How can you measure the ROI of consultative selling?

1 Define your objectives and metrics

Before you can measure the ROI of consultative selling, you need to have clear and specific objectives and metrics that align with your sales strategy and goals. For example, you might want to increase customer satisfaction, loyalty, retention, referrals, cross-selling, upselling, or average deal size. You also need to define how you will measure these outcomes, such as using surveys, feedback, reviews, testimonials, retention rates, repeat purchases, referrals, revenue per customer, or profit margin.

2 Track your activities and results

Next, you need to track your activities and results related to consultative selling, and compare them with your objectives and metrics. For example, you might want to monitor how much time and effort you spend on researching, qualifying, listening, questioning, presenting, and following up with your prospects and customers. You also need to record how many leads, opportunities, proposals, and closed deals you generate, and how they relate to your consultative selling approach. You can use tools such as CRM software, spreadsheets, or dashboards to collect and analyze this data.

4 Evaluate your strengths and weaknesses

Once you have calculated your ROI of consultative selling, you need to evaluate your strengths and weaknesses, and identify areas for improvement. You can do this by comparing your ROI with your benchmarks, competitors, or industry standards, and by asking for feedback from your customers, managers, or peers. You can also use self-assessment tools or tests to measure your consultative selling skills and competencies, such as your ability to ask open-ended questions, listen actively, empathize, diagnose problems, provide solutions, handle objections, or close deals.

5 Implement your action plan

Finally, you need to implement your action plan to improve your ROI of consultative selling, and monitor your progress and results. You can do this by setting SMART (specific, measurable, achievable, relevant, and time-bound) goals, and by choosing the best strategies and tactics to achieve them. For example, you might want to invest in more training, coaching, or mentoring, or use more tools, resources, or templates to enhance your consultative selling skills and processes. You also need to review your action plan regularly, and adjust it as needed based on your feedback and data.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?