Second Stage: Consultative Selling

What is Consultative Selling

Refers to a more prescriptive format of selling, consisting of open dialogue, diagnosing the client’s specific pain-points, and providing a comprehensive solution to the issue, as opposed to simply pitching a products features without the relevant context.

What are the characteristics of Consultative Selling

• Customer Centric

• Dialogic

• Diagnostic

• Long-term Trust & Relationship building

• effective High-impact questioning

• Balanced Insight & Questioning

• Active Listening

what is your role as a Financial Advisor

We act as a trusted Adviser, who cultivates a productive relationship through understanding.

What are the main steps to Consultative Selling?

• 1. Research your potential prospect

• 2. Identify the Outcome

• 3. Fact-Finding (Ask, Listen, Learn)

• 4. Create a tailored proposal

• 5. Overcome the buyers objections with presented value

• 6. Close the sale & Reaffirm the narrative

What are the main Principles of Consultative Selling

• Balance questions with insights

• Build Consistent sense of trust

• Keep it conversational and genuine

• Take ownership of the conversation

• Let feedback guide the process

• Research the customer’s needs in advance and offer relevant findings

• Listen Intently

How do you actively listen when consulting?

• Be curious of their background, needs, wants, expectations and circumstances

• Practice active listening and probing

• Observe non-verbal cues, voice, tone/cadence, body language, and use of language

What is the main differences between Product/Solution selling & Consultative Selling

Solution selling is a product-centric approach to sales, where the products, features and benefits drive the topic of conversation while a consultative sales approach is driven by a more customer-centric investigative approach, encouraging discussion and providing insight into the client’s circumstances.