If we have said it once, we have said it a thousand times…
Business is all about building relationships!
While we are not saying that a transactional approach to selling is ineffective, what we are saying is that it is not the most efficient way to make a sale. The main difference between relationship selling and transactional selling is in the approach.
• Transactional Selling: This strategy is all about short-term solutions. The sales rep is primarily concerned with the promotion and selling of the product with little or no emphasis on customer needs. This strategy, also known as traditional selling, is all about the single sale.
• Relationship Selling: This strategy is all about building long-term relationships. The sales rep gets to know his/her customer, their needs and their wants. Then and only then does the salesperson even think about trying to make a sale.
One of these sales solutions has a higher probability of multiple transactions. We will let you guess which sales strategy we are talking about…
If you guessed Relationship Selling, then you are right!
Organizations that utilize a relationship building approach to sales have a competitive edge over their rivals. Companies that practice relationship selling continually see substantial growth in revenues and lower expenses, year after year. This is because it is cheaper to keep an existing client than it is to establish new clients with each and every sale.
It has been said that 80% of an organization’s business comes from 20% of its customers, those satisfied customers who keep coming back for more.
So as you can see, a relationship-based sales strategy has tremendous upside.
If you have any questions, contact Springboard Business Development by calling 410-832-7560 or click here today!
At Springboard we offer outsourced sales solutions for businesses in the professional services arena. It’s simple, while you focus on delivery, we bring our sales expertise and connections to focus on your business development challenges.