Building Trust for Higher Profitability in Business - Free Essay Example

Introduction

The trust level that a prospect has on a salesperson is a direct reflection of the speed with which the customer will buy the service or product. It is a direct reflection of the profitability the sale attracts. In business, high trust is equated to a higher close ratio, hence high profitability. Trust includes an outgrowth of the ability of a salesperson to offer customer confidence (Guenzi et al., 2016). Building trust is essential customers prefer to buy from salespersons and companies that they trust. Sales trust includes building good rapport. A salesperson can benefit from referrals to other prospects when they establish trust with the initial client. Word of mouth can be a product of trust from the salespersons during their interaction with customers. Trust is a representation of the integrity of the salesperson as an individual. It makes them exhibit their own self-worth through trust (Guenzi et al., 2016). Customers can honor and believe them and the products offered.

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How A Salesperson Can Earn Trust

A salesperson can use several ways to earn the trust of their prospects. First, they need to speak with authority while communicating with a customer. It does mean that a salesperson should speak as an individual with all answers. It includes an intelligent discussion with the prospect such that they will ultimately see you as the main individual to help with their needs (Lapwong, 2018). Second, a salesperson's show depicts credibility since prospects usually want to know that a salesperson appears real. They want to see if you have the skills to handle all the required areas. It is important to appear that you can address the needs of prospects. Third, trust can be earned by listening to the prospect. It includes hearing and engaging the prospects via the questions a salesperson will ask. Fourth, trust is gained when a salesperson values the time of a prospect and respects their views (Lapwong, 2018). Salespersons can also earn trust from prospects if they show commitment and are genuine in what they say or do.

Objectives of Strategic Prospecting

Prospecting includes the initial phase in the sales process which is composed of the identification of prospects. The main objective of strategic prospecting includes identification, qualification, and prioritization of sales opportunities. Strategic prospecting needs to include the application of criteria that assist a salesperson in separating prospects that depict the likelihood of buying from the ones that show less likelihood to buy the services and products (Inyang & Jaramillo, 2019). Second, strategic prospecting needs to have regular enhancement. It means that a salesperson is required to look for ways to enhance the process of prospecting. Further, strategic prospecting includes developing a database of potential customers and adopting systematic communication with the purpose of converting the prospects to the current customer.

Challenges of Prospecting

Some salespersons will face challenges in prospecting due to the rejection outcomes of the process. Rejection is a key issue to some of the salespeople due to numerous reasons. The majority of salespersons usually fear or hate rejection. Besides, prospecting is filled with rejection, and they are likely to perceive the process as an inefficient approach. Salespersons face the challenge since they fail to engage in proper resource allocation to make the process more practical (Inyang & Jaramillo, 2019). Prospecting is a challenge when the salesperson does not have prospecting motivation. They fail to dedicate sufficient energy or time to the process of prospecting. A salesperson may also see the process as difficult because they have poor targeting for the prospects. Giving up is a common issue in prospecting as a salesperson may give up too early.

Communication Styles

People depict a special style of communication that determines their interaction and exchange of information with other individuals. Communication is grouped into four categories, such as aggressive, passive, assertive, and passive-aggressive (Bocar, 2017).

Matching Communication Style With Prospects

Some of the salespeople may undervalue the influence of communication on selling, they need to use different approaches to different negotiation with customers. A salesperson should look at things from the perspective of a customer and match the communication style and sales approach with steps that customers adopt when deciding to buy. They should understand their individual style of negotiation and the preferred style of the customer. The knowledge is key as it establishes a robust relationship with the customers and achieves more sales. It is important to mirror the buying process of a prospect. Further, a salesperson should uncover the objectives of customers. Customers always talk based on concerns and problems, and a salesperson should convert the communication style to show how the service or product can solve their needs (Hänninen & Karjaluoto, 2017).

The behaviors of a salesperson will change in the course of the selling process, depending on the reactions of a customer. For instance, a customer may show rejection, which calls for a change in communication style. Behavior also changes during the presentation of a product to customers.

References

Bocar, A. C. (2017). Aggressive, Passive, and Assertive: Which Communication Style Is Commonly Used by College Students?. Available at SSRN 2956807. DOI: 10.2139/ssrn.2956807

Guenzi, P., De Luca, L. M., & Spiro, R. (2016). The combined effect of customer perceptions about a salesperson’s adaptive selling and selling orientation on customer trust in the salesperson: a contingency perspective. Journal of Business & Industrial Marketing. DOI: 10.1108/JBIM-02-2015-0037/full/html

Hänninen, N., & Karjaluoto, H. (2017). The effect of marketing communication on business relationship loyalty. Marketing Intelligence & Planning. DOI: 10.1108/MIP-01-2016-0006/full/html

Inyang, A. E., & Jaramillo, F. (2019). Salesperson implementation of sales strategy and its impact on sales performance. Journal of Strategic Marketing, 1-19. https://doi.org/10.1080/0965254X.2019.1593223

Lapwong, T. (2018). The Effect of Trust-based Relationship between Salesperson and Customer on Intention to Purchase. Princess of Naradhiwas University Journal of Humanities and Social Sciences, 5(2), 217-225.