Sales professionals that work in selling financial services often make the common mistake of thinking that the lowest price will always lead to maximum conversion. However, the best sellers focus on value rather than price.
Selling based on low prices alone is not a profitable strategy for any business. If you focus on the value of your services, you can still remain competitive in the market place because customers are willing to spend a little extra when they see value in an investment. While value can be related to the monetary value of an item, it can also be measured by the fair return of a good or service.
We have compiled our 3 C's for selling value to help you refocus your strategies for selling financial services to maximise your profits while also meeting the needs of your clients.
In order to sell value to your clients, you first need to find out what is valuable to them!
It sounds simple, but research into the needs of your clients can help you identify what they want and how you can help them get it. The things that you should find out include your client's budget, their current situation, and any specific problems or challenges they are trying to overcome. If your client is trying to buy their first home, you can start by clarifying how much of their income they can afford to commit to their investment each month. Once your clients can align their personal values to your goods and services, they will be far more likely to want to invest in what you have to offer.
When providing financial services to your client, you need to understand the competition in order to highlight how you provide a value that they cannot get elsewhere. Once you understand the alternatives available, you can ask your clients questions to demonstrate how you are different, and show that you have an in depth knowledge of the market. When faced with too many options, many people will take no action. You can take this opportunity to identify the cost of inaction and demonstrate the need for change to build a sense of urgency for your client to commit to working with you over your competitors TODAY.
Your company doesn't have to be the best in every aspect of the market in order to win the customer. They just need to differentiate themselves in one key way. Being able to clearly communicate your companies value and the benefit you provide to your customers is an imperative asset for any sales conversation. David Baker rightly states that 'the longer it takes for a client to replace you, the more value you have.' If your company can differentiate from the competitors, you will be able to show how you can provide the highest value service.
Remember when you approach your next sale that the three C's can help you convert from selling based on price to selling based on value! A much better alternative in the long term, for both you and your client.
Read all about it on How to Close More Leads blog