What could be a better way to sell? Read about relationship selling.
In relationship selling, you develop a close relationship with your prospect, which benefits both of you in the long run. Instead of selling the product and then never contacting them again, you stay in touch and make personalised recommendations to help them improve their business’s bottom line.
They get to extract value, while you get to go above and beyond quota.
Jim Cathart writes in his book Relationship Selling, “Relationship selling is a type of selling, not just a type of relationship.” Its purpose is to benefit others while making a profit for you. When you truly assist others, you deserve to be fairly compensated for your product or service.”
Relationship selling, in other words, is all about being helpful — with the ultimate goal of providing value and retaining the customer, ensuring future revenue.
In this post, we’ll define relationship selling, go over some examples, and share some top tips for mastering the relationship selling process.
What exactly is relationship selling?
Relationship selling is a sales technique in which a sales representative prioritises their relationship with the customer over all other aspects of the sale. Before attempting to close, they build trust by adding value and spending a significant amount of time with prospects.
Relationship selling emphasises rapport-building between the rep and the buyer over the features or price of the offering. To successfully uncover prospects’ needs and form a relationship, sales reps typically practise active listening.
According to research, a sizable percentage of sales organisations use pre-written sales enablement materials such as email templates (53 percent) and call scripts (39 percent ). If your organisation is one of these, it is critical that you actively listen and tailor your pitch to develop a relationship.
In fact, 70% of B2B customers expect extensive personalization, making it a critical aspect of relationship building.
Prospects are unlikely to purchase an expensive product if they believe the experience is not personalised. They will feel as if they are only a part of a transaction rather than a mutually beneficial relationship.
That is why you should avoid transactional selling. It is frequently impersonal and impersonal, which is why it has fallen out of favour with most B2B organisations.
Relationship Selling vs. Transactional Selling
A transactional sale is a quick exchange of a product or service for money that does not typically include a personalised experience. Relationship selling, on the other hand, requires more effort and research and frequently involves personalization and familiarity.
Transactional selling is effective for low-cost, commoditized products where the rep cannot afford to invest in getting to know their buyers. The clothing and automobile industries, for example, engage in transactional selling.
Relationship selling is more effective in businesses with a long sales cycle and prospects who require more touch points before making a purchasing decision. Overall, it’s appropriate for high-cost situations and/or customised solutions, but those aren’t the only ones.
Examples of Relationship Selling
Relationship selling may be thought of as an enterprise B2B strategy, and you would be correct. Any rep working a deal worth $50,000 or more is most likely using relationship selling techniques — think of a salesperson for sales automation software or a customised HR app.
However, relationship selling also applies to consumer goods. How well do you understand your tailor? If they’re wise, they’ll cultivate a personal relationship with you so that your loyalty extends beyond their abilities. How about your favourite in? Many nice ones meticulously track their guests’ preferences, allowing them to create customised experiences for anyone who returns.
Here are a few more examples of companies that use relationship selling.
Enterprise SaaS Providers
Relationship selling is used by enterprise SaaS providers such as HubSpot to sell their suite of products. The sales rep typically requests a quick call in the first outreach email, and as the nurturing process progresses, they send links to helpful materials and offer free demos.
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These businesses use a CRM to keep track of their prospects’ information. Sales reps won’t have to recall customer details from memory, and the relationship will develop smoothly week after week.
Relationship selling is used by healthcare providers, but in a different way than B2B businesses. They can tailor your treatments based on your needs if they have your medical information on hand. Even if you are served by a different member of staff each time you visit, your experience will be consistent.
Services by Subscription
Subscription services such as Spotify and Amazon Prime use deep algorithmic personalization to form relationships with users in the B2C space. Even if you don’t interact with a salesperson. The platform analyses your habits and serves you what you require to keep you subscribed.
Google is another example. How many of us rely on Google for the seamless integration of its apps and services? To deliver personalised content and search results across all of its products, the search engine analyses your behaviour.
Relationship selling is used by local businesses such as hair salons, coffee shops, bakeries, and tailors (as mentioned above) to keep you coming back. A hairstylist, for example, may remember your previous styling preferences and create that style without you having to tell them. They may also recall your name and details about your life in order to form a personal connection.
The relationship selling process may differ depending on the industry, but it always includes the same steps. write for us business about your feedback on this article.