Consultative Selling: 4 Steps to Sustainable Success

In sales, relationships reign as the cornerstone for sustainable success.

As a salesperson, your endgame is to become an indispensable partner in your clients’ business operations—a critical and trusted ally. THE most effective way to achieve this status is by utilizing the consultative selling approach. By deeply understanding your clients’ needs and delivering customized solutions, you cultivate relationships built on trust and mutual success, positioning yourself as an invaluable resource both now and in their future plans.

For this method to be successful, it requires patience, discipline, and effort at every stage, from conducting thorough research to asking insightful questions, actively listening, and investing time in building relationships.

Consultative selling is not about any single transaction. It is ultimately about a seller helping a buyer succeed. When you can do that, you’ll create customers for life instead of just a single deal.

Below is an example of consultative selling is and two that are not.

Example #1

Picture this: You walk into a store looking to buy a new pair of shoes. As soon as you step in, a salesperson approaches you and starts pitching the latest shoe collection without even asking what you are looking for. Overwhelmed and frustrated, you leave the store without making a purchase.

Now, imagine the opposite. You walk into a store, and a salesperson greets you warmly and asks about your preferences, what type of shoes you need, and if you have any specific requirements. They listen to you carefully, and then provide a few options that meet your criteria. As you walk to the cash register, you feel confident that you’re making the right purchase.

This is the power of consultative selling.

Example #2

The salesperson did all the talking. The customer talked maybe 5% of the time. On the rare occasion when the salesperson asked the customer a question, he wouldn’t even wait for the customer to respond before he would answer it himself. Needless to say, this was a “no sale call.”

If you choose not to utilize the consultative selling process, you’ll likely resort to competing solely on price for the sale. This “race to the bottom” approach, where the lowest price wins, decimates product profitability and spells doom for achieving consistent sales success.

The Process

Steps to the Sale- #1-Researching the Prospect

When researching a firm, considering that time is your most valuable asset, you need to quickly gather essential information. Doing this groundwork can provide a competitive advantage, as competitors may neglect these crucial steps. As Jerry Rice, legendary NFL Hall of Fame receiver and one of the greatest to ever play the game, famously said, “Today i will do what others won’t, so tomorrow I can accomplish what others can’t”

Below is a concise list of resources for researching a company’s specific needs, challenges, and strategic focus. For instance, as a technology solution provider, this involves examining market trends, real-time discussions, and existing solutions. The company’s website, including product/service pages, case studies, and testimonials, provides valuable knowledge regarding their product offerings. Additionally, technology partner listings can help provide additional insight into their technology ecosystem, offering a comprehensive view of their market position and technology usage.

Ultimately, the objective is to evaluate the company’s compatibility with your product or service, determine if it qualifies as a top-tier prospect, and locate the key decision-makers and influencers within the organization.

Resource List for Researching Prospects

Annual reports
Financial statements
News articles
Press releases
Industry reports
Social media
Online forums
Company website
Job postings
BuiltWith website
Company contacts
Linkedin
Owler
Company competitors

Steps to the Sale #2-In-person Interviewing

Although you might have already conducted extensive research on the prospect, meeting in-person with company personnel deepens your understanding of their business. There is both an art and a science to uncovering important data. Patience is essential as you delve deeper into understanding the prospect’s needs and identifying the root causes of their issues. This involves locating their pain points and collaborating with them to develop long-term solutions.

A tip: Each time the customer makes a statement, always take the time to ask a follow-up question on what they just said. It’s the follow-up information they give you that is going to be of real value to you. When you take the time to ask a customer for further explanation, you’re telling the customer that you really care about what they have to say

Steps to the Sale #3-Pitching the Solution

Thorough preparation helps ensure a seamless presentation. By integrating your industry expertise with a deep understanding of the prospect’s needs, you can effectively educate them on how your product’s features and benefits directly address their current specific needs and offer a long-term solution. Showing examples of successful solutions implemented for other clients reinforces the credibility and effectiveness of your approach.

Steps to the Sale #4-Follow Up

“If someone tells me they need another 14 days to get back to me, I’ll put that in my calendar and ping them again in 14 days. If they tell me they’re busy, I’ll ask when to ping them again…I once followed up 48 times with an investor who showed interest in my initial email. He finally responded, we met, and he ended up investing.”

After investing your time in thorough research, conducting interviews, and delivering a compelling pitch tailored to the client’s needs, the final step is to close the deal. This may include effectively closing the sale by addressing any remaining concerns, clarifying details, and confirming the next steps to ensure a smooth transition. Following up diligently demonstrates your commitment to providing excellent service and support throughout the entire process.