why some sales reps seem to turn most sales leads into paying customers, while others struggle to close even the hottest leads? If you've ever found yourself scratching your head over a lost deal or daydreaming about doubling your close rate, you're in the right place.

I'm not here to sell you snake oil or promise overnight success. Let's face it, if closing deals were as easy as following a 5-step formula, we'd all be sailing on our private yachts by now. But while there's no magic wand, there are proven strategies that can dramatically improve your ability to achieve more closed deals.

Over the years in B2B sales, I've seen it all. The good, the bad, and the “how on earth did that just happen?” I've closed pretty sizable deals and I've also watched sure-thing prospects slip through my fingers. And you know what? Every closed deal and every “closed lost” taught me something important.

Now, I'm here to share those lessons with you.

Know The Customer

You can't close a deal if you don't know who you're dealing with. Sounds obvious, right? But you'd be surprised how many sales reps think they know their customers when they've barely scratched the surface.

So, how do you fix this? Find your detective hat! First up, create detailed buyer personas. Real in-depth profiles that get to the heart of your customers' motivations and challenges.

Here's a little exercise for you and your team: Take your top 10 customers and list out their job titles, industry, company size, and any other relevant demographics. Now, dig deeper. What keeps them up at night? What are their career goals? What's their communication style? Look for patterns. Are there common threads running through your best customers? Put all that info into Chat GPT and let it cook.

Once you've got these personas nailed down - tailor your pitches, your content, email subject lines. They have to speak directly to these personas.

Don't forget to leverage feedback from existing customers to build trust and credibility with potential leads.

But wait, there's more! Knowing your customer isn't just about creating personas. It's about staying on top of their industry trends, understanding their competitive landscape, and anticipating their needs.

Tip: Set up Google Alerts for your key customers and their industries.

Qualify, Stop Wasting Time on Dead-End Leads

Alright, confession time. Early in my career, I was guilty of chasing every lead. Obviously, it didn't end well. I was exhausted and burned out, my close rate was atrocious, and I'm pretty sure that's when I developed a caffeine addiction.

Not every lead is worth your time; focusing on high quality leads is crucial. Identifying sales qualified leads (SQLs) is super important in this process, as they represent the leads that have been vetted and are more likely to convert into paying customers. I know, I know, it feels wrong to turn away potential sales opportunities. But trust me, being selective about who you pursue will actually boost your close rate.

So, how do you spot the real ones and leave the ghosters behind? Personally, I like to use BANT framework: Budget, Authority, Need, and Timeline.

BANT is a great starting point BUT I like to add two more criteria to the mix:

B - Budget: Can they afford your solution?

A - Authority: Are you talking to the decision-maker?

N - Need: Do they have a genuine need for what you're offering?

D - Decision timeline: Are they looking to make a purchase in a reasonable timeframe?

I - Interest level: How engaged and enthusiastic are they about your solution?

T - Technical fit: Does your solution align with their current systems and processes?

I call it BANDIT qualification framework! Okay, maybe I need to work on the name, but you get the idea :D

Never afraid to disqualify new leads. It might feel counterintuitive, but trust me, you don't want to waste your and their time.

The Power of Preparation: Become a Subject Matter Expert

So you're in a meeting with a potential client. They ask you a tough question about how your product integrates with their existing systems. Your mind goes blank. You mumble something about “synergy” and “cloud-based solutions.” Congrats! You've just lost the deal.

Now, let's rewind and imagine a different scenario. The client asks the same question, but this time, you're prepared. You confidently explain not just how your product integrates, but why it's the best solution for their needs. You even anticipate their next question and address it before they ask. The client is impressed, and you're one step closer to closing the deal.

See the difference? Preparation. Here's my rule of thumb: for every hour I spend in front of a client, spend two hours preparing. Yeah, I know, it sounds like a lot. But trust me, it's worth it.

So, what should you be doing in those preparation hours?

• Research the client's company - recent news, financial reports, company culture, social media.
• Understand their industry - trends, challenges, opportunities.
• Know your product inside and out - features, benefits, limitations, and how it stacks up against competitors in the context of this specific client.
• Prepare for objections by making a list of potential pushbacks and practice your responses.
• And of course, customize your sales deck to address the client's specific needs and pain points.

Knowledge is power. The more you know, the more confident you'll be, and the more likely you are to close the deal.

The Magic of Storytelling: Don't Sell, Inspire

Alright, pop quiz time. Which of these statements is more compelling?

• A) "LavaReach saves your reps hours of time researching accounts."
• B) "Imagine sitting down at your desk on Monday morning, opening your account list, and seeing it pre-populated with all the research you used to spend 2 hours preparing for. That's the reality for our customers using LavaReach."

I bet you chose B. Here's the thing: humans are hardwired for stories. We've been telling them around campfires for thousands of years. They engage our emotions, make information more memorable, and help us relate to others.

In the first example, we're just stating a fact. Sure, saving hours on research is impressive, but it doesn't paint a picture or evoke any emotion. It's forgettable.

The second example, however, puts the reader right in the scene. They can feel the excitement of success. It's not just about the numbers. It's about how those numbers translate into real, tangible experiences that sales professionals crave.

This is the power of storytelling in sales. It transforms dry facts and figures into vivid, emotionally resonant scenarios that your prospects can see themselves in.

There are a few storytelling techniques I swear by. First, there's the "Before and After" Story. Paint a vivid picture of your client's world before and after implementing your solution. Then there's the "Hero's Journey". Cast your client as the hero, facing challenges and overcoming them with your product.

Remember, the goal here isn't to brag about your product. It's to help the client see themselves succeeding with your solution.

The Art of Listening: Shut Up and Let Them Talk

Okay, here's the move that took my close rate up a notch. Are you ready? Here it is: The best sales reps aren't the best talkers. They're the best listeners.

I know, I know. It feels off, but stick with me. Talking too much means you're just guessing. When you really listen, you figure out what they actually need, which significantly enhances your sales efforts. And that's where you win big.

Here's a challenge for you: in your next sales call, try to listen 70% of the time and talk only 30%. It's harder than it sounds, but the results will blow your mind. Many sales coaches preach 80/20 rule, sales reps overshoot and oftentimes prospects feel like they're being interrogated. Don't be that guy!

Want some listening tips to get you started? Try asking open-ended questions like “What's your biggest challenge right now?” instead of “Is X a problem for you?” Bounce their words back to show you're locked in. Watch their body language and tone – those are low-key giveaways. Don't interrupt. Let the client finish their thoughts, even if there's a pause. And always take notes. It shows you're in the zone and helps you remember what matters.

Remember, the goal is to understand, not to respond. You're gathering intelligence that will help you close the deal later.

The Power of Social Proof: Boost Your Sales Performance

So imagine you want to try a new restaurant. Are you more likely to choose the one with a flashy ad claiming to be “The Best Italian Food in Town” or the one your foodie friend can't stop talking about?

Most will probably go with their friend's recommendation, right? That is the power of social proof. In the B2B sales, social proof can help you increase close rates like nothing else.

Analyzing social proof can provide valuable insights into your sales team's performance, helping you identify areas for improvement and strategies that are working well.

So, how do we leverage this power? Case studies are your best friend. They tell a story (remember what we said about storytelling?) of how your product solved a real problem for a real customer. Also, make sure your case studies are specific, results-focused, and relatable to your target audience.

Don't forget about testimonials - short, sweet, and powerful. Collect them from your happiest customers and sprinkle them throughout your sales collateral. Video testimonials are especially effective. Sales managers can use these testimonials to analyze various sales metrics and improve closing ratios.

If you're in the SaaS world, sites like G2 Crowd and Capterra are great for reviews and ratings. Talk to your marketing team, send emails to your customers and encourage them to leave reviews. Flex those ratings loud and proud.

Won any industry awards? Received any notable certifications? You know what to do! And don't underestimate the power of client logos. A simple yet effective form of social proof, just seeing that other companies trust you can be enough to help you increase your close rates.

Lastly, don't forget about user stats. “Join the 10,000+ companies already saving time with our solution” is a lot more compelling than “Our solution saves you time.”

The Follow-Up Formula: Persistence Without Being a Pain

Alright, let's address the elephant in the room. Following up. I know it can be frustrating. You also don't want to be annoying, but you also don't want to lose a potential deal.

But you also have to remember that effective follow-up can dramatically increase your close rate. In fact, studies show that 80% of sales require five follow-up calls after the meeting. But get this – 44% of salespeople give up after one follow-up.

Here's my follow-up formula:

1. Start with a 24-Hour Check-In. Within 24 hours of your initial meeting, send a quick thank you email. Recap the key points discussed and any next steps agreed upon.
2. About a week later, go for the Value-Add Follow-Up. Reach out with something of value. This could be a relevant article, a case study, or some industry insights. The key here is to position yourself as a helpful resource, not just another sales rep.
3. If you haven't heard back, wait another week and then send a Gentle Reminder. Something like, “Just wanted to touch base on our conversation about X. Have you had a chance to discuss with your team?”
4. Still not getting traction? Try the Alternative Contact approach. Reach out to someone else in the organization. Sometimes your main contact is just swamped, and a fresh perspective can reignite the conversation. Make sure it doesn't look like you're trying to go around your main contact.
5. Finally, if it's been a while and you're about to give up, try the “break up” email. Something like, “I haven't heard back, so I assume this isn't a priority right now. I'll check in again in six months unless I hear from you sooner.” You'd be surprised how often this prompts a response.

The key to effective follow-up is to always provide value and respect the prospect's time. A coordinated effort by the sales team can ensure that follow-ups are timely and relevant. And remember, timing is everything. That prospect who goes cold might just need your solution six months down the line. Stay top of mind.

The Sales Process: Objection Judo: Turn Obstacles into Opportunities

Sales objections - everyone's favorite part. Just kidding. My recommendation - a mindset shift. What if we started seeing sales objections not as roadblocks, but as opportunities? Understanding and addressing these objections can significantly enhance sales performance by improving metrics like win rate and close rate. I know, it's easier said than done.

BUT think about it. When a prospect raises a sales objection, they're actually telling you exactly what's holding them back from saying yes. That's useful info! And if you handle it right, you can turn that objection into a reason to buy.

I call this technique “Sales Objection Judo.” If you're not familiar with principles of Judo, you're using the energy of the objection to move the sale forward, rather than fighting against it. Here's how it works:

1. First, listen and acknowledge. When a sales objection comes up, resist the urge to jump in with a counterargument. Instead, listen carefully and acknowledge their concern. “I understand why that would be a concern for you.”
2. Next, probe deeper. In my experience, the objection isn't the real issue. Try to uncover the root cause. “Can you tell me more about why that's a concern?” Just don't turn your meeting into an interrogation session.
3. Then, try to reframe the objection in a way that aligns with your solution. For example, if they say, “It's too expensive,” you might say, “I appreciate you bringing up the cost concern. It's a valid point. Why don't we take a step back and look at the bigger picture? What kind of impact would it have on your team if you could significantly reduce the time spent on email outreach while improving results? “
4. After that, provide evidence. Use data, case studies, or testimonials to address the objection. “I understand your concern about implementation time. Actually, our last five clients were up and running within two weeks. Let me show you how we did it.”
5. Finally, check for resolution. After addressing the sales objection, confirm that you've satisfied their concern. “Does that help address your worry about X?”

Here's a real-life example from my experience with LavaReach. I was pitching to a mid-sized software company, and the sales manager objected, saying, “We already personalize our emails using Chat GPT. We don't need specialized AI solution for that.”

Instead of arguing, I said, “I appreciate you bringing that up. It's great that you're already focusing on personalization. Can you walk me through your current process for personalizing emails? I'm curious about how much time your team spends on this.”

The manager explained that their sales reps were spending 3-4 hours daily researching prospects and using Chat GPT to personalize emails.

I then reframed the objection: “So what I'm hearing is that personalization is crucial for your team, but it's also time-consuming. What if we could help your sales reps personalize emails in minutes instead of hours, allowing them to reach more prospects without sacrificing quality?”

I went on to demonstrate how LavaReach could automate the research process, suggesting personalized talking points based on the prospect's industry, role, and recent company news. I showed how the AI could generate tailored email drafts that reps could quickly review and refine, maintaining their personal touch while dramatically reducing time spent.

By the time we wrapped up, what started as a “we don't need specialized AI” turned into a convo about how LavaReach could actually level up their personalization game and give them more time to close deals. The manager realized LavaReach wasn't here to replace their efforts, but to boost them big time. Sales Objection Judo!

The Urgency Factor: Create FOMO Without Being Pushy

Let's face it, we humans are procrastinators by nature. We put off decisions, especially big ones, unless we have a compelling reason to act now. Consider the urgency factor.

I'm not talking about those cringey ‘Act now! Limited time offer!' Saul Goodman moves. We gotta be a bit smoother than that. Just a little. We need to build real urgency that makes prospects want to decide without them feeling like they're being pushed into a corner.

One effective strategy is to leverage limited availability. If you genuinely have limited slots for new clients or a specific offer, let prospects know. You can even do it for SaaS products, for example: “We're only onboarding five new clients this quarter, and we have two spots left.”

Upcoming price increases can also create urgency. If you have a planned price increase, be transparent about it. “Our prices are increasing by 10% next month, but if we can get the agreement signed before then, I can lock in the current rate for you.”

Don't forget about time-sensitive goals. Tie your solution to the prospect's time-sensitive business goals. “I know you mentioned wanting to improve efficiency before the holiday rush. To make that happen, we'd need to start implementation by next month.”

Highlighting competitive advantage can also help you create urgency. Show how your solution can give them a leg up on their competition. “We're seeing companies in your industry achieve X results with our solution. The sooner you implement, the further ahead of the curve you'll be.”

Sometimes, helping them understand the cost of delay can be powerful. “Based on the inefficiencies we discussed, every month of delay is potentially costing your company $X.”

Lastly, don't overlook external factors. Sometimes, external events can create urgency. For example, new regulations coming into effect, or major industry changes.

The key is to be honest. You're not creating fake urgency. You're helping them understand the real benefits of acting sooner rather than later. Improving your win rate often depends on how effectively you can create genuine urgency.

Sales Team Structure and Enablement

A well-structured sales team is like a well-oiled machine, crucial for achieving a high close rate. Sales managers play a pivotal role in this. They need to provide ongoing training, coaching, and feedback to ensure that sales reps have the skills and knowledge to close deals effectively. Sales teams also need access to high-quality leads, which can be achieved through effective lead generation and qualification processes. By focusing on these areas, sales teams can improve their close rate and drive revenue growth. It's all about setting your team up for success, giving them the tools and support they need to excel.

The Close: Ask for the Business to Improve Your Win Rate (Yes, It's That Simple)

Alright, we've arrived at the moment of truth. The close. Here's a secret: closing doesn't have to be complicated. In fact, the most effective closes are often the simplest.

You know the biggest mistake I used to make? I didn't actually ask for the business. I'd do all the work, build great relationships, handle objections… and then I'd wait for the prospect to magically volunteer to buy. That rarely happened.

Just ask. Yep, it's that simple.

There are several closing techniques I love. There's the Assumptive Close: “So, shall we get you started with the premium package?” Then there's the Alternative Close: “Would you prefer to start with the basic package or the premium?”

Don't forget about the Summary Close: “We've covered how this solution addresses your X, Y, and Z challenges. Are you ready to move forward?” Or the Urgency Close: “We have one onboarding slot left this month. Should I reserve it for you?”

And of course, there's the good old Puppy Dog Close: “Why don't we set you up with a 30-day trial? If you're not seeing results by then, we can reevaluate.”

Go with whichever one feels right for you.

The key to improving your sales closing rate is silence. After you ask for the business, stop talking. Full stop. Let the prospect process and respond. I know it feels awkward, but trust me, it works.

Conclusion

Pick one of these strategies and implement it in your very next sales interaction. Then another, and another. Before you know it, you'll be closing deals left and right, and your close rate will go to the Moon.

Remember, increasing your close rate isn't about tricks or manipulation. It's about really understanding your prospects, providing genuine value, and guiding them towards a decision that's in their best interest. Do that consistently, and watch your close rates fly!

FAQs

What is Close Rate?

Close rate, also known as the closing ratio or lead-to-close rate, is a key metric in sales performance that measures the percentage of closed deals to the total number of sales-qualified leads (SQLs) in the pipeline. Think of it as your sales team's report card. A high closee. By focusing your efforts on leads that are a good fit for your solution, you'll naturally see an increase in your lead to close rate. Implement a robust qualification process like the BANDIT framework (Budget, Authority, Need, Decision timeline, Interest level, and Technical fit) to ensure you're spending time on the right prospects.

How many follow-ups should I make before giving up on a lead?

Studies show that 80% of sales require at least five follow-ups. However, the key is to make each follow-up valuable and not pushy. Use this follow-up formula: start with a 24-hour check-in, then a value-add follow-up, followed by a gentle reminder, and so on. The exact number can vary, but don't give up too soon!

How can I create urgency without coming across as pushy?

Focus on genuine reasons for urgency rather than artificial deadlines. This could include limited availability of your product or service, upcoming price increases, the prospect's time-sensitive goals, or the cost of delay in implementing your solution. Always tie the urgency back to the prospect's needs and benefits.

What's the most important factor in increasing close rates?

While all aspects are important, really understanding your customer is foundational to improving your sales team's performance. When you deeply understand your prospect's needs, challenges, and goals, you can tailor your approach, overcome objections more effectively, and demonstrate the true value of your solution. This understanding underpins all other strategies for increasing close rates.

How can I prepare more effectively for sales meetings?

Follow the 2:1 rule - for every hour you plan to spend with a prospect, spend two hours preparing. Research the client's company and industry, understand their challenges and goals, know your product inside and out, prepare for potential objections, and customize your presentation to address their specific needs. The more prepared you are, the more confident you'll be, and the more likely you are to close the deal.

About Daniel Zhao

Daniel Zhao is a multiple time founder with years of first-hand experience in B2B sales and revenue leadership. He has a consistent track record of helping companies experiment and implement outbound in SaaS and other industries. Throughout his career, Daniel has set up numerous outbound motions for the first time for companies that previously had not found success with sales led customer acquisition.