Relationship Selling – Selling in Today’s Market
March 21st, 2010 | 
Author:
Chances are most people have heard the term selling. Just the mere word sometimes sends bone chilling feelings throughout the body. Whether you are on the receiving end or the giving end, selling is one of those words that automatically puts up a barrier in your mind when you hear it. So simply adding the word “Relationship” in front of Selling doesn’t automatically give anyone a warm and fuzzy feeling. But what exactly is Relationship Selling and is it really different from the selling which we have all become familiar? By Wikipedia’s definition the term selling means simply to “try and persuade someone to buy one’s product or service(s)”. To me, the key word in this sentence is “persuade”. Immediately the word “pitchy salesman” comes to mind, the “telemarketer” who calls you at all hours of the day uninvited trying to persuade you to purchase something that you have absolutely no desire to purchase or even worse, no interest in whatsoever; or the saleswoman(man) who follows you relentlessly around the store hoping to “bag” the sale to the point where you walk out in frustration just to get away from them. Relationship Selling, however, is quite the opposite and a relatively new approach but one that seems to be catching fire as we move forward in today’s market. So let’s start with the differences between the “telemarketing” type of sale and Relationship Selling. Telemarketing
- You solicit them first
- They feel uncomfortable
- There is absolutely no interaction
- You present your product, opportunity, service and then try and persuade them into purchasing
- It becomes nothing but a “number” game
- There is no follow-up and no genuine concern on the part of the salesperson
Relationship Selling
- You attract the customer
- They are immediately more comfortable
- You are responding to their request for more information/purchase
- You building a relationship with your customer first
- Creates a win-win for both you and the customer
- It is based on addressing the prospect(s)/customer(s) needs.
- It is solution based – providing a solution for the customer
- Follow-up is a crucial element in this type of selling
Not everyone is created equal and today most people are frustrated and leery of any sales pitches they see. We have been inundated with noise; both on the internet and on the television. Seems everyone is trying to sell us something at sometime nearly every hour of the day. With the advent of the Internet and the advances in technology most people have no reprieve from the constant bombardment of ads and offers flowing across their desks and into their lives daily. So the first thing you need to do is reset your mind and clear it from all of the old ways of selling to which you have become accustomed. Start to open up to the thought of “relationship building” first. Relationship selling requires a whole new way of thinking and different skill set.
- It requires poise. Most salespeople have poise internally built in as a personality trait but to truly be successful with relationship selling you must be very confident and assured that what you are offering is the BEST solution for your customer. It’s not about pushing a product/service on this customer but more about providing a solution to a problem.
- Relationship Building. We’ve covered this and obviously the word “Relationship Selling” is self explanatory but it cannot be emphasized enough. You must build a relationship with your customer first. Build credibility with them as you move forward in the selling process so they come to know and trust you. This takes down those barriers that are immediately put up when people feel they are being “sold”.
- Asking Open-Ended Questions. This isn’t about asking your “scripted” questions to which you simply get a “yes” or “no”. This is about understanding your customer and listening to what their problems are and trying to come up with solutions.
- Which brings us to the next skill – Listening. If you don’t listen to your customer, how can you provide them a solution? This is such a crucial skill and so often overlooked in the old methods of selling. One size fits all does not apply in Relationship Selling.
- Positioning your Unique Selling Proposition – we won’t get into the entire definition of a USP here. That is another post altogether. But suffice it to say that you need to know what makes your product/service different from the thousands out there right now? In other words, why should they buy from you?
- Sales Objection Resolutions – learning how to overcome objections. This is crucial in any sales training but in relationship selling the objection resolution is always focused on the customer’s needs and not your “sale”.
You need to open your mind to the learning process. Relationship Selling definitely takes more time and it is not always an immediate sale. But the effort and time it takes to build these relationships are everlasting. Building solid, lasting relationships will create trust, develop credibility, is based on good communication and non-confrontational. It should always create a win-win for both yourself and your customer.
Watch this brief video on the Anatomy of a Sale utilizing Relationship Selling Principles and Closing the Sale!
Posted in Relationship Selling | 
Tags: Creating Customer Value, Relationship Selling, Sales Follow Up, Sales Objections | 
58 Comments »
“acquiring New Customer”
How Do you Sustain and Grow your Customer Relationships?
The most important thing in sales and marketing is to attract and retain your most profitable business customers. In order to accomplish this feat, you must devise and implement a customer strategy that builds, fosters, nurtures and extends relationships with your customers. Your company profits only when the earnings from retained customers exceed the costs to acquire and to service customers over time.
There is a strong correlation between long-term business success and long-term customer relationships. Successful businesses capitalize on every stage of the customer life cycle—from customer selection, to customer acquisition, customer retention, and customer growth. Once a certain level of trust and comfort has been established, most customers prefer to remain loyal to companies and their products.
Customer selection and acquisition is just the beginning of the customer relationship life cycle. Ideally, your company should target only high value and low attrition-risk prospects. The cost to acquire a new customer is much greater than the cost to retain an existing customer. Depending on the industry, experts indicate that it is five to ten times more costly to acquire a new customer than it is to keep and develop an existing customer.
In the retention stage of the customer’s life cycle, a company retains its customers by delivering on its value proposition. This ensures that the customer needs to look no further; that is the rationale for providing the highest-quality of service. When your customer relationship is based on trust, cooperation and collaboration, the customer is more willing to listen to your new ideas, try your new products/ services, and considers you as a long term, trusted partner.
A savvy business owner/executive understands that it pays to nurture existing customer relationships. If a good working relationship has been established, then it is easier to up-sell and cross-sell your products/services to this existing customer. If your customer’s business is growing, there is a good possibility that there will be an increased need for your products/services.
In the growth stage of the customer’s life cycle, increasing the value of each existing customer is the ultimate objective. Many organizations think in terms of the “lifetime value” of a customer. Customer growth strategies generally focus on increasing the share of each customer’s expenditures by expanding its company’s range of products/services.
It is crucial, however, not to lose sight of the importance of continually acquiring new customers. In other words, if your company becomes too dependent on any one or only a few existing customers, then the future growth of your company could be in jeopardy. So, be cautious that the growth in purchases by, one or a few customers does not represent too large of a proportion of your company’s total sales. Striking this balance, between servicing existing customers and acquiring new customers, is imperative.
Creating and managing this balance can be a major challenge to management. However, Customer Relationship Management (CRM) applications offer solutions to this challenge. CRM is the process of tracking and managing all aspects of a company’s interaction with its customers, including prospecting, sales, and service.
Here are just a few customer touch points that you can use to strengthen your relationships and keep your customers informed and engaged:
• Email messages, newsletters, and surveys: Provide product/service updates, promote goods and services, and communicate news/events.
• Feedback: Ask for, capture, and act on your customer’s input.
• Insight: Research your customers’ markets, strategies, and goals.
• Customer loyalty: Implement loyalty, affinity, and rewards programs.
• Relationship building: Talk and listen to customers in order to maintain a dialogue and to build a trust based relationship.
• Be accessible: Make it easy for customers to reach you.
• Customer satisfaction: Implement a customer satisfaction policy that provides a way to resolve/remedy problems and issues.
• Involvement: Engage customers in product development /enhancement, via beta tests, focus groups, and pilots.
• Anticipate customer needs: Learn their business, their purchasing patterns, and their requirements for effective proactive solutions.
• Become an indispensable resource: Look for ways to add value, to be a real partner, and to help your customers achieve results.
• Help lines: Provide support, service, advice, and information.
In building customer relationships, remember to value the “personal touch.” Make an effort to get to know your customer “as a person.” You will be surprised at how much you may have in common. Establishing personal bonds goes a long way toward building lasting relationships.
Your efforts will be rewarded with repeat business, referrals, and satisfied, loyal customers.
About the Author
An author, speaker, and consultant, Terry H. Hill is the founder and managing partner of Legacy Associates, Inc., a business consulting and advisory services firm based in Sarasota, Florida. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. He hosts the Business Insights from Legacy Blog at http://blog.legacyai.com and writes a bi-monthly eNewsletter, “Business Insights from Legacy eZine.”
By signing up for Business Insights from Legacy eZine at http://tinyurl.com/2t4fxs you can keep abreast of the latest tips, tactics, and best business practices. You will, also, receive the free eBook, Jump Start Your Knowledge of Business.
Contact Terry by email at http://www.legacyai.com or telephone him at 941-556-1299.
Pragmatic CRM
“value Customer”
If your using a prepaid card to shop online do you write…..?
On the field that says “NAME AS IT APPEARS ON CARD” do you write the name the prepaid card is registered under or what it actually says “VALUED CUSTOMER”??????
It doesn’t matter what name you put for an order placed with a gift/debit card. Any name will work.
Lifetime value of a customer
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“customer Value”
I know they say that their prices are “no haggle,” but do they EVER come down on their prices for a customer? I found a car at Carmax that I really like, but it’s priced around $4,000 more than the Edmund’s “true retail value.” I’d love to buy the car, but I feel like I might be able to find a better deal somewhere else.
That is not the way they do business.
Coach
MKF1120 – Customer Value
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“value Creating”
Don’t you SEE “wall street” has created this “so called” problem??
The last time they “created” a LOW VALUE dollar,,the Japanese jumped in an BOUGHT everything in the 90′s,,few years later we were BUYING EVERYTHING BACK for pennies on the DOLLAR. Like “TRUMP” said THEY LOST THEIR AS—-. and went limping home.
That’s way to complicated for most Joe Twelve Packs to understand, also, most people can’t remember the “dot com” crisis, let alone the 80s and early 90s. But good point, I was just thinking this yesterday.
CEU Business School: Value Creating Government in the Post-Crisis Eastern Europe
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“selling Today”
The Best Scents Selling Today
One of the most popular is Cavin Klein’s Eau de Parfum Spray, coming in the 3.4 ounce bottle. The bottle itself is a striking piece of art, as it is sort of an arched shape bottle with a sleek rectangular lid that stands like a small corporate building. Lavender in color, the perfume is a wonderful blend of flowers and a sort of an herbal mix so that it offers a very modern and fresh scent, one that is perfect for casual wear and formal wear as it retains properties that would work well for just a day at work or school but also is elegant enough to wear if you are going to a party or some other fancy event as it is richly imbued with a strong floral scent, as well. Fitting the name well, this perfume inspires a sense of absolute bliss and will be sure to get the admiration of others as they breathe you in when you walk by.
Another fun and flirty scent is Lolita Lempicka by Lolita Lempicka. This vintage bottle comes in an apple shape with nice sage accents and is an elegant and adorable 3.3 ounce perfume spray. The scent is unbelievable fresh and flirty and a lot of fun. It is the perfect scent to wear all the time as it can quickly become one’s signature scent. With its easy to store shape, you can take it with you wherever you, as well. More sweet and almost candy like than flowery, it has more of a fruity sense to it, a sweetness that will please you if you like to smell sweet and candied. For those who adore all that is romantic and feminine, this is the perfect scent for you.
Another beloved scent is Fantasy by Britney Spears, a 3.3 ounce pink bottle studded with diamond studs and an elegant and feminine cap. This scent is strong and floral and highly feminine as it is sort of a mix between flowery and sweet and also intensely strong so you can use it for a long time as you only need a little at a time. For a fun, flirty time, this Fantasy perfume is exactly what you need to get the sparks flying and to turn heads as you lean in for a quick kiss or an embrace. Another popular celebrity inspired perfume is Lovely by Sarah Jessica Parker, a 3.4 ounce bottle that is soft and pink and true to its name as it combines the gentle scents of flower and herbs and creates a truly feminine scent that you will adore.
This scent is gentler and might be great for women of all ages who adore something that is feminine and subtle. For something more outgoing and loud, Paris Hilton by Paris Hilton is preferable as it comes in a modish bottle and has a sharp and youthful scent that is marked with a strong emphasis on flowers and vigorous scent. Contrarily, Romance by Ralph Lauren is far more sophisticated and elegant as the scent is subtle and gentle but entirely feminine.
About the Author
Roberto Sedycias works as an IT consultant for http://www.polomercantil.com.br/
“What’s Personfly18 Selling Today!” Episode 1
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Selling Today (12th Edition) $106.99 Extensive, real-world applications, carefully integrated with current personal selling concepts. Selling Today: Partnering to Create Value helps readers understand the value of developing their personal selling skills by exposing them to a careful integration of personal selling academic theory and real-world applications. And with the largest number of “learn by doing” materials ava… |
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“creating Customer Value Satisfaction And Loyalty”
Posted in Creating Customer Value |
Tags: chapter 5 creating customer value satisfaction and loyalty, creating customer value satisfaction and loyalty marketing, creating customer value satisfaction and loyalty pdf, creating customer value satisfaction and loyalty ppt, creating customer value satisfaction and loyalty summary, Marketing |
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