“To increase your transaction value, don’t rush to the sale. Have a conversation with your customer about their objectives, their ideas, and how you can make their life better or easier.”
It was a busy week and I was getting a reasonably healthy chile for lunch from Tim Hortons.
“Would you like to turn your order into a meal?”
If entry-level people can ask questions that have made millions of dollars for their shareholders, well, so can you.
Asking questions has been automated for our online shopping, as well. “Customers who bought this were also interested in that” messages appear as if by magic. But it’s not magic, it’s science and strategy, designed to increase the transaction value.
The critical factor to increase your average transaction value is to take control of the sales conversation and help your customer by asking questions.
Use questions to have a conversation with your client or customer. This is applicable in any industry or profession.
Figure 76.1: Asking questions to increase average transaction value.
Asking questions is especially important… in any industry. Whether professional services, industrial services, high-end retail, or automobile dealers, the common sales mistake is to assume the client has accurately self-diagnosed their situation and their available options. They haven’t.
Your customer may have done some research on the internet or talked to their golfing buddies, but the internet and their buddies don’t know the client’s exact situation or their objectives or preferences.
Here are sample questions. After you ask the question, stop talking, and give your customers time to think and respond.
- Industrial services – ask your customer “what are your plans for operational improvements and expansion?”
- Manufacturing – “what are your opportunities to improve production volumes and decrease costs?”
- Professional services – “how can we help you to minimize risks and protect your business and family?”
Another question tip: asking “what” or “how” helps to expand the conversation and is better than asking “why,” chich can put people on the defensive.
Reactively taking orders will not increase your average transaction value. Having a conversation with your customer will increase your value and you’ll have a happier customer.
Full speed ahead!
Thanks for reading.