#15 Relational selling is king in the field of IP
Transactional selling is all about the transaction. The customer gives money to the seller in exchange for goods or services. In transactional selling the two most important things are the profit the seller gets and that the buyer gets the product or service he or she wants. There is really no need for deep relationship building as the transaction is not usually complex or large. The transaction requires little to no trust to happen.
There are many situations where transactional selling is useful. For example, if I go to a supermarket, usually I use the self-service check-out. That saves time and is very convenient. I am not going to a grocery store to develop relationships, rather I want to just grab something to eat. The visit to a supermarket is purely transactional to me, from the point of view of the seller and the buyer.
The larger the commitment and the more complex the service or product, the more important it is to make the transition to relational selling. This is the case with intellectual property services, which are complex, based on human interaction and require a way larger commitment from the client than just a trip to the grocery store. Understanding this, you might want to consider how to approach the sales situation.
We do business with people who we like, know and most importantly trust. That is why rely so heavily to recommendations and our contact networks when we are considering different professional service providers such as lawyers, doctors and dentists.
In relational selling, you try to get to know the prospect first before selling anything. You want to build rapport and trust. Instead of asking leading questions, you should try to uncover all the needs and problems the prospect is having. You should be genuinely interested in solving the problems of your client.
The sales call should be to determine whether you are a good fit or not. It is not about you pushing your IP service down the throat of your prospect. If you feel like the prospect does not need your service or that it is not going to be a good fit, you should let the prospect go.