Taking a transactional approach to sales is a classic mistake which will severely impact your revenue and profitability. Ask these 4 questions to increase your deal size.
Do you take a transactional approach to your clients? Treat each purchase as a one off transaction rather than taking a longer term view and making an effort to getting them coming back.
If you don’t, that’s a costly mistake.
Repeat clients are significantly more profitable.
Because every new client costs you time, money and effort to bring in. It takes considerable effort to cross the know you, like you, trust you barriers that exist before a prospect becomes a client.
And this is especially true if you sell high value products or services where studies consistently show that it can take 9 to 15 touches to make the first sale. And that it’s 7 to 9 times more expensive to get a new client in versus reselling to them over time.
Therefore your goal with every client should be to become the trusted advisor, keeping your eyes open, diagnosing issues, recommending solutions and getting well paid for doing so.
Here’s what we teach our clients to do.
Every problem your clients want to solve is an opportunity to upsell by asking 4 questions.
- Is this a component of a bigger problem? If so what’s that and could we have a solution for it?
- What’s the precursor to this problem? What must be happening for this to occur?
- What are the next issues if this is solved?
And 4. Is this a component of a smaller system – that we can add value there?
Sounds simple, but in decades dealing with service-based consultants, hardly anyone asks these questions and therefore miss out on potential opportunities to upsell and significantly add to their bottom-line profitability.
Given this, if you employ consultants, engage us to train and coach them in how to listen for the issues your clients want to solve and dig into the outcomes they want instead.
Your consultants will develop business acumen skills and become more valuable as they start to build commercial relationships with your clients, therefore you will secure new work for your firm.
If you’d like our help to do so, contact me at RevealedResources.com. Till then, this is Rashid Kotwal. Happy Selling!