Concept selling can be a revolutionary way of selling, but it is also one of the most misunderstood sales techniques. If you don’t use this strategy in your business, you could be missing out on thousands of dollars every month.
The problem with many sales training books and courses is that they are too basic or too complex to apply in real life. Let’s find out what is concept selling and the key to successful application!
- 1 What is Concept Selling?
- 2 How to do Concept Selling?
- 3 Why concept selling works?
- 4 The benefits of doing Concept Selling
- 5 Examples of successful brands that have done concept selling
- 6 How you can win with Conceptual Selling?
- 7 FAQ
- 8 Conclusion
What is Concept Selling?
Concept Selling, or Product Ideation, is a method of generating ideas for new products by understanding the needs and wants of the customer. It taps into their desires to find an innovative product that satisfies both customer attributes and company objectives.
We are all familiar with Concept Testing in which you ask people what they think about specific products or concepts. This is an important starting point to understanding the market, but it tells you nothing about how people behave when making purchasing decisions.
Concept Selling flips this around by uncovering specific customer needs (pain points) and then matching them with products that meet their criteria. The results will help you generate insight into the real requirements of your customers,
How to do Concept Selling?
Prospecting is the first part of Concept Selling. In this phase, you gather as much data as you can on your potential customers.
se social media to find out what types of problems they have and how those problems affect their decisions making processes including who influences them and where they get their information from.
Once you have a good understanding of your potential buyers, you will need to create a target profile. Ask yourself:
• What are their needs?
• What criteria do they use for making buying decisions? (eg. price, size, durability etc.)
• How much are they willing to pay?
• When are they most likely to buy this type of product? (eg. summer, winter, day time etc.)
• What types of people do they like to buy from? (for example: big business, small business, private company)
Once you have a good understanding of your target customer and their buying habits and preferences you can begin developing solutions that meet their requirements and solve their problems.
Concept Selling is a great way to find out what people think about different ideas and how they will react before you commit resources to going further down the road. It allows you to see where there are opportunities for new innovations before investing too far into product development.
The results from Concept Selling can help you inform your direction in product.
Why concept selling works?
Concept selling is essentially a type of market research that focuses on the passions and needs of your target customer. Those who use this technique go straight into their customers’ world, where they work and play.
They start to gain insight into what role products and services play in their lives and what opportunities exist for new concepts.
For example: A company has a good understanding of all the attributes and problems associated with its existing product, but it does not understand how this affects the customer’s purchase decision.
The company hires people to walk through grocery stores and supermarkets as well as shopping malls. They note down all the products that are similar to those they offer, then stop at each one and ask why it is purchased and how it makes the customer feel.
The benefits of doing Concept Selling
Concept selling is the way are that you get the actual thoughts of your customers and their behaviours. You learn what role products play in their lives and how you can position your brand to fit into their lifestyles.
It also enables companies to discover new opportunities for growth by observing competitive positioning or spotting an unmet need. And it gets them inside the mind of the customer to look at how emotional forces drive buying behaviours.
You have to set your objectives first, then you should identify your target audience to determine their pain points. Keep in mind that the best concept selling is achieved by designing simple market surveys with specific, limited questions related to your core objectives. The answers help you figure out!
Examples of successful brands that have done concept selling
Nike, Adidas, Starbucks, Apple
What do people feel when they are buying the product? Would you like it to be more convenient or cheaper or specific color / shape / size? What would make you buy this product instead of another one? Where and how often do you use it?“
By using concept selling to understand what makes the customer tick, you can highlight opportunities for packaging, pricing, color combinations, distribution channels and more.
Based on this information companies are able to adapt their products in order to increase sales.
How you can win with Conceptual Selling?
Lisstening to customers talk about their products and brands, either in person or on social media, is a great way of gaining insights into the criteria that influence their purchase decision.
It can help you discover opportunities which could be tapped by your existing product line, as well as spot gaps in the demand for new ideas.
Companies are now looking to use this approach to explore their employees’ needs and identify new ways of doing things in the office.
They are asking them what technology they want (and don’t want) in their workspace, how they like to interact with customers and suppliers and what tools could be used to better communicate internally.
This is one of the most significant factors in understanding client needs. It’s also one of the more difficult to come by. During this step, it’s essential you get out of your office and start spending time with customers.
Observe how they shop, what concerns them when making a purchase, what information is important to them when weighing up different options.
Concept selling is about finding out the reasons why people buy certain things. If you can identify these reasons, you will have a much better understanding of the opportunities your company is in a position to exploit, or gaps in the market that can be filled by new products or services.
This is not about ‘selling’ members of your team on a certain product. It’s about providing enough information for the market to understand the benefits of your idea and how it will be used in practice by potential customers.
You can’t sell anything without first understanding your prospect.
This is where Conceptual Selling comes into play – it’s all about asking the right questions and getting as much information from them so that you know what they want, how best to provide said product/service for them (or not!), or even just whether we should continue with this conversation!
There are five categories of intelligent question:
Confirmation queries which reaffirm our understanding of a situation;
New-info inquiries designed specifically towards exploring someone else’s concept on something specific enough such as a service offered by one company but tailored toward another industry entirely would fall under either confirming;
Attitude questions seek to understand a prospect on an individual level and discover their connection to the project;
Commitment inquiries ask if they are investing in something worthwhile with all aspects of themselves, not just money or time;
Basic issue queries raise potential problems that could arise from one’s perspective as well as those raised by others before them if unaddressed properly – which could lead into conflicts between parties involved because nobody wants these issues resolved poorly for themselves no matter what side you take! A win-win situation should always exist so this doesn’t happen…unless someone walks away voluntarily when faced with such circumstances (which is never ideal).
The concepts given you by the prospect of their issues must be exactly recorded in such a way that they can be instantly retrieved.
Conceptual Selling, or asking questions and getting information from your customer at each stage will parallel what we see happening with sales on any company’s process; giving them more data points for commitment-making moves down the line (or not).
You want this same pattern throughout every step so it’s easy enough without having different toolsets depending upon where someone may jump off onto one particular journey through out both selling and buying processes – which would make things much less efficient than necessary!
What is pipeliner CRM?
Pipeliner CRM helps agents and brokers make more money by streamlining their sales process. It’s an intuitive, visual tool that meets all aspects for a successful sale from Conceptual Selling questions to buyer actions in every stage of the funnel – ready-to-go!