July 2002 Track Selling Times Feature
"Five Great Ways to Add Value in Sales"
by Roy E. Chitwood, CSP, CSE |
(From June 1999 Track Selling Times)
You've all heard about partnership selling. Unfortunately, most think that it only means understanding the customer's needs and offering solutions. While this is certainly one important aspect, there is so much more to it. Implicit in the definition of partnership selling is the concept of adding value to the transaction beyond the simple acquisition of a product or service.
And how exactly can you add value to your sale? Here are five proven ways to lay a solid partnership foundation.
1. Training
Product, technical or sales training offers a lasting contribution to your client's future prosperity. Although many pay lip service to this idea, those who reap the most benefit take the time to train customers to gain the full value from the product or service purchased.
An excellent example is a manufacturer of home improvement products who was having trouble selling via distributors and dealers to the general public. Although the distributor represented 15 other companies, the manufacturer began a sales training program to improve the sales skills of anyone involved in selling its products and services. This campaign proved so successful that the company was able to dominate the market.
2. Specialized expertise
Many firms possess specialized expertise that can easily be leveraged into added value. Perhaps you or someone within your organization is a wizard at strategic planning, marketing or tradeshow selling, for instance. By making such skills available at no charge to your customers, you can differentiate yourself from the competition.
One manufacturer of industrial equipment, for example, has a senior-level executive who is a true visionary. His firm makes him available to some of its key customers to assist in the development of their overall strategic direction and approach to the marketplace.
3. Referrals
Although many firms give referrals, to really do it right you have to provide more than just names. Make it a personalized reference, and it quickly becomes clear how much of a true business partner you are. Call the individuals you mean to refer, and tell them why you feel they should use that firm. Then, call your client and provide the contact information.
One of our vendors, for instance, that handles trade publications and other business-related communications for Max Sacks International, is a source of high-quality leads. On several occasions, the president of this company has spent time briefing her own clients on ours services before handing me the referral. When I contact them, they are invariably receptive.
4. Forming an Association
I know of one firm that makes shop towels which are basically industrial rags. As well as showing their distributors a list of 47 different points of added value for these rags, the company has formed an association of distributors to share business knowledge for the common good. If all this can be done for shop towels, think of the potential with your own product or service.
5. Build a Strategic Relationship
Once you have established your own integrity and professionalism in the eyes of your customers, you are ready to take added value to the next level - building a strong strategic relationship. This is where you tailor your products to their needs and become totally involved in their business. It can mean acting as an advisor or helping them to formulate key points of strategy.
A fine example is a Southern California ad specialty company that does much more than supply pens, key rings and desk pads. One of its clients, for example, was experiencing legal challenges in the safety arena.
The advertising specialty company developed a safety incentive program, using various means of communicating the message to employees. The result: an $8 million reduction in workers' compensation claims in one year. Now that's what I call adding value to your product or service!
Please let me hear from you on how you add value to your products or services at rec@MaxSacks.com
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