There are two ways you can make a sale. You can sell on price and enjoy your one-time sale. The other way is to build a relationship and create chances for many more sales. If you’re not building relationships, you’re most likely missing out on a lot of revenue. This revenue could be boosting your bottom line.
The euphoria of securing one sale normally dissipates very fast when you remember you have to keep chasing more and more sales to make your quota. Working with a sales keynote speaker can focus your team on not just chasing after the sale but using negotiation techniques to win over long-term customers. There are various techniques your team can use to ensure they win the sale without thinning the sale.
Don’t Sell Like It’s a Commodity
A commodity is a product or service that bears little quality or feature differences from what’s available in the market. When your customers don’t see many differences, their purchasing decisions center mainly on price.
Often, salespeople and service providers think they must sell on price to attract buyers. If you sell on price only, your prospective buyers may attach less value to your product or service. You likely won’t attract much repeat business.
Instead of price, focus on the value your product or service offers to your buyers. Emphasize what your product or service can offer rather than what it costs.
Consider Your Average Order Value
How much money does each customer spend each time you receive an order? The average order value (AOV) is a sales performance indicator that shows the average dollar amount customers spend per order.
If you’re rushing after one sale and harping on about how your prices are superior, you’re likely to experience a lower AOV. An experienced sales keynote speaker can direct your team to use the following tactics to improve your AOV:
- Offer volume discounts
- Have a customer-friendly return policy
- Offer free shipping for high volume purchases
- Upsell to higher value products and services
- Offer free upgrades on higher minimum purchase
- Offer coupons for volume purchases
- Cross-sell related products and services
- Offer donations to a nonprofit for volume purchases
Focus on Customer Lifetime Value
Rather than pitching for one big sale, you create a relationship that wins you return clients. One important sales metric to consider is customer lifetime value (CLV or CLTV).
Sales keynote speaker Calum Coburn commented: “Most know the rule of thumb that you’re nine times more likely to sell to an existing customer than to sell to a new customer. Yet most sales organizations and sales professionals don’t structure their time with anything near a nine-time bias to work with repeat buyers.”
Persuading a customer to buy once can result in a thin sale. However, turning your one-time buyer into a return customer can boost your bottom line. CLV provides a measure of how well your sales team resonates with your target market. Knowing your CLV can indicate how much customers like your products and services. It also means knowing the actions you can take to maximize your sales.
Bottom Line
Avoid using sales tactics that can potentially thin your sales. Go for relationship-building techniques that attract loyal customers who make multiple purchases. If you’re adding value, customers will likely stick with your brand.