What is Transactional Selling?
In short, transactional selling is a sales strategy that is focused solely on making a quick sale or transaction with no emphasis on learning the actual pain of a customer and how their product can solve that pain.
Transactional sales differ from consultative sales in their approach to the prospect. Transactional sales are driven by incentives and price rather than tailoring your message and product to solve the unique pain point of the client. Transactional selling is all about a quick sale, whereas consultative selling focuses on building a long term relationship.
Marketing for this type of product/sale is done with a one-at-a-time approach. Clients, who are price-driven, don’t develop an emotional connection with the product/service. The relationship you have with the price-induced buyer is short-term.
How To Create Value in Transactional Sales – Some Strategies
Questions to ask on a discovery call to help you better understand the company, key contacts, timeline, purchase history of the contact, goals, plans, challenges and who the key contacts are.
- How often do you purchase?
- Do you leverage single or multiple suppliers?
- Do you have a standard for a great vendor relationship?
- Are there factors other than price that would be valuable to you?
- How are you measured on performance?
- What is the one thing that I can do today that would make your life easier?
- How often do you do source new vendors?
- How long does that take? Is the process easy or hard?
- Are there any services that go along with that?
- How much time does it take for you to source the lowest price?
Helpful Qualifying Questions To Ask
- Is a 15% reduction in cost meaningful?
- If I could help you save 10% off the purchase would that have an impact?
- Is there anything other than price that could influence your decision?
- How do you pay for your goods?
- Do you get a guarantee of the lowest price?
Turning One Sale Into Multiple
Although transactional sales focus around a single sale, that doesn’t mean once the deal has closed you never speak to them again, so make sure to check in frequently. Why? Because chances are they will need to purchase your product/service again down the road. Checking in from time to time enables you to see if there have been any changes to the business, new needs, expansion of products, new territories or new opportunities you any be able to to assist with.
Staying in contact has tremendous upside: when a client is ready to buy, they’re ready to buy now. And by keeping in touch, you’ll ensure you stay ahead of the competition and are the first provider they see.
Don’t let money slip through your fingers, do your due diligence by probing a bit to create cost ownership and create value between you and your client, and, even though it’s a transactional sale, you can forge a successful working relationship that will benefit both of you.
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