Attracting Customers with Relationship Selling

Relationship selling is a sales technique in which a sales representative prioritizes 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 emphasizes rapport-building between the representative and the buyer over the features or price of the offering. To successfully uncover prospects' needs and form a relationship, sales representatives typically practice active listening.

Why is relationship selling important?

Relationship selling is important because it involves making a personal connection with people. Why do you choose to go over one barbershop over another? You could get the same hair services elsewhere for a similar price, but the relationship with your barber is what drives you to become a repeat customer. Building a loyal customer base should be a goal for every business around the world. Customer loyalty is the result of a company consistently meeting and exceeding the expectations of its customers. Customers who are loyal to one company are not easily swayed by price or availability and would rather pay more to ensure the same high quality service.

Relationship Selling Process

1) Establish yourself as a credible source

The first thing you should do to gain credibility and establish yourself as a trusted advisor is to provide value and insight to your prospect. This could include reaching out to them with helpful suggestions, sending them links to resources, or making a valuable introduction.

2) Learn about your lead's challenges, objectives, and professional goals

Once you've piqued their interest and demonstrated that you're worth their time, delve into their business challenges, objectives, metrics, and qualifying characteristics, as well as their personal and professional goals. This data assists you in answering two critical questions:

- Is the customer interestedin the product/service you're providing?

- Do they have the authority and budget to purchase the product/service?

These two questions cover the fundamentals of sales qualification. It not only ensures that the prospect is a good fit, but it also allows you to determine whether you can actually create a mutually beneficial relationship with them.

3) Provide advice that pertains to their business goals

Once you've gathered more information on your lead, you can use this information to cater a customized solution specific to their needs. To deliver your recommendations, combine your new buyer knowledge with your subject-matter expertise.

4) Find a solution that meets both parties' objections

It's critical to remember that the customer is also trying to build something while you're coming up with solutions to their problems. They have a vision of what they want in their solution and may have objections. Come prepared with compromises you're willing to make to successfully respond to the prospect's objections. Proactively extending these concessions will demonstrate to your prospect that you are on their side and will make them more likely to come back to you.

5) Provide value after a deal is closed

Customer retention is the practice of increasing a business’s repeat customer rate and extracting additional value from those customers. The goal of customer retention is to ensure a customer makes repeat purchases, is satisfied with a company’s services, and does not defect to a competitor. Don't disappear from your customers' lives. Staying on their radar strengthens the relationship and increases the likelihood that they will continue to be a customer for your business.