Not everyone equips themselves with the skill of knowing how to close a deal. At least for most, it’s not their first choice if they follow the rules of conventional wisdom. This was the case for Emily.
As a young woman in her twenties, the last thing Emily expected was to be applying for a tour guide job at her local museum. A minimum wage job, not even remotely related to her degree, much less her interests.
But there she was, sheepishly standing in the midst of 80 people waiting for their name to be called. Most of these people were in their 40s and 50s and were recently laid off from their previous jobs. She never expected her life to take a turn like this. Emily’s troubles were dragging her deeper into despair.
It all started when she graduated during the spring of 2008 – the year of the Great Recession that drove millions of people into a dead-end. This was the year that instantly dried up every single job she had applied for. And for an entire year, she was forced to live with her parents again.
Unsuccessful in finding employment, she found herself penniless very soon. Her savings account run down to zero very fast. Desperate to somehow move on, she went back to school for a graduate degree, hoping it would make her more qualified. But this only sunk her deeper into debt.
And even though she was cutting costs wherever she could, she was barely able to keep her head above water. The only way she could keep herself afloat or even continue living at her parent’s house before they’d have no choice but to put it on the market was to get any kind of job that was available.
While it hurt her pride and left her heart heavy, that’s exactly what she did. Though she was glad she even got the job, deep down, she knew it wouldn’t last and hoped a new opportunity would somehow fall into her lap.
Why You Have a Better Chance to Prepare Yourself
If you can resonate with the financial burdens Emily had to face, then it may be time to prepare yourself for possible economic downturns like this. What happened to Emily was far too common during those dark times. And as you know, we might be headed into another recession ourselves with the current worldwide spread of the coronavirus.
Countries everywhere are shutting down. Companies are going out of business. Individuals are losing their jobs. And all the while the infection rates keep rising every day leading us into a global economic crisis that’s only going to get worse.
By the end of this article, you’ll find out how you can protect yourself and your family if history is going to repeat itself again. You’ll learn how you can arm yourself without applying for a different job, without starting an online business, and without getting another degree that you’re never going to use. While the strategy we will share with you today may not solve all of your problems, it’s something you’ll want to equip yourself with even if we weren’t headed towards another recession (but chances are, we will).
Read on to hear more about how you can prepare yourself for the upcoming economic storm that’s bound to worsen with time.
The Truth About The Dying Job Economy
Do you know that tugging feeling of uncertainty that keeps you up at night? It’s that feeling you get when you don’t know when your boss will call it quits. Cut you loose. And put an end to your only source of income. Let’s face it, jobs have been disappearing very quickly these days. But this is nothing new…they were disappearing before this present crisis as well.
To put things into perspective for you, we found a disturbing statistic from Diana Mulcahy’s book The Gig Economy. Here’s what she discovered:
“The largest blue-chip corporations that were once bastions of stability are now frequent instigations of layoffs, downsizings, and restructuring of their workforces.”
“In 2015, the rate of corporate layoffs continued to increase and included companies such as Microsoft (7,800 workers), Proctor & Gamble (6,000 workers), JP Morgan Chase (5,000 workers), American Express (4,000 workers), and Target (2,250 workers). Walmart and McDonald’s, the largest employers in America, both laid off hundreds of corporate jobs. “
“Even high-growth technology companies aren’t immune. Twitter, Snapchat, and Groupon all conducted layoffs in 2015. These cuts may generate returns for shareholders, but they eliminate any sense of job security for workers.”
Most of us notice this fact more during our bad times and forget about it when things go back to normal. It’s not stupidity or ignorance. It’s just human nature. We know the current financial crisis we’re in is not our first nor is it going to be our last. We’ve suffered through these events countless times and yet it’s hard to say a majority of us have caught on to make any necessary changes.
So, does that mean you don’t have enough common sense to figure it out? No. Not necessarily and here’s why: When times are good, many people refuse to accept that there is no job security. Like Emily, they convince themselves that it can’t happen to them, that they won’t be thrown out, and then they refuse to prepare for the possibility that their job could disappear overnight.
Your best bet is to take matters into your own hands. Assume that it will happen to you and take the steps to prepare.
How To Arm Yourself With Skills Before an Economic Downturn
When we talk about skills, we’re not talking about the skills you gained at your job. And if you actually did gain a skill from your job, would it be transferable to other industries, markets, and verticals? Let’s say you work as a financial analyst at an investment firm. Your skill wouldn’t apply anywhere else except in the financial sector. So when w talk about skills – we talk about those transferable across industries.
But another important characteristic of skills is their economic utility – how much income can they generate for you? When we talk about skills – we’re referring specifically to what Dan refers to as High-Income Skills. If you’ve ever stumbled upon one of his YouTube videos, you may have heard of this concept.
High-Income Skills are those skills that could make you $10k+ a month and give you direct control over your time, future, and income. Unlike jobs where you’re trading your time for money, with a high-income skill, trade your expertise and knowledge for money. Have you thought about this before? It appears that many people didn’t and still don’t think of skills this way.
The surprising thing is this concept has been around before the internet, before computers, before cars, and even before the industrial revolution. Many great leaders have used it to impact millions – like the late Steve Jobs, Bill Gates, Martin Luther King Jr., Jack Ma, Warren Buffet, and many more. Thousands upon thousands of books have been written about it. And believe it or not, you already possess this skill yourself.
Why This is One of the Most Overlooked Skills in the Skill Economy
It’s called High-Ticket Closing. And – no, it’s not sales. The word sales itself turns off any cautious consumer. This is why Forbes says traditional sales practices as a business discipline are no longer effective: “And any organization that still has “sales” titles on their org charts and business cards is living in another time and place while attempting to do business in a world that’s already passed them by.”
It’s rare that you’ll find opportunities in sales. Why? Because it usually involves the familiar sleazy, slimy, manipulative salesperson we all want to avoid at all costs. And that’s not what we’re talking about here.
You see, almost all of the opportunities lie in knowing how to close a deal and knowing how to close for the right businesses. We’re talking about businesses selling high-ticket products and services from $3,000, $10,000, $25,000, $50,000 or higher. The truth is, even with the advancements in technology and the evolution of the internet, you can’t just sell a product for $3,000 online without running into a brick wall. It takes work. It takes a personal human connection, and forms just won’t cut it.
How to Close a Deal With High-Ticket Closing
Closing is all about meeting people where they already are and helping them come to their own informed decision about why they need a product or service. If you think about it, most people will have doubts and questions when they’re looking to buy, especially for a price that high. And chances are, they will need more information, more guidance, and more clarity about how the whole process works. So how do you close a deal like this? Simple. You do this by getting on the phone, asking questions and helping them come to their own decision.
Here’s another way to look at it. Earlier, we told you that you already have the ability to close. And we’ll prove it to you. Picture your friends, family, and all of your loved ones. Whenever they’re experiencing tough times and you want to do what you can to help relieve some of their pain and struggles, how do you help them? In most cases, you probably don’t do it through a social media post on Facebook. You help them by getting on the phone to talk it over or meeting with them face-to-face.
It’s that personal touch we need in our interactions with each other. And this is exactly the essence of how High-Ticket Closing works.
1. Show You Deeply Care For Their Results
This is as simple and straightforward as it sounds. And it’s perhaps one of the most important aspects when it comes to closing a deal. You need to show the person you speak to that you actually care about their well-being. Show that you care about their results. And show that you care about their outcome. It’s no different from how you would communicate with your loved ones. Express your deep concern for their pain.
This is what we call empathy.People don't care about how much you know until they know how much you care. Click To Tweet
Whenever you’re closing a product or service at a higher price, you need to understand that people will feel like they’re taking on a lot of the risks. And if all the risk is on them, it’s much harder for them to take the next step. You may have experienced this yourself when you were making an expensive purchase.
As a professional, your goal is to give them a sense of protection. You want them to know that you’ve got their back. It lowers their defensive barriers and allows them to open up to you. So if you can take a lot of the risks and put it on your own shoulders, then you’ll be off to a good start when you’re closing a deal.
2. Expose Their Deepest Pains
Have you ever planned a trip or a vacation? You may have gone for fun but is that the truth? Usually, the real reason people go on a vacation is to escape hectic work-life drama. Similarly, when people want to lose weight, they want to escape the shame of being overweight. Or when they want to get rid of debt, they want to escape the burdens of financial stress.
You see when you’re learning how to close a deal, it’s important you know that people don’t buy their way into something; they buy their way out of something. They buy to get out of their pain and escape from a problem they are experiencing in their life.
Your main job here is to diagnose their problems by asking some very powerful questions. Because if you can’t identify their problem, they will have no reason to buy. You want to find out the truth and expose their deepest pain points. Find out what keeps them up at night.
If you can help them paint a clear and vivid picture of their problem and show them how a product or service can be a solution to that problem, they will be more likely to buy.
3. Handle Their Objections
Here’s a good analogy. In martial arts, what do you do when someone throws a punch? One way is to punch them back, right? What about when someone kicks you, what do you do? Well, then you kick them back. In this scenario, you’re always playing catch up. They do something, then you do something. And back and forth again and again. This is what we call playing defense.
A better approach would be to play offense because the best defense is a good offense. Now, how do you apply this when you want to learn how to close a deal? The key is to handle objections before they ever come up. And when it comes to High-Ticket Closing, one of the best ways to do this is by setting the agenda beforehand. The amazing thing is when it’s done properly, oftentimes objections don’t even come up.
Why Objections Should Be Handled Proactively Rather Than Reactively
Another thing to keep in mind is a mistake you’ll see a lot of sales gurus and trainers teach and that is using a script. Now, you might be wondering – Well, what if I’m new at this? What if I don’t know what to say? And what if I freeze up? These are all great questions but the truth is this: if you need to read from a script while you’re closing, you shouldn’t expect it to go well. And here’s why.
With a script, you usually have an entire line-by-line blueprint on what you need to say and how you need to say it. It’s basically a predetermined plan set and ready to go. But there’s a problem. When you’re reading from a script, it’s very hard not to sound like a robot. And if your goal is to show a person that you care so they can share their deepest pains, reading from a script would be like telling them they shouldn’t even bother telling you anything because you sound too much like an emotionless regurgitating machine.
Now, we’re not saying that a script isn’t a good tool to use when you’re learning and practicing as a beginner. It’s definitely a good tool but notice how we said, “when you’re learning and practicing.” The goal should be to master a script while you’re learning and know it inside and out before you start closing. You need to have flexibility or be like water, as Bruce Lee puts it. And you can’t do that by blindly reading off of a script.
So if you can implement these 3 lessons when you’re learning how to close a deal, you’ll find yourself in a much better position compared to most other so-called “sales professionals.”
Successful Business Owners are Always Searching for People Who Possess This Closing Skill
It doesn’t matter if our economy is doing good or bad, the skill of closing and knowing how to close a deal will always be needed in the marketplace. Most businesses and companies will always need more clients and customers. And a lot of times they don’t have the time or the skills to do it themselves. So that’s where you come in.
With this skill, you’ll never have to worry about whether or not people will buy. You’ll never have to worry about not having a pipeline filled with people who are already interested in buying. And you’ll never have to worry about whether or not the products or services will sell.
All of this is already done for you.
It’s Not Too Late To Protect Yourself With This High-Income Skill
When you understand closing and know how to close a deal, you’re essentially holding a superpower within your hands. It’s a skill that’ll leave people wondering what your secret is. A skill that does not require you to go get another job, earn another degree, or even start a business.
In the next 20 years, 50 years, 100 years or more, people will still need the skill of closing. When robots like the ones at the Alibaba Hotel become more mainstream in different industries, knowing how to close a deal will still be needed. When viral pandemics like the coronavirus spread to all corners of the world, economies will likely shut down, knowing how to close a deal will also still be needed.
And as you probably know, experts predict that we are headed towards another recession.
So the choice is yours.
Are you going to wait for the recession to hit you first? Or are you going to prepare yourself with this skill to keep yourself and your family afloat while everyone else around you sinks?