Creating Customer Loyalty While Increasing Sales Through Consultative Selling!

Sales are vital for any business, and skilled sales representatives have a variety of techniques at their disposal to successfully close a deal. To effectively persuade customers to purchase, they must deliver a compelling presentation that generates genuine interest in the product or service. However, customers have no desire to sit through an endless list of irrelevant products or services that do not fit their needs. Effective Sales Representatives prioritize offering only the most pertinent products or services using a consultative selling approach. This helps in establishing trust and ultimately result in a successful sale, even if it requires more time and effort.

The Foundation of Consultative Selling:

The Consultative Selling approach is highly effective and reliable for cultivating strong and trustworthy customer relationships. This approach is predicated upon utilizing effective consultation techniques and active listening skills to determine the customer’s needs. The representative can help customers find the most suitable product by employing an exploratory approach and asking conversational questions without resorting to pressure tactics. This approach creates a positive impression that the representative is there to assist the customer, not just to make a sale.

"Spray and Pray"–No More!

Regrettably, many companies still rely on the “Spray and Pray” technique. The representative offers products and services without discussing the customer’s needs or challenges. Although the intention is to provide as many products and services as possible, hoping something will catch the customer’s attention, this approach is not smart, efficient, or engaging. Instead, it’s crucial to focus on the specific needs and concerns of the customer to deliver the best possible solution.

“Hard Sell” Technique:

The "Hard Sell" technique prioritizes making a sale over building a trustworthy relationship with customers. This approach may leave customers feeling taken advantage of and anxious, making them doubt their purchase after leaving the store. This technique is usually used in industries where the salesperson doesn't expect repeat business or where establishing a long-term relationship is not a top priority. Instead, the main objective is to close the sale.

Not a pretty Picture:

Feeling overwhelmed or pressured when making a purchase is never a good thing. For example, you visit a local bank or credit union to inquire about opening a savings account. During your visit, the representative quickly dismisses your primary questions and starts reviewing other products you might not be interested in, leaving you confused by all the information provided.

The representative provides information about auto loan rates, mortgages, and credit cards. Unfortunately, the representative did not cover the main reason for your visit, which is to learn about the benefits of having a savings account, the requirements, and the advantages of becoming a new customer. You leave feeling confused and without the information you need, just a brochure so you can do your own research.

Listen, Engage, and Build Trust:

Just imagine how much better your experience would be if the representative took the time to provide you with helpful and consultative information regarding your primary question: how to open a savings account?

The representative gives you a warm greeting, and asks a few simple questions to determine your savings needs, whether you require a debit card, and if you plan to open a checking account for additional benefits. After gathering all the information needed, the representative recommends the most suitable savings account for your situation and highlights the benefits and features of becoming a new customer/member.

Layering additional products or services that add value to the customer!

During your conversation with the Representative, you mentioned having an active checking account with another institution but expressed dissatisfaction with the monthly fee. The Representative suggests opening a new checking account with no monthly fees, in addition to your new savings account. She provides a detailed overview of the most suitable checking account for your needs, explaining its benefits, features, and ease of transferring your direct deposit, and Bill Pay information to the new checking account. She also explains the complimentary services with your new accounts, such as Online Banking, Bill Pay, Debit Card, Card Controls, convenient branch and ATM locations, and more. You are satisfy with the information provided and agree to transfer your entire business to the new institution.

A Genuine and Friendly Approach!

While opening your checking and savings accounts, the representative engaged in a friendly conversation and learned more about your future needs and plans. You mentioned your need for a new car, and the representative provides you with information about current rates for both new and used vehicles and an overview of the financing process with their institution. The representative shared details on applying for an auto loan, and mentions that you could speak to an auto loan specialist immediately if you were ready. You agreed to talk to a loan officer and are promptly connected with an expert.

Taking care of your customer after they leave your office!

The Representative congratulates you on becoming a new customer and being approved for your Auto Loan! She thanks you for choosing them as a financial partner. She explains that as part of their commitment to delivering exceptional service, she will follow up with you in two weeks to check on your accounts, answer any additional questions, and track the progress of your auto purchase.

Following up!

The follow-up is crucial in strengthening the connection. Reaching out to the customer after the initial visit shows a sense of commitment and genuine care about the experience. In addition, this allows the Representative to capture any additional business opportunities while reassuring the customer that the institution will be there to help with any additional needs.

That was so easy!

After successfully opening savings, checking accounts, and getting approved for an auto loan, you feel a sense of accomplishment and confidence. The process was simple, clear, and enjoyable, and you now have a reliable source for future financial needs.

A Win-Win:

The Consultative Selling approach is highly beneficial for both organizations and customers. It established trust and confidence by prioritizing the customer’s needs and well-being over the sale. Understanding their unique requirements while establishing a human connection promotes loyalty and emotional attachment to the brand. Ultimately, customers reap the rewards as they are provided with the product or service that best suits their needs without resorting to forceful or unethical methods to close a sale.