Balance Sheet Close

I was reading about a "balance sheet close" which was also called a "Ben Franklin Close". Does anyone use this with much success?

Quote:

Originally Posted by bridger480

I was reading about a "balance sheet close" which was also called a "Ben Franklin Close". Does anyone use this with much success?

Whether you call the process "balance sheet close" or "Ben Franklin Close", they are both misnomers.

The terms refer to a method of presentation that uses comparisons--not a close. Some training programs advocate the use of these techniques when a prospect shows an unwillingness to make an immediate decision--such as in the "Think it Over Objection".

Used as a form of presentation (sans reference to "Ol" Ben) it can be effective. GMAC built a training model around it a few years ago that they called The A-B Comparison. It was designed to present the advantages of leasing a vehicle over buying one.

I'm not aware of a sales training program that teaches the merits of The Ben Franklin Close effectively. I know Tom Hopkins covers it but I don't think he provides the required basis of understanding to make it work. On the other hand, salespeople with advanced knowledge of the sales process can often have success with it.

Quote:

Originally Posted by Gary Boye

Whether you call the process "balance sheet close" or "Ben Franklin Close", they are both misnomers.

The terms refer to a method of presentation that uses comparisons--not a close. Some training programs advocate the use of these techniques when a prospect shows an unwillingness to make an immediate decision--such as in the "Think it Over Objection".

Here is an example of what I found online:

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Since the time of Benjamin Franklin sales people have been using this technique to close after a presentation. If the prospect is on the fence they pull out a piece of paper and draw a line down the middle and while asking their prospect if he agrees they write down the good and bad points of moving forward. Of course the sales person is in complete control the entire time and can minimize concerns and maximize benefits.

It doesn't come across as a "presentation".

Quote:

Originally Posted by bridger480

Here is an example of what I found online:It doesn't come across as a "presentation".

Yes, Bridger--I know the drill. I'm very familiar with how the Ben Frankin Close is described and taught.

That is an example of the term being used as a misnomer. The seller is presenting a comparison that should have been presented in the first place. That is not a close.

There is a very good chance that whoever wrote that does not have my level of understanding of the sales process. There is also a chance that whoever wrote it does have my understanding, but wants to make it more learnable to people who are more entry level in sales. I understand their intent and sincerity, but I am a proponent of not just "what", but also "why" and "how".

As I have said, it can be effective if one knows what it is and how to use it.

Quote:

Originally Posted by Gary Boye

I understand their intent and sincerity, but I am a proponent of not just "what", but also "why" and "how".

Would you share you ideas of what, why and how?

Quote:

Originally Posted by bridger480

Would you share you ideas of what, why and how?

Only if you share more about what you believe, how these "close" scenarios relate to you, and where you're having trouble with the concepts--if you are.

For instance, do you consider yourself a good closer--based on actual practice, I mean?

Quote:

Originally Posted by Gary Boye

Only if to share more about what you believe, how these "close" scenarios relate to you, and where you're having trouble with the concepts--if you are.

For instance, do you consider yourself a good closer--based on actual practice, I mean?

I consider myself to be a greenhorn in sales. I think my closing skills would reflect that. I thought closes could be used by almost anyone.

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Originally Posted by bridger480

I consider myself to be a greenhorn in sales. I think my closing skills would reflect that. I thought closes could be used by almost anyone.

As a greenhorn, Bridger, what do you think closing is?

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Originally Posted by Gary Boye

As a greenhorn, Bridger, what do you think closing is?

I started a thread earlier on this called what is closing?

Quote:

Originally Posted by bridger480

I started a thread earlier on this called what is closing?

Yes--I know. So--what do you thinking closing is. I'm trying to help you. Forget about right or wrong answers. Just say what you believe it is all about. That's where greenhorns start that someday will be top professionals.

Everbody was a greenhorn once--remember that.

Balance Sheet Close

Closing the Sale Forum