Customers love solving their problems and not getting sold. And that’s exactly what solution selling is all about. It is the method by which executives sell by showing how the product solves customers’ problems.
As per stats, 86% of B2B buyers purchase from sellers who understand their goals. The same rule applies to B2C. That’s exactly why the need for a solution-based selling approach is rising like never before. Read on to understand what is solution selling and how to implement it for your company.
Also Read: 7 Strong Ways To Increase Value of Your Customers
What is Solution Selling?
Solution selling is an approach of taking time to understand the pain points of customers and presenting the product as a solution to them. The term was coined by Frank Watts in 1975. Gradually, the empathetic sales approach gained traction and is now used by millions of companies.
5 Simple Steps for Solution Selling
In solution selling methodology, you are expected to interact directly with the emotions of the customer. However, this is not as easy as you might think. Check out the solution-selling steps that you need to follow:
1. Understand Your Product
The first thing that you want in a sales executive is product knowledge. And a solution selling sales methodology is not just about the features. Make sure that all your executives know the ins and outs of the products they sell. Here are some ways to impart detailed product knowledge to your sales teams:
- Conduct live demos to show how your product works and solves customer problems.
- Build a knowledge base with related FAQs and step-by-step guides on the product.
- Give your team access to sales call recordings to learn about customers’ expectations.
2. Know Your Customers
It is highly recommended to have in-depth knowledge about customers before starting the calls. That’s where you require a buyer persona. It is the representation of your customers based on research and demographic data. Go through the buyer persona and conduct a customer behavior analysis to identify similarities in their pain points. Similarly, when you make the discovery call for solutions selling, try to ask these questions to know them better:
- What challenges are you currently facing?
- What goals are you trying to achieve this year?
- What has been your experience with similar products?
When you have a firm grasp over the customer’s nature, determine their level of interest in your product. Some CRM tools do it automatically through a feature called lead scoring. Ensure that you are proceeding only with prospects who need the product.
3. Figure out the Solution
You have a clear idea of the client and their aims. Now, it’s time to explain what is holding them back from achieving that. During these solution selling process stages, you are expected to highlight the problem of the customer and ensure that it is fixable. You can outline a series of steps through which your product will solve their concerns. Instead of just spitting out the product features in a generic tone, try to adapt your tone to the customer’s unique needs.
4. Present Your Product
At this step, you can pitch your product directly to the customers. Your product may have many Unique Selling Propositions (USPs) to present. However, the key lies in picking the right selling point that fits the customer’s needs.
Take the case of a SaaS company that focuses on providing marketing and sales solutions. If the team meets a prospective business that is struggling for conversions, they must focus on presenting sales solutions instead of sales, as they may not have any problem with leads.
Sales executives are expected to use all customer information acquired at the earlier stages now, making this one of the most exciting stages of solution-based selling. Consider even sharing testimonials or previous case studies on how your product helped others with the same concerns.
5. Closing the Sales
Just like any other sales type, closing is the last stage of solutions sales. But be prepared to face an objection phase just before the closing. Here are some of the best ways to handle objections and close the sales:
- Give an exclusive discount coupon with time restrictions.
- Conduct another meeting to explain the product details in a more in-depth manner and how it solves the customer’s concerns.
- Explain a refund policy in case the customer needs the product but is doubtful.
Conclusion
Unlike other sales methods, solution sales are more data-driven. You require data at each stage, right from prospecting to closing. And that’s exactly why you need a CRM solution.
Onstro CRM is an all-in-one software solution that helps businesses of all sizes. You can create an in-depth knowledge base to train your sales executives on how your product solves your customer’s problems. It lets you store all customer data on a single platform and analyze it to create a tailored buyer persona, which would be really helpful in the prospecting stage. Contact us now!
