Using a value-based sales approach, you will dive deeper into discovery and become adept at asking good questions and listening first. Skilled salespeople know that they can learn everything in the process of asking and listening, and this is what builds trust. See how many questions you can ask before proposing a solution. It will become easier with practice. GET TO KNOW YOUR CLIENT In the world of financial services sales, every client is different. You should use the early period to learn as much as possible about them. Getting to know someone and sharing examples of what has worked for similar clients will help you build credibility with your new clients. What do you bring to the table for your prospect that no one else does? Surely your product can be found elsewhere, but you can spotlight your value by uncovering the issues and solving similar business challenges. FOLLOW THROUGH WITH CONSISTENCY Value selling in financial services is not easy. Becoming masterful takes a lot of consistent focus, work and insights to execute properly. We know from thousands of evaluations that elite salespeople use a consistent sales approach because it works. Strong value-based salespeople really care just as much about the benefits the customer receives as they do. CONCLUSION A value-based selling strategy is key to improving your sales plan and results. This approach can earn you the position of business advisor and help you build strong, beneficial long-term relationships. The above are the competencies of value-based selling from our partner, Objective Management Group, the industry-leading provider of sales evaluations. Value-based selling is the proven path to becoming your customer’s trusted advisor. Your greatest value is often revealed by the depth and breadth of the questions you ask to fully understand your customers’ business challenges. A value-based seller is always curious about their customers and strives to be additive in every interaction — not just with a product offering, but with another resource, a story or even a piece of humor. TIPS ON HOW TO PERFORM VALUE-BASED SELLING Now that you know what value-based selling is and its importance, let’s get into value-based selling tips. FOCUS ON GIVING, NOT SELLING The most crucial principle of the value-based selling approach is to give to your clients, not take or sell. The book “Go-Givers Sell More” states that, unlike other methodologies, value-based selling isn’t about what you’re selling; it’s about what the client wants and how you can help them achieve their goals. To quote a well-known saying: “It’s about the journey, not the destination.” Value-based selling in financial services is a relationship-building process and, by nature, often very personal. Part of your value-add is the time and care you take in providing your advice and solutions. LEND A LISTENING EAR When someone asks you a question, it’s never a good feeling when they interrupt you, going off to the races with their own comments and stories before you’ve even finished answering. Unfortunately, financial services salespeople are often guilty of doing just that. Such a salesperson might ask, “What do you plan to use these funds for?” and then immediately begin recommending product solutions rather than asking follow-up questions. A value-based seller is always curious about their customers and strives to be additive in every interaction — not just with a product offering, but with another resource, a story or even a piece of humor. 16 The Community Banker
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