There are so many strategies and techniques when it comes to selling. As a sales rep, you’ve probably been coached to use several of them. While many strategies and tactics are in place these days, there’s one in particular that may be perceived by some as “old school,” but still carries a lot of weight: relationship selling.
What is relationship selling?
Study.com defines it as the "sales technique that focuses on the interaction between the buyer and the salesperson rather than the price or details of the product. Arguably, all three remain critical for any sales activity, but the status of the relationship can increase consumer loyalty as a result of familiarity and personality of the salesperson.
In the traditional sales approach, the goal is to make the sale and that is the end point of the buyer/seller relationship. Marketers realized that the sale is not the end point, and in many situations is not the end goal either. In actuality, the sale is the beginning of what many companies are looking for: a long-term relationship."
That is, ultimately, the goal behind relationship selling: establishing a long-term relationship with a customer. It’s for this reason that relationship selling is so crucial for businesses that rely on repeat sales—and for B2B companies in general since B2B products tend to be more expensive, more complex, customizable, and require bigger investment (in terms of money, time, and resources).
But the idea of establishing a long-term relationship with a customer is good for any business, frankly. According to the Harvard Business Review, acquiring a new customer costs 5–25 times more than keeping an existing customer. And the investment doesn’t always pay off. The probability of selling a product to a new customer stays at a low 5-20%, while the probability of selling to an existing customer is 60-70%.
Businesses who prioritize building solid relationships with clients also almost always get referred or recommended. And this is big given that 84% of B2B buyers start their buying search with a referral.
So what does it take to successfully implement relationship selling? The main thing to remember about relationship selling is that you are doing things that will leave a lasting impact on your prospects. So you always have to consider the long-term influence of your actions.
Here are the key things you need to know about this strategy.
1. Know and understand your customer
In relationship selling, you don’t go to the next prospect thinking you can just enforce the same strategy you followed with another buyer. You have to personalize everything—from the way you talk to them to what you pitch to them specifically. So you would want to know everything there is to know about your buyer. Gather intel about their business, needs, objectives, aspirations, and motivations. In all your conversations, seek to really understand what they’re saying and what they want to achieve.
2. Establish trust
Trust is a major component of relationship selling. How do you earn a customer's trust? You have to have his best interests at heart. Aim to add value to their business and/or life. Share useful information, valuable advice, and any other thing that will greatly benefit your client. This could be a case study, white paper, video, blog post, or infographic. Or it can be simple, sound advice from you.
Be a trusted advisor who can offer solutions to their problems, big and small. Always check in with them—this shows you care. The more you show your genuine interest and care for your clients, the easier it will be for them to trust you. And always, always keep your word.
3. Listen to their needs
What do buyers want from sales professionals? 69% say, “Listen to my needs.” Listening to your clients’ needs and even anticipating them is crucial in relationship selling.
Relationship selling involves a lot of active listening. Sometimes, it would even involve reading body language! So talk less, listen more. You don’t need to continually pitch and sell. Remember: in relationship selling, making the sales is not the end goal. Besides, active listening also helps you respond to their needs effectively and efficiently.
4. Be proactive yet patient
That almost doesn’t make sense, does it? Proactive yet patient. Be proactive in responding to their needs and concerns quickly. Be proactive in giving them value whenever you can. But do not push for results of your proactiveness. Patience is a key virtue in relationship selling. Again, think about the long-term impact of your actions. So do what you can to establish your credibility and earn the client's trust, but wait for the fruits of your labor to organically unfold.
5. Be authentic and warm
Establishing trust also means staying authentic. Be honest with your prospect. Do not give false hope; do not mislead them just to make a sale. Own up to mistakes or shortcomings but always offer a solution to undo these.
Having meaningful conversations with clients is also a sign of your sincere interest. Every sales rep is trained to have a sales conversation. It’s harder to sustain a meaningful one. So listen well, be thoughtful in your responses, and be honest and sincere.
6. Practice social selling
Social selling is all about expanding your network by making connections; creating a stronger image for you and your brand through valuable content; engaging with your contacts and building relationships with them. And so it definitely helps when you want to establish long-term relationships with clients. Having a strong social media profile also makes you seem more approachable and accessible.
7. Always go the extra mile
Always go out of your way to make your prospect feel taken care of, special, appreciated, and valued. Give them cards and/or gifts on their work anniversaries or birthdays. Treat them to lunch “just because you were in their area.” Offer them discounts, special add-ons, or some other exclusive perk.
Keep them happy, in other words. Because isn’t that why people stay in long-term relationships?
Photo by Rebrand Cities from Pexels
