Image source: Entrepreneur
Although it might sound crazy, sometimes it makes a lot of sense to resist the urge to sell your product or service. This wise technique called "Downselling" can be responsible for creating loyalty in the early stage of your relationship between you and your client.
Downselling is a powerful sales tool that can make a positive impact on your business growth. However, not many companies use it as they value the short term vs. long-term thinking.
Other popular selling tactics like upselling and cross-selling represent significant value when it comes to increasing immediate revenue, but downselling is the best tool for creating long-term relationships and customer loyalty to maximize long-term customer value.
You probably already used the idea behind this. Imagine for example a marketing agency. If an owner starts a relationship with a client that can't pay a monthly retainer, downselling and creating let's say, a one-time workshop - they can build trust and a future relationship. Even if this client might not be a good fit for your company right now, he will remember your honesty and most likely return when they can afford your services. The inverse most companies offer, is to push to sell their service as is, which may mean lower satisfaction, and higher turnover for clients that just aren't the best fit, but choose to buy.
Simply said, there are many right ways to do sales, and downselling is the perfect example of putting your customer's needs first, instead of pushing them into a service that may not be the best fit.
To learn about the ways downselling can help your business grow, read this Entrepreneur magazine article here.
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