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A strong sales strategy is vital for any business. Whether you’re in the payments industry or peddling vacuum cleaners, no business can thrive without a quality sales team.
Successful sales strategies create an invaluable asset: customer trust. Strong customer relationships ensure the longevity and success of a company well beyond a good earnings quarter. But trust is not easy to gain; Rather, it is earned over time by listening to and interacting with customers and gaining a deep understanding of their goals, concerns and limitations. Above all, a company’s sales strategy should communicate solutions that create meaningful added value for the customer.
For this reason, we like to think of a sale as the start of an enduring relationship, not a single transaction, and this creates an opportunity to invest in existing customers and generate repeat business. This new world approach to selling is a differentiator in the marketplace. Here are the key elements of a successful sales strategy that attracts and retains customers in today’s ever-evolving and increasingly competitive marketplace.
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1. Lead with customer loyalty
Customer retention should be seen as a cornerstone of quality sales practices in 2022 and beyond. It is fundamental to building a customer relationship and supporting future business. Engagement within this framework invites the customer to participate in setting goals and to provide feedback and share in successes throughout their relationship with the company. Technology can enhance this experience by making it easier to communicate with customers, providing a tool to measure and evaluate performance, and providing routine updates.
For the brand, using technology to enhance the customer experience maximizes every selling opportunity. If executed well, the client becomes a partner in the project and both parties have a vested interest in a positive outcome.
2. Make a balanced value a goal
When you sit at the negotiating table, the customer on the other side immediately knows your underlying motive: you want to close the deal. But the best deals are made when the needs of both parties have been met without exploiting the other.
This concept is known as balanced value and occurs when both the organization and the customer feel they are walking away with a win. It’s an important stepping stone in building a strong and lasting relationship with a customer, and those relationships can be some of the most valuable to a business. It is generally easier and more successful to sell products to an existing customer than to acquire a new one. When you deliver value throughout the relationship lifecycle, customers will want to work with you again.
Related: Earn customer trust and the rest will follow
3. Locate the problem
Every sale should be viewed as an opportunity to solve a problem for the customer. This process begins with listening to the customer’s needs and challenges, and then identifying product solutions that are best suited to address those issues.
However, be careful not to put the cart before the horse by promoting the product and features without understanding the implementation. Instead, focus on the customer’s unique pain points, and then customize a solution that most effectively meets those needs. Tailored solutions ensure customers receive the most relevant products and derive greater value from their partnership with the company.
4. Strive for longevity
There is a difference between acquiring a customer and retaining a customer. The former solves the customer’s initial pain points; The latter consists of meeting evolving needs and maintaining a long-term relationship with the customer, and this is where you can find and extract real value. This strategy can sometimes be at odds with sales compensation structures that reward professionals for new customers and growth, but this approach often comes with a cost.
By focusing on the next deal, you risk losing existing customers, who are a company’s greatest asset and should be protected. When a company focuses on serving existing customers and customer satisfaction, it drives growth and revenue from internal resources. Successful sales strategies should foster long-term customer trust and loyalty by working more on existing customers than on acquiring new ones.
Related: Developing a customer relationship with longevity
5. Deliver value
Clients want collaboration, transparency and engagement, but most of all they want tangible results. Relationships are important, but they will only get you so far. In the end you have to deliver value. This starts with a great product that can meet business goals and deliver long-term results, but that’s just the beginning.
Demonstrating these results to customers is an opportunity to build the relationship beyond the initial transaction and retain customers over the long term, and is essential to running a platform that views a sale as an ongoing relationship. When a business is around to celebrate the success of the transaction, it extends the lifecycle of the sale, and that’s the gold standard in customer retention.
The best sales teams have an attitude that the day you sign them, you start losing a customer. Developing a relationship that meets the needs of the customer today and tomorrow is the definition of success.