In today’s modern society, where the economic downturn has planted doubts in the minds of every business man and woman, sales and sales techniques have never been more essential to sustaining a company’s lifespan in the corporate marketplace.
One of the most talked about sales approaches of the 21st century is the consultative approach, or solution selling, a method developed by entrepreneur Frank Watt at Wang Laboratories when he was a leading sales consultant. At the time, Electronic Magazine regarded his idea as “an unmistakable trend in system-related product distribution.”
With the consultative approach, the salesperson acts as a mentor, gathering information from the prospect, weighing available options, and coming back with a solution.
This type of deal is most commonly achieved through a friendly approach and curtails “hard sell” ideals, thus creating a friendly relationship between the customer and the sales agent. Savvy business owners will often hire sales lead generation companies to complete the first stage of this process by identifying key leads through a series of questions and proactive listening.
The idea behind this concept is that, at the end of the sales pitch, the prospect is confident that the product meets their specific requirements.
One of the key areas in successful consultative selling is understanding the customer’s needs and wants, and the issues they are currently facing. This lead generation research or poll is usually accomplished by asking open-ended questions specifically in relation to the area a company specializes in, for example, IT
Along with open-ended questions, it can often be helpful to look for information that is publicly available about the target company, online, or in the media, such as press releases or newspaper articles.
Before getting to the sales pitch, the closer should start the conversation with the prospect in a friendly way. Building trust is a critical element from the start of the sales process and should be nurtured throughout and after the deal has been closed. It is the relationship that one builds with the client and the way in which it is done that helps to gain their trust.
Along with gestures, product knowledge is another vital element for successful sales. A salesperson must know the niche market and the product inside and out. This means demonstrating a great deal of information about the product, knowing the products of the competition and the target audience. The seller needs to demonstrate his experience and knowledge.
During a consultative selling approach, the salesperson focuses on the prospect’s needs during the conversation and strives to use their professional experience to help provide a product/service that will help rectify or alleviate pains. With this in mind, the consultative approach ensures customer satisfaction and helps generate profitable new or repeat business. In a complex selling situation, where decision making is both a rational and an emotional process, building a strong relationship through consultative selling will help make a difference.
Technical advice was originally used by legal and insurance professionals, but now the method is spreading to other sectors, especially the technology industry.