Selling a new product can be very hard, and in many ways can be frustrating, because penetrating a new market with a new product requires a whole lot of trust from clients, which is hard to get. A study done by HubSpot showed that 3% of buyers trust sales representatives.
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New products stand less chance of penetrating the market, especially if there is already much competition. It is not enough to promote your product. Promoting products alone can’t make customers dip their hands into their pockets to buy your product.
What is solution selling?
Just as it sounds, it means selling a solution. To buttress further, this is when you tell customers how your product can overcome their problems.
This is different from the traditional marketing campaign. The broker points the specific issue or problem the customer faces and proposes corresponding services or products to solve that issue.
This is very important, especially if your product is new. In this article, we shall highlight six steps to solution selling.
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Prepare.
The first step is to search for your potential clients’ biggest problem. Research on the roadblocks they face, before putting a call across to them or cold emailing them. For example, you can use Google Analytics to define the demography of people with such problems that you intend to solve. Most often, you can collaborate with people armed with the information of those who are struggling with such problems. For instance, a company that deals with weight loss products can reach out to people who have a relative struggling with obesity. You can also use social media campaigns for a start.
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Analyze
Use the research you have gathered in the first step to fully diagnose the problems your clients face. The best way to get more information is by asking open-ended questions that can make your clients talk more about their weaknesses and problems. For example, you can apply the subjective model of the interview that can metamorphose into open conversations. As the conversation unfolds, ensure to take notes to see where your products or services can come in handy or fit into their business.
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Qualify
The next step is to use a set of questions to determine if your client is interested in the solution you’re offering or in a position to buy immediately, later or in the future. The answers from clients will determine if you should keep on with him or her or simply move on.
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Educate
The difference between solution selling and the traditional sales process is in how you educate your clients on the benefits they stand to gain when they purchase your product or patronize your service. Let your education be focused on: Return on Investment (ROI), Reduced operation costs, and Percentage of savings year-over-year.
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Solve
Communicate in a language that simply magnifies the ability of your solution to solve the problems of clients. Furthermore, in solidifying the effectiveness of your product or service, draw examples from relevant case studies from your new and existing clients. This step is about really driving home the solution you bring to the table.
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Close Properly
There are possibilities that your client might object to your solutions. This is an opportunity to use counter-objections to elaborate the efficacy of your solution. From the conversation so far, determine if you will close formally or informally.
Featured Image Source: Gartner Blog Network
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