Are you effectively communicating the value your company offers?
ESTABLISHING A NEED is critical for vendors in the direct selling industry. Potential customers frequently put up their defenses, thinking they don’t need your solution. Maybe their assumptions are due to a misunderstanding or a fear of the unknown. This is where the education of your prospective audience comes in. This process builds value, relationships and—most importantly—TRUST.
To be effective in your pitch, you must believe in the solution you are providing. Which is why—as the EVP of Sales at Fortress Trust—I can be wholeheartedly excited and enthusiastic about what we have to offer. I believe and trust in the solution we can provide and the value it offers to the channel. My team’s successful approach has seen:
- An increase in the recruitment of consultants, with a reduction in turnover rates.
- An increase in the lifetime revenue for consultants as well as the parent company.
- An increase in community engagement & social selling.
- The creation of new revenue streams for consultants and the parent company.
Having spent many years in sales, especially in the direct selling industry, I’ve learned that trust and relationships are imperative. I’ve worked with many companies who have never considered using our technology. However, once I have been able to explain its value, they become far more receptive to the message.
Here are four of my best tips for making the same thing happen at your company.
1/ Be Friendly, Be Memorable and Provide Value
When meeting a prospective customer, the goal is to build a relationship with that individual. Ask non-work-related questions and—more importantly—listen, reflect and understand. Invest the time in getting to know them as a whole person. Seeing a prospect as a person—not just a number—is a crucial step in developing TRUST.
2/ Debunk Common Myths
The chances are, potential customers need some clarification about what you’re selling. For example, Fortress Trust uses Web3 blockchain technology. However, the lack of regulation in the industry has led to some high-profile disasters, most recently FTX and Celsius, where customers have lost their money for good.
The lack of governance and protection for customers against fraudsters potentially driven by greed is a major pain point. However, our company is different—we operate by legal rules that are different from crypto exchanges. It’s important that we clearly and effectively communicate that to our prospects to alleviate any hesitations they might have.
Fortress Trust is a fully regulated company in the United States, overseen by a former banking commissioner, legal experts and trusted custodians. Crypto exchanges currently do not have similar regulation laws. Companies like ours are bound under more intense laws and scrutiny about how we use customers’ funds, similar to the banking industry. When speaking with prospects, we are responsible for ensuring they understand these important differences and regulations and how they can provide crucial peace of mind, eliminating any barriers to purchase.
3/ Use Personalization to Your Advantage
When trying to reach a potential customer, it’s useful to think about ways to make each person feel unique and special. For example, it may be helpful to come up with several use cases of your product that are directly relevant to a prospect’s needs. It’s also advisable to go the extra mile and dig up relevant use cases for your prospective customer.
Preparing unique and engaging sales discussions in advance ensures that your potential customers understand your product and its value. After spending the extra time personalizing a pitch to each potential customer, conversions and drive sales will increase. Customers need and want to feel special. Take steps to ensure that they can recognize that you truly see them and understand their problems and how you can help them. For example, establish a higher return on investment (ROI) than the investment required in your product/solution.
4/ Become an Events Host or Participant
When selling a product or service, getting customers emotionally involved is important. A great way to generate excitement is by hosting or attending an event, conference or webinar. These sorts of discussions can be informational and celebratory. Events may discuss future trends, exciting innovations or how to create interesting collaborations in any industry space. A networking environment creates a great space for promoting your product or service. You’ll generate excitement about your business and attract potential customers by meeting sales prospects in an environment that welcomes those kinds of interactions.
Your target market likely attends many conferences, events and webinars. Every industry has its own specialty of meeting places where they can coordinate the best ideas and connect with others. For example, Fortress Trust found great success when we assisted with hosting a VIP after-hours event at Money 2020 in Las Vegas with 450 attendees via an NFT (Non-Fungible Token) invite only. This generated many new sales leads for us as well as substantial data on the attendees. Therefore, it’s important to always appreciate the power of a good event to drum up business.
The Power of Trust
Trust is essential in any relationship. When you’re able to educate your potential customers about why your product is valuable and how it can benefit them, you’re much more likely to build trust with them. Remember that what potential customers really want is information. By educating your potential customers about how you can help with their specific problems, you’re showing that you understand their needs. Only after you’ve taken the time to educate them should you attempt to make a sale.
Focusing on education first will make you much more likely to gain their trust and close more sales. So, next time you’re approaching a potential customer, keep education at the forefront of your mind, and you’ll be sure to find success.
Ian Wisbey is the Executive Vice President of Sales at Fortress Trust with 25+ years of experience in proven sales and customer engagement. Fortress Trust is an industry leader in compliant financial infrastructure and easy ePayments.
From the January/February 2023 issue of Direct Selling News magazine.