In a world where the customer is always right, it’s easy to forget that they are people too. People with needs, wants, and feelings. As such, the best way to build relationships with customers is through collaborative selling.
Collaborative selling is a win-win situation in which both the customer and the seller benefit. The customer feels heard and gets what they need and the seller meets their quotas. Here are 6 benefits of collaborative selling.
1. Improved Customer Relationships
The most obvious benefit of collaborative selling is the improved relationship between the customer and the seller. By working together to find a solution that meets the customer’s needs, you are building trust and rapport. This rapport will lead to improved communication down the line, making it easier to upsell, cross-sell, and retain customers.
2. Increased Sales
Improved customer relationships will inevitably lead to increased sales. Customers who feel heard and understood are more likely to make purchases, and they are also more likely to recommend your products or services to others. In fact, according to a study by the Harvard Business Review, collaborative selling can increase sales by 20%.
3. Improved Employee morale
When employees feel like they are making a difference and collaborating with customers to find solutions, it can improve their morale. This improved morale will lead to increased productivity and creativity, which will benefit the company as a whole. Collaborative selling is a win-win for everyone involved.
If you’re not already using collaborative selling techniques, now is the time to start. Implementing these techniques can help you build better relationships with your customers, increase sales, and improve employee morale. All of which will benefit your bottom line.
4. Gain a Deeper Understanding of Your Customer
In order to sell anything, you first need to understand what it is your customer wants and needs. This can be difficult to do on your own as you are not the one experiencing the problem that needs solving. However, by collaborating with your customer, you can gain a deeper understanding of both their problem and how your product or service can solve it. This level of understanding is essential for making a sale and building a strong relationship with your customer.
5. Build Trust
Customers are more likely to trust a seller who takes the time to understand their problem and finds a solution that truly meets their needs. This level of trust is essential for repeat business and referrals. Furthermore, customers who trust you are more likely to give you honest feedback which can help you improve your product or service.
6. Improve Customer Retention
According to Harvard Business Review, “80% of your company’s future revenue will come from just 20% of your existing customers.” So retaining customers is essential for any business looking to grow. Collaborative selling helps improve customer retention because it leads to satisfied customers who trust and value your company. These are the customers who are most likely to stick around long-term.
Kytes is a Sales enablement tool that helps you close more deals by adopting a collaborative selling approach. Kytes allows you to share documents, presentations, and other sales collateral with your customer in real-time so you can co-edit and find solutions together. This way, you can be sure that you are meeting the customer’s needs and making a sale that benefits both of you.
The bottom line is that collaborative selling leads to better customer relationships. When done right, collaborative selling is a win-win situation in which both the customer and the seller benefit. If you’re looking to build stronger relationships with your customers, start by collaborating with them more often.