9 Popular Customer-Centric Sales Methodologies you must know
There is an overwhelming number of sales methodologies practiced in the industry. While each of them has its pros and cons, reps still struggle to pick the one that suits best their organization. Every company must have its unique method of approaching clients, as that creates a difference in the customer experience of the buyers.
To help you determine the best, we have compiled a list of 9 popular consumer-centric methodologies that you must know and religiously follow at least one that suits your business type, position, and products.
1. SPIN Selling
SPIN selling was popularized by Neil Rackham’s book of the same name back in 1988. The word SPIN is used as an acronym for Situation, Problem, Implication, and Need Payoff, which categorizes the questions you ask your prospect.
Through the course of the discussion, a trustworthy relationship builds between the buyer and seller by asking meaningful and open-ended questions. These give a comprehensive understanding of the prospect’s problems and creating a fresh awareness of the cost of not solving them.
SPIN Selling does not involve blatantly selling your product but instead guiding your buyer to realize the requirement of your product on their own.
MEDDIC is another acronym that stands for Metric, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion. These again categorize a set of questions that you ask yourself and your buyer to determine whether they are qualified or not.
At least 50% of your prospects are not a good fit for your product, and hence they will take a lot of time and effort to deal, without the guarantee that they would convert into consumers. The MEDDIC methodology is therefore applied to segregate qualified prospects, preventing you from chasing bad leads and concentrating on the ones who will bring returns.
3. SNAP Selling
No, this does not mean that you can sell in a matter of minutes. SNAP Selling is a methodology used for prospects who are too busy to pay attention to your products. Standing for Simple, Invaluable, Alignment, and Priority raising, SNAP selling helps you develop a plan to approach the ‘frazzled’ buyers.
Since clients don’t always have a lot of time to invest, you should approach them with simple and concise info, highlight the value of the product, understand their priorities and needs, and then pitch your solution.
If you can convince your buyer of the lack of complexity, the valuable addition to their time, and alignment with their priorities, your sale will become SNAP!
4. The Sandler System
Busting the traditional stereotype that salespeople are always chasing businesses for sales, the Sandler System levels the ground for both of them.
It is based on the idea that in a B2B business, both the buyer and seller should be invested equally and the rep is seen as an advisor for their business issues. 78% of business buyers report that they try to find an advisor or salesperson who can add value to their business
Financial or time constraints might prevent the final decision even after a considerable amount of effort is put into it, and reps trained in this approach can figure it out during the process. If they are convinced that the product is not right for the client, they abandon the process rather than unnecessarily vesting their time and energy on it.
5. N.E.A.T Selling
N. E. A. T. Selling is used more as a lead qualification process, which focuses more on listening to the prospect and understanding their problems, and then determining if they’re qualified leads. The acronym stands for understanding the buyer’s core needs, their economic impact, your access to Authority, and the Timeline.
You put yourself in the shoes of your prospect and analyze their core needs beyond the surface. And then do the math of the picture before and after they implement a solution to their problem.
You don’t get to interact with the KDMs often, so ensure that your champion will agree to talk to them on your behalf. Create an event that forces your prospect to make a decision, and you’re sure to crack the deal.
6. Solution Selling
Solution selling is established on the fact that the modern B2B buyer is an independent researcher and is well informed about the seller and their products.
Almost 74% of buyers conduct their research online and are done with 54% of their decision before interacting with a rep. What they need is a person who can fit the product to meet their exact needs, and guide them through the sales process.
Reps who are devoted to this process have qualified buyers who are already aware of the solution and its impact. They dive into the depth of the issues and identify the pain points, to design a customized package that suits and solves the needs of the prospect.
7. The Challenger Sale
The Challenger Sale method is used by reps who fall into the ‘challenger’ category of salespeople, as found by co-authors Brent Adamson and Matthew Dixon – 40% of high sales performers primarily used a Challenger style. They are usually more efficient with sales and quotas as they follow a teach-tailor-take process with their prospects.
In this model, the ‘challenger’ reps first teaches their prospect, then tailors the interactions and takes the lead of the conversations.
It varies from prospect to prospect and is not a one-fits-all procedure. Not every rep is a ‘challenger’, but it does not mean that they can’t be trained into one. All you need to do is develop the right combination of skills and master your organizational capabilities. ‘Challengers’ propagate this kind of an attitude.
8. Conceptual Selling
Conceptual selling is based on the idea that your prospect buys the concept of the solution offered, rather than the solution itself. This kind of selling hence leads reps to unveil and discover what impression or concept the prospect has formed about their product/service, to understand their decision process.
If you are using Conceptual selling as an approach, ask wise questions that follow the pattern – questions that support your information, questions that communicate their idea and expectations from the product, attitude testing questions, commitment reassuring questions, and lastly, ones that raise any potential problems in the deal. Make sure your transactions are beneficial to both sides.
9. Inbound Selling
Inbound selling is probably the most successful in this list of methodologies – 64% of selling teams that use inbound social selling reach their quotas, whereas 49% of sales teams who don’t meet their sales quotas and is based on the modern concept of marketing and sales teams collaborating to generate revenue.
Prioritizing buyers who are already interested in the product, reps who practice inbound marketing connect with these potential buyers on social media platforms, events, or any other suitable channel.
Both parties then explore the familiar territory of rapport building and the rep creates trustworthiness by referring to the prospect’s previous interactions. After a series of discussions, the rep ultimately delivers a personalized pitch along with their solution.
Over to you…
B2B sales involve a large amount of money, time, and effort from both sides. It is seen as a process where the sales rep is supposed to convince the buyer of their problem and present their product as a solution. But this approach often ends in buyers spending money on products they do not require, adding to the guilt baggage of the rep.
The real essence of B2B sales is the prospect and their success, hence, the concept of customer-centric selling is becoming more and more prevalent in the present market. Irrespective of whichever approach you choose for selling, make sure you retain respect for the profession and keep the buyer and their needs above all.
On the side, if you find yourself lost in these approaches, it’s best to seek expert advice from B2B Sales and marketing consulting firms. They have the required expertise and experience to help you choose the right approach to selling in a way that multiplies revenue and builds brand image.
Confused about where to begin? Contact us today and leave the rest on us!