Asking the Right Questions: The Heart of Value-Based Selling

There’s a wise saying: “If you’re telling, you’re not selling.”

In today’s competitive market, consumers have countless choices and businesses are offering a plethora of innovative features to attract them. However, consumers are increasingly focused on understanding “what’s in it for me?” This is why leveraging value-based selling techniques when promoting your services to potential buyers is more crucial than ever.

For example, according to a study by ValueSelling Associates, Inc., 87% of high-growth companies take a value-based approach to sales compared to 45% of negative-growth companies. Key findings from this study also revealed that in the aftermath of the COVID-19 pandemic, business needs rapidly shifted in favor of sales professional with “soft skills,” such as active listening, verbal and presentation skills, and empathy and building rapport. For real estate agents in today’s industry, the difference between attracting new business and remaining stagnant is demonstrating these “soft-skills” and mastering the art of value-based selling [1 ]

What is value-based selling?

Value-based selling is a strategy that focuses on understanding the unique needs, interests, goals, and challenges of your prospects. By gaining a deeper understanding of your potential clients, you can maximize the value you offer. Addressing what matters most to them and aligning your solutions accordingly will help you secure a win.

How do you find out what’s valuable to your customers?

The answer is simple: ask questions. Assuming all your potential clients are the same can set you up for failure. Investing in understanding that each client has their own unique set of obstacles and goals will help you win more business and build stronger relationships. Create a series of inquisitive and open-ended questions to lead to deeper conversations.

How do you ask the right questions?

A successful sales conversation means your prospects and clients should be doing most of the talking. If you are talking more than your prospect, you’re not asking the right questions or truly listening. Here are a few questions to help keep the conversation going and improve the quality of information you gather:

• What are your goals for this transaction? Understanding their goals will help you better communicate how you can leverage your expertise to help them achieve those goals.
• Pro Tip: Adding time specifics like “the next few months,” “this year,” or “long term” can help you grasp their short and long-term visions for their business.
• Can you tell me a little bit about the challenges you face in reaching this goal? This question is perfect for uncovering a prospect’s pain points and roadblocks. If your solutions can address a challenge your prospect has, you are well on your way to securing a sale. For example, if you’re the potential listing agent, is the client trying to sell a fixer-upper? If you’re the potential seller’s agent, are you dealing with first time homebuyers, who will need more guidance on the homebuying process?
• What is the most important thing to you right now? Understanding your prospect’s priorities could be key to knowing their level of investment and commitment to leveraging your solutions. In some cases, their response will even help make a case for increased urgency in adopting your services sooner.

Be sure to have a series of questions ready to stimulate your next conversation. Taking this valuable time to get to know your prospect will also strengthen your connection and cultivate more lasting relationships. Don’t forget to take detailed notes as you dive into these information-packed conversations.

How and when should you ask for business?

After a thorough conversation with your prospect about their business, you should have a clear understanding of how your solutions align with their specific goals, challenges, interests, and needs. Only then can you effectively communicate the value your skills and experience offer. Winning their business becomes more straightforward if you follow these four steps:

1. Remind them of their specific goal, challenge, interest, or need.
2. Connect your solution to that specific goal, challenge, interest, or need.
3. Seek agreement that your solution provides value in relation to their specific goal, challenge, interest, or need.
4. Ask for the business and agree on the next steps.

Remember, listing all the cool tools and features your business has to offer is not an effective selling technique. Value-based selling is an art, and anyone can master it. Be patient, practice, let go of old habits, and improve your overall listening skills. Every conversation with a potential client is a chance to showcase and reinforce your value. As an agent, the more value you bring, the more sustainable growth and success you and your business will have.

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About Cara McKenrick

Cara McKenrick is a Vice President of Business Development and Education at Anywhere Integrated Services. Her background in sales and marketing has led her to success in the real estate, scientific instrumentation, and telematics industries. Cara prides herself in delivering exceptional results through creativity, resourcefulness and a passion for change leadership.??

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This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.?