{"id":791,"date":"2019-09-03T20:20:12","date_gmt":"2019-09-03T20:20:12","guid":{"rendered":"https:\/\/sellingsherpa.com\/?p=791"},"modified":"2019-09-03T20:20:24","modified_gmt":"2019-09-03T20:20:24","slug":"the-lost-art-of-closing-book-summary","status":"publish","type":"post","link":"https:\/\/sellingsherpa.com\/index.php\/2019\/09\/03\/the-lost-art-of-closing-book-summary\/","title":{"rendered":"The Lost Art of Closing (Book Summary)"},"content":{"rendered":"<div class=\"nolwrap\">\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.amazon.com\/dp\/B01MSVZGTL\">The Lost Art\nof Closing by Anthony Iannarino<\/a>v<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>FOREWORD BY BRENT ADAMSON AND NICHOLAS TOMAN<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Customers fall into endless learning loops,\nwhere each piece of additional information raises new questions requiring still\nmore research.<\/li><li>This is the new \u201cclose\u201d in sales. Not closing\ncustomers on a sale, but \u201cclosing\u201d customers on each of a series of necessary\nsteps designed to prevent a purchase stall.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>INTRODUCTION<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If you aren\u2019t willing and able to ask for the\ncommitments you need, you will not succeed in sales.<\/li><li>Asking for the decision to buy too soon, before\nthe buyer is ready, almost ensures that the salesperson\u2019s ask will be rejected.<\/li><li><em>\u201cAlways be closing,\u201c as I practice it,\ninvolves securing a series of commitments from a prospective client that lead\nto the decision to buy.<\/em><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 1: A NEW PHILOSOPHY OF COMMITMENT GAINING<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The six key components of the right mindset are\nconfidence, caring, persistence, speaking from the client\u2019s mind, embracing\nconcerns, and realizing it\u2019s not about you.<\/li><li><em>If the language you use makes you feel bad\nabout yourself, if it feels tricky or coercive in any way, you\u2019re not speaking\nfrom your client\u2019s mind.<\/em><\/li><li>Helping your prospective clients deal with their\nfears, real or imagined, is how salespeople help their clients change.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 2: CONTROL THE COMMITMENTS AND CONTROL THE\nPROCESS<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>To move your dream client from dissonance to\nbelieving they have a problem worth solving, you have to help them find a\ncompelling reason to change. You control this process by gaining the Commitment\nto Explore and the Commitment to Change.<\/li><li>You control the process, but you don\u2019t control\nthe outcome.<\/li><li>The best advice I can give you for responding to\nan RFP is to call the purchasing people and push back, telling them all the\nthings in their request that are going to prevent them from achieving the\nresults they are pursuing.<\/li><li>It is important to control the process and not\nlet the buyer skip commitments.<\/li><li>You need to go from commitment to commitment,\nalways explaining the value of taking the next step together, always overcoming\nyour prospective client\u2019s fears and concerns, and always working to nudge\nthings forward, even when there is resistance to doing so.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 3: TRADING VALUE<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>What it means to \u201ctrade value\u201d is that you\npromise your prospective client something of equal or greater value in exchange\nfor the commitment you are asking for.<\/li><li>\u201cI am calling you to schedule a time to share\nwith you the four trends that are going to impact your business over the next\ntwelve to eighteen months, and some ideas about the decisions these trends\nmight require you to take. Even if you never work with us, you\u2019ll ask your team\ndifferent questions, and you\u2019ll have some ideas about what you need do.\u201d<\/li><li>\u201cI\u2019d like to come back and explore the root\ncause of this issue and explore what might be necessary to improve it and what\nsome of your choices might be later. We\u2019ll both have a better idea of what\nmakes sense and what we might do about it together, if anything.\u201d<\/li><li><em>Let\u2019s look at the value you trade when asking\nfor each of the ten commitments<\/em><ul><li><em>Time:\nWhen you ask your dream client to give you their time, you have to give them\nequal value in insights and ideas that help them produce better results.<\/em><\/li><\/ul><ul><li><em>Exploration:\nYour dream client\u2019s commitment to explore change requires that you provide them\nwith a deeper understanding of what is at the heart of why they are\nexperiencing dissonance and why they should change.<\/em><\/li><\/ul><ul><li><em>Change:\nThe value you trade here is a vision of a better future and how you are going\nto help your dream client get there.<\/em><\/li><\/ul><ul><li><em>Collaboration:\nThe value you exchange for the opportunity to collaborate is that your dream\nclient gets a solution that is tailored to their needs.<\/em><\/li><\/ul><ul><li><em>Consensus:\nYou provide value here by helping your dream client create the alignment\nnecessary to prevent them from having their change initiative die a premature\ndeath from lack of consensus.<\/em><\/li><\/ul><ul><li><em>Investment:\nYou are trading a partner who can help them make the case for a greater\ninvestment inside their company and justify the delta between the investment\nyou are asking for and the alternatives<\/em><\/li><\/ul><ul><li><em>Review:\nThe value you are trading here is an opportunity to make changes and\nmodifications to what you are building with your prospective client.<\/em><\/li><\/ul><ul><li><em>Resolving\nconcerns: You trade the opportunity to have professional help assessing risks,\nresolving concerns, and addressing fears and the certainty that your dream\nclient\u2019s change initiative will succeed.<\/em><\/li><\/ul><ul><li><em>Deciding:\nThe value you trade for the Commitment to Decide is the better future you have\npromised your dream client.<\/em><\/li><\/ul><ul><li><em>Execution: You are going to trade the value\nof having a partner who is there to help do the heavy lifting in exchange for\nmaking the changes necessary to produce better results.<\/em><\/li><\/ul><\/li><li>Your job is to create so much value for your\nclient during each and every interaction that it is all but impossible to say\nno to the next step.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 4 THE COMMITMENT FOR TIME<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Deals that are early in the sales process are\nvirtually ignored, even though that\u2019s the time when coaching can make a big\ndifference. <\/li><li><em>Don\u2019t ask for time by e-mail. The phone is a\nfar better medium for asking for commitments.<\/em><\/li><li>SIX STEPS TO SECURING THE COMMITMENT FOR TIME<ul><li>Step One: Ask Early and Only for Time: \u201cI am\ncalling today to ask you for a twenty-minute meeting to share with you four big\nideas that you are going to have to deal with over the next eighteen months.\nWhat do you look like Thursday for a twenty-minute executive briefing?\u201d <em>Don\u2019t\ntry to do discovery work during a call to request a commitment for time.<\/em> <em>The\nonly outcome you should seek during this first interaction is a commitment for\ntime.<\/em><\/li><\/ul><ul><li>Step Two: Expect and Prepare for a No<\/li><\/ul><ul><li>Step Three: Promise Value Without a Pitch: One\nof the keys to obtaining a meeting now is to offer value to the prospective\nclient with no further obligation, including not having to listen to you pitch\nyour company and your solution.<\/li><\/ul><ul><li>Step Four: Ask Again: No matter how terrific\nyour ask for the Commitment for Time may be, you are going to be rejected the\nfirst time around, and probably the second as well.<\/li><\/ul><ul><li>Step Five: Lower the Commitment Level: Lower the\ncommitment level by asking for just a twenty-minute meeting<\/li><\/ul><ul><li>Step Six: Promise Not to Waste Their Time: You\nmight say something like, \u201dI promise, I only need twenty minutes and I won\u2019t\nwaste one minute of your time.\u201d<\/li><\/ul><\/li><li>Hi, my name is Anthony Iannarino and I am the\nbusiness development leader at Transformation, Inc. We help companies improve\nemployee engagement, increase retention, and generate greater results with\ntheir existing team. I am calling you to ask you for a twenty-minute meet-and-greet\nwhere I can share with you the five trends that are stopping good teams from\nproducing the results they are capable of. Whether or not you ever do business\nwith us, you\u2019ll ask some different questions after you see these trends, and\nyou\u2019ll likely make some different decisions. What do you look like later this\nweek for a twenty-minute executive briefing?<\/li><li>There are a finite number of refusals out there,<ul><li>\u201cI Am Happy with My Current Partner\u201d &#8211; I\nunderstand you have a provider you are happy with now. Almost everyone I call\nalready has someone providing services similar to ours. I\u2019m not asking you to\nchange anything, including your partner. But I would like to share some ideas\nwith you during a twenty-minute meet-and-greet. Should your situation ever\nchange in the future, you will know me and you\u2019ll know how we think about the\nbig challenges your industry is facing now. In many of the companies that we\nwork with, we act as a supplement for the work that they do.<\/li><\/ul><ul><li>\u201cI Don\u2019t Have Time\u201d &#8211; Most busy people are booked\nup at least a week in advance, so asking for time a couple of weeks in the\nfuture may make it easier for your prospective client to say yes.<\/li><\/ul><ul><li>\u201cMail Me Some Information\u201d &#8211; There\u2019s nothing\nthat I could mail you that would have as much impact as the ideas I can share\nwith you in a twenty-minute conversation.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 5: THE COMMITMENT TO EXPLORE<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Whenever a prospect begins to engage with a\nstranger (that\u2019s you in this case), there will always be a certain amount of\nresistance to discussing the \u201creal \u201cissues.<\/li><li>If your prospective client already believes that\nhe has a compelling reason to change, he\u2019ll either be working on that change or\nhave already made the change. So walking into his office and assuming he\u2019ll be\nready to make some major alterations is a mistake.<\/li><li><em>Don\u2019t ever expect a prospective client to\ntell you why they need to change. Answering the question \u201cWhy should I change\nnow?\u201d is your responsibility.<\/em><\/li><li><em>The value you create for your clients doesn\u2019t\ncome from asking them what\u2019s keeping them up at night. It comes from telling\nthem what should be keeping them up at night.<\/em><\/li><li>Present your view of your client\u2019s business,\ntheir threats, their opportunities, and some insight about other choices\navailable to them.<\/li><li>Can I meet with a few members of your operations\nteam to better understand their needs? After I do that, I\u2019ll report back to you\nwith what I learned and some ideas about what might work for you. Is there\nsomeone who can help me understand this challenge at the runway level?\u201d<\/li><li><em>If you have trouble getting a second meeting,\nask for a do-over. Call your prospective client back and say, \u201cI don\u2019t think I\ndid a good job explaining what we should do next and why you would want to have\nthat meeting. Can I start over?\u201d<\/em><\/li><li>Can you name the four or five trends that are\ngoing to cause your prospective clients problems now or in the near future?<\/li><li>Can you share your experiences helping other\npeople in similar situations with their challenges?<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 6: THE COMMITMENT TO CHANGE<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>[Link your solutions to trends representing existential\nthreats to your prospects\u2019 businesses]. Taxi companies, for example, could have\ncreated a service like Uber, but they didn\u2019t.<\/li><li>Are the problems we\u2019ve been discussing the right\nones for you and your team to work on right now? Or do you have others that are\nmore pressing?<\/li><li><em>If you want to be a trusted advisor, you must\nvalue relationships more than transactions.<\/em><\/li><li>The target date is not your date; it\u2019s the\nclient\u2019s date: \u201cWe have more work to do, but what\u2019s your best idea of a target\ndate for rollout?\u201d<\/li><li>Securing the Commitment to Change is one of the\nthings that separates professionals from the pack.<\/li><li>There are three telling clues that will let you\nknow that you aren\u2019t looking at an opportunity; They are when the commitment\nprocess has halted, the client has no compelling reason to change, and the\nclient has no vision of the future.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 7: THE COMMITMENT TO COLLABORATE<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>When the stakeholders you are working with\ninside your dream client\u2019s accounts have designed the solution with you, their\ncommitment to that solution is stronger.<\/li><li>If you are going to sell successfully, you are\ngoing to have to sell inside your own company as well as you sell outside.<\/li><li>Try your best to arrange collaborative meetings\nthat involve more stakeholders.<\/li><li>Your conversations with clients that are\ncentered around \u201cWhat do we do next?\u201d and \u201cHow do we make this even better?\u201d will\ntransform you from vendor or supplier to strategic partner.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 8: THE COMMITMENT TO BUILD CONSENSUS<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>People with titles and roles indicating they are\n\u201cdecision makers \u201cno longer want to take action unilaterally.<\/li><li>Company leaders want \u201cbuy-in \u201con major decisions\n\u2014 that is, they want assurance from those affected by the decision that they\nwill participate in the change initiative from the start.<\/li><li>Early in the process, you need to gain the\nagreement to build a consensus from your prospective client.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 9: THE COMMITMENT TO INVEST<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em>[Talk price early.] Even though you may be\nafraid of losing the opportunity, don\u2019t leave the price conversation until the\nlast minute. Moving it up in the process will increase your odds of winning the\ndeal at a higher price.<\/em><\/li><li>\u201cOur price is going to be a little more than our\ncompetitors \u2019, and it\u2019s going to be a little more than what you are paying now.\nCan I share with you how investing a little more will ensure that you produce\nthe outcomes you need and lower your overall costs?\u201d<\/li><li><em>You are always going to be told your\ncompetitor has a lower price. Own up to it immediately by saying, \u201cThat\u2019s right.\nThey are always cheaper.\u201d<\/em><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 10: THE COMMITMENT TO REVIEW<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You\u2019ll need to ensure that you get a yes when\nyou ask for the Commitment to Decide. How do you do that? You secure the\nCommitment to Review \u2014 that is, to review your proposed solution before it\ntakes its final form.<\/li><li><em>Always test your solution to see if it will\ngarner a yes before you ask for a final decision. <\/em><\/li><li>If you can\u2019t get everyone together, ask if you\ncan do the preproposal meetings separately.<\/li><li>\u201cOf course I\u2019ll provide you with my proposal and\ninvestment details, but first I want to make sure it\u2019s completely dialed in and\nexactly the right solution. Can I show you and your team what we have at this\npoint and get your feedback so I can make changes before we provide you with a\nfinal proposal?\u201d<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 11: THE COMMITMENT TO RESOLVE CONCERNS<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The process of buying and selling doesn\u2019t end\nonce you\u2019ve made your presentation. Your prospective client needs you to help\nthem assess their risks, address their concerns, and eliminate their fears.<\/li><li>If you don\u2019t leave your presentation meeting\nwith a signed contract, assume that your deal is at risk, and ask your\nprospective client for the Commitment to Resolve Concerns.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 12: THE COMMITMENT TO DECIDE<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You might say, \u201dI believe we\u2019ve done everything\nwe\u2019ve needed to do up to this point, and unless you believe we need to do\nsomething else, I\u2019d like to ask you for your business. Can we get started?\u201d<\/li><li>Do not say, \u201cWe are in business to make a profit\u201c\nor \u201cLet me go back and ask my sales manager if we can do better.\u201d<\/li><li>Exchanging and reviewing contracts: Gain another\nCommitment for Time to get together to review and discuss any changes.<\/li><li><em>It\u2019s best to ask for the commitment to a\nstart date as early in the process as possible<\/em><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 13: THE COMMITMENT TO EXECUTE<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 14: GUIDELINES FOR CLOSING<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Deals stall when you don\u2019t ask for \u2014 or obtain \u2014\nthe commitment you need at each stage.<\/li><li>There is no scenario in which it makes sense for\nyou to wait for your dream client to ask you if they can buy from you.<\/li><li>An objection is how someone informs you that\nthey have a concern. Instead of focusing on the objection, you have to focus on\nresolving the concern.<\/li><li>Confidence comes from knowing that you have the\nknowledge, skills, ability, and commitment necessary to produce some outcome.<\/li><li><em>Always know who has the authority to\nsign.&nbsp; Even in a consensus sale, someone\nis \u201cthe authority.\u201d<\/em><\/li><li>\u201cCan you share your concerns with me so I can\nmake sure this works for you?\u201d<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 15: TRANSFORMATIONAL CONVERSATIONS AND FEARING\nTHE WRONG DANGERS<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>THERE ARE TWO MAJOR REASONS YOUR DREAM CLIENT\nrefuses to make the commitment you ask them to make: <ul><li>The first reason is that they have some fear\nthat prevents them from agreeing to move forward. <\/li><\/ul><ul><li>The second is that they don\u2019t believe that\nmaking that commitment and taking the next step creates value for them.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 16: MANAGING COMMITMENTS<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Keep asking your salespeople if they are gaining\nthe necessary commitments to move the opportunity along.<\/li><li>Conduct pipeline reviews, inspecting the deals\nthrough the lens of the ten commitments.<\/li><li>When you sell, you are trying to create a\npreference for you, your company, and your solution.<\/li><li>For the Commitment for Time, ask: \u201cTell me about\nthe new appointments you have scheduled for next week.\u201d<\/li><li>For the Commitment to Explore, ask: \u201cWhat kind\nof issues resonated with your prospective client?\u201d<\/li><li>For the Commitment to Change, ask: \u201cWhy is this\nprospect compelled to change and what is driving that?\u201d<\/li><li>For the Commitment to Collaborate, ask: \u201cWhat\nadjustments or changes does the client need us to make for this to work for\nthem?\u201d<\/li><li>For the Commitment to Build Consensus, ask: \u201cWho\nis on the buying committee here?\u201d<\/li><li>For the Commitment to Invest, ask: \u201cIs what we\nare proposing worth paying more for and why?\u201d<\/li><li>For the Commitment to Review, ask: \u201cAre they 100\npercent confident in this solution?\u201d<\/li><li>For the Commitment to Resolve Concerns, ask: \u201cWhat\nare they concerned about?\u201d And: \u201cWhat are we going to have to provide them in\nthe way of proof that will<\/li><li>For the Commitment to Decide, ask: \u201cHow are you\ngoing to ask for their business?\u201d<\/li><li>For the Commitment to Execute, ask: \u201cWhat do we\nneed to change to help our new client get the outcome we promised?\u201d<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chapter 17: IN CLOSING<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The skills of sales have gone through three\nmajor periods [the skills of each generation continue to be required in\nsuccessive ones]<ul><li>First-generation skills: how to prospect,\npresent, and close<\/li><\/ul><ul><li>Second-generation skills: differentiating your\noffering, diagnosing your client\u2019s needs, and negotiating<\/li><\/ul><ul><li>Third generation skills: business acumen, change\nmanagement, and leadership<\/li><\/ul><\/li><li>It isn\u2019t enough to know how your solutions solve\nyour clients\u2019 problems. That\u2019s table stakes. You are now required to recognize\nproblems your client doesn\u2019t yet recognize. You must also be able to explain\nwhere your client has better results available to them, even before they\nrecognize that this is true.<\/li><\/ul>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Lost Art of Closing by Anthony Iannarinov FOREWORD BY BRENT ADAMSON AND NICHOLAS TOMAN Customers fall into endless learning loops, where each piece of additional information raises new questions requiring still more research. This is the new \u201cclose\u201d in sales. Not closing customers on a sale, but \u201cclosing\u201d customers on each of a series [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_import_markdown_pro_load_document_selector":0,"_import_markdown_pro_submit_text_textarea":"","_monsterinsights_skip_tracking":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-791","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"The Lost Art of Closing by Anthony Iannarinov FOREWORD BY BRENT ADAMSON AND NICHOLAS TOMAN Customers fall into endless learning loops, where each piece of additional information raises new questions requiring still more research.This is the new \u201cclose\u201d in sales. 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