What is Selling?
“Selling is any transaction in which money is exchanged for value” – Ab Akpan, Kurlor. The value can be goods or services. To become a better salesperson, marketer, or entrepreneur, you need to continually improve your skills to stay competitive and valuable to clients.
Types of selling
Briefly, let’s discuss the three types of selling and their benefits in business.
Up-Selling
This means selling the customer more of your services than originally requested or a better, more expensive service in the same area. For example, the customer may come in looking for a ho. You suggest a rototiller would be much easier on their back and faster.
Cross-selling
This means selling the customer an additional item that complements the original request. For example, you may suggest that while the customer is getting a new car loan, they may want you to consolidate their other loans.
Value-added selling.
Historically, value added is a concept in which a company purchases raw materials and does something to these materials that adds value to the buyer.
Value-added refers to how the seller changes, enhances, or improves the primary product to increase its value to the buyer. The salesperson finds out what is a value to the buyer and then finds ways to increase the value of the offering.
Value-added is a philosophy that acknowledges two sets of needs in any sale. Your buyer needs to solve a problem, and you need to sell a product or service for profit. In a value-oriented sales environment, both of you achieve your goals.
The value-oriented salesperson is constantly looking for ways to enhance their product, service, or company for the buyer while preserving their margins.
When you embrace this philosophy, you are making a big commitment. You are committing to your company by leveraging your sales time well. Also, you are pursuing your obligation to sell more profitably.
You are slowly committing your buyer to actively seek ways to increase the value of your offering to her. You are also committing yourself to realize the performance potential within you. Remember, value is in the eye of the beholder. Value is determined by a buyer’s unique set of factors, and we value other things besides price.
“Its the difference of opinion that gives us the horse race”. – Mark Twain
Facts and Myths About Value-Added Selling?
There are some myths about value-added selling. They include;
- Some believe that value-added selling only applies to very complex technical sales.
Wrong, some of the most successful value-added organizations sell a commodity identical to those of four or five other companies in the area.
- They have learned how to differentiate or package their product.
Some people think that only the product can have value-added. Both the salesperson and the vendor can add value to the product. This kills the myth that only managers or those high up the chain of command can design and deliver added value for customers.
Wrong again, some people think that because it’s not unique, it doesn’t count. And of course, some salespeople remain silent about some of the unique features or benefits of their product because everyone could say the same about it.
One example is the cell phone which can offer travellers protection against being stranded along the road. Yes, every cell phone has benefits, but not all companies or salespeople talk about that benefit.
Phases of Value-Added Sale
In the value-added sale. There are three distinct phases.
Planning or pre-call phase.
This is where you study the client, make your appointments, and set your objectives.
Implementation stage.
This is where you make the sales call and interview the buyer thoroughly. You determine their needs and tailor your presentation of features and benefits to address those needs specifically. And you ask for the business. The implementation phase can be one or several calls.
The Follow-up Stage
In this stage, you assure buyer satisfaction, assuage buyer remorse, and review your calling efforts.
