Featured Article – CXO Insights – Start Up City – Silicon India November 2018 Edition
Sales used to be considered as an art. But the question today becomes as – What is “sales”? If it is an art then it’s a talent. If it is a skill then it can be learnt and taught to others. For decades, there is no hard proof data to prove what exactly sales is? With the Information age and IoT taking over, consumer behaviour has changed. With the use of Internet, consumers today have become astute and now critically analyse their purchases. In this new age of buying patterns, sales has become a technology driven aspect of business that is backed by scientific reasoning and analysis. The Science of Selling is what we call it.
The Science Backed Pitch
Analysing and understanding the customer is the first step of a science backed sales pitch. Intelligent sales automation, CRM system, metric-based planning and technology infused processes are taking over the sales world. Today, selling goes beyond just product or service offering. These days, the questions that salesman ask have changed. Today we need to look into these essential points:
When and how was the customer’s interest generated?
Did they make a similar purchase earlier?
How does the product/service compare to the competition?
For instance, consider what we do at Pin Click when we handle real estate sales. We do understand that purchasing a home or commercial property is a personal decision that has a lot of emotions tied to it.
We need to first build a relationship with the customer and in order to do that we use the technology tools to showcase our products in the best way possible for the customer to get a 360 view. In the real estate market, the prospective customers look for requirements basis their budgets and select from the pool of listed properties. Though location makes a huge difference, price of the property becomes the deciding factor. Hence we highlight the price ahead of the property’s key features, knowing that it would be the first elimination point for the customer. Eventually, the process gets narrowed down to location, square footage, amenities and others.
Forecasting with Information
Forecasting or predicting sale closure depends on the information about the client. The metrics and analysis will help the salesman benchmark the information. Again the standards will predict whether the sale will move to the ultimate end. In Pin Click, our sales personnel use information from their meetings and negotiations to predict the timeline in which a sale would be completed. Based on the historical data, we are able to predict with considerable accuracy that the most common window would be between 30-45 days.
The Support System
Science based selling uses social psychology, neurosciences and behavioural economics to close a sale. This new approach has helped salesman boost their sales figures across industries. These processes are more focused on the buyer. These sales methods also use tools that correspond to the buyer behaviours, thus showing a drastic increase in conversion rates. Science-based sale uses a positive approach without deriding the competition and by focusing on the positive attributes of the product or service. The salesman who uses the positive approach is able to outsell the negative-minded colleagues by 40% in sales figures. With science, one can understand the buyer behaviour and able to relate it well with consumers’ long term expectations. This helps in customer retention and increases the probability of re-purchase of high value items.
Scientific sales methods or Science of Selling are tried-tested and proven to bring in more sales than just winging it on instinct. So, the next time you have a sales meeting or need to speak with a potential new customer, try the scientific backed way and you will see the positive result. Surely, it will increase your sales pipeline and post-purchase assistance.
- This article is edited and referred from Pg 34 of Start Up City – Silicon India Magazine | November 2018 Edition
110 Comments on “The Science of Selling: Understanding how today’s sales are controlled more by Science”
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