approach, you’ll know who to help and how your help will benefit them. Value-based selling will also provide insight into why your prospects and clients want and need your products, services and advice. VALUE-BASED SELLING IS BASED ON MOTIVATION In your role as a financial services salesperson, most of your customers will need to make a change, and change is difficult. The stats for diet and exercise are proof of that. But unfortunately, most of the things people are supposed to do, they don’t do. Value selling in financial services is no different. Change isn’t easy for those you meet and advise. The equation for change has two components pulling in different directions: escaping how things are now and resisting change itself. Value-based selling requires motivating your client to change. Perhaps you must also be motivated to change your approach. THE IMPORTANCE OF VALUE-BASED SELLING Inevitably, customers will have some reservations about a product or service. That’s why a good value-based selling approach will, first and foremost, center on them and cater to their needs. Secondary to that is demonstrating your company’s value and nurturing them through the sales process. The measure of value you provide depends on your client. You can offer the same solution to two different people and get two different reactions. For example, let’s say you’re talking to a prospect about an inheritance they just received. Your prospect may or may not tell you everything you need to advise them on their best choices. Based on your questioning and listening skills, you must gather everything that is most important to them regarding that asset. It could be the return on interest rates, safety or liquidity. You should understand how that asset relates to their other savings and investments. Once you discern their needs and goals for this money, you can make a value-based recommendation. You can suggest a product that is an appropriate solution, then begin discussing why they should work with you and your financial firm. Too often, that is where salespeople start the sales conversation: with their solutions. As a value-based seller, start with the prospect or customer, peel back the onion to understand their goals, then make a recommendation. The most important aspect of value selling is helping the customer find the best solution for them. If you do that, you will earn their business nine times out of 10. Your magazine: On your phone, on your tablet, on your schedule. connected stay 15 The Community Banker
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