Closing

The final step in the sales process where a prospect becomes a customer by signing or paying.

Closing is the moment a prospect says "yes" and becomes a customer. It's the culmination of all the sales work: prospecting, qualifying, presenting, following up, negotiating.

Contrary to popular belief, closing isn't a magic moment. It's the natural result of a good process:

You identified a real need.
You proposed a tailored solution.
You handled objections.
You followed up at the right time.
You proposed a clear next step.

The "right" closing rate depends too much on your industry, average deal size and lead quality for a universal number to mean anything. The right move: measure yours (deals won / deals played) and track its trend month over month.

To improve your closing rate, work on your follow-up. Many deals aren't lost on price or to a competitor — they're lost because the seller forgot to follow up.

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Other definitions

CRM (Customer Relationship Management)

Software that centralizes information about your prospects and customers to manage the sales relationship.

Sales Pipeline

A visual representation of the stages your prospects go through before becoming customers.

Follow-up

The act of reconnecting with a prospect after an initial interaction to move the sale forward.

Lead (prospect)

A person or company that has shown interest in your product or service and could become a customer.