In this series of blogs, we’re discussing how four major core values can help you increase your sales — the right way. Each article in this series focuses on one core value, and this week, we’re discussing a value that bridges the gap between the customer and the salesperson: transparency.
Transparency breaks down the walls that normally lead a potential customer to distrust a salesperson or business, bringing both parties to the same level through honesty and respect.
Benefits of Transparency in Sales
Transparency may seem counterintuitive to closing a deal. After all, why would you tell a customer your product’s shortcomings? These three benefits explain why transparency is an essential sales tool:
Builds Trust
Building trust with your clients by being honest about your pricing and the limitations of your product will not only help you help deals, it will help you build long-term relationships. Customers want to know exactly what they’re buying, and any surprises down the road mean they will likely be shopping with one of your competitors in the future.
Improves Efficiency
Sales tricks like avoiding potential issues and purposefully excluding information that might kill your sale will most likely only lead to more work for both you and your client. These hidden issues will likely come up down the road, setting you up for many more back-and-forth emails or calls that waste everyone’s time.
Keeps Your Team Ethical
Without a culture of transparency, whether you realize it or not, you encourage a “bottom-line” culture in which your sales team will say or do anything to close deals. While this may be tempting at the moment, this is a one-way ticket to a bad reputation that will take years to repair.
Additionally, consumers today specifically look for transparency in the realm of business ethics, often opting to purchase from companies that are open and honest about their ongoing efforts to incorporate more ethical practices in the sourcing, manufacturing, and distributing of their products.
Strategies for Transparency in Sales
Incorporating transparency into your sales plan sounds great, but how do you do it? Here are three strategies for improving your team’s transparency in sales:
Foster a Transparent Culture.
Transparency starts at the top. Share financials with your team as much as you can to get everyone on the same page. If you blindly tell a salesperson to sell something they will do it in just that way — blindly. Show them your margins, what you need to succeed, and how much wiggle room they have to close a deal. This will emanate from their sales practices when they’re selling to customers.
Provide Accurate Data.
This goes for both your sales team and your clients. Give your team the tools they need to succeed by providing them with an updated and accurate database of information. This includes sharing information between teams, as sales marketing or accounting data can be valuable intel the sales team can use to close deals.
Frame Intelligently.
You would never start a sales pitch with, “Here is everything that’s wrong with our product,” and then go silent. Tell your customers everything they need to know, but frame it to your advantage. For example, tell them how much everything costs including all of the hidden fees, but make sure they know why it costs that much. They might be happy to hear that the reason you charge more than your competitors is because your product is superior, is in greater demand, or utilizes better materials or more ethical practices. Framing is everything.
CMB Transparency
When it comes to doing business with a company today, customers want to know their money is going to an organization that treats their workers well, sources their materials responsibly, provides quality products that will last in an agreeable timeline, and maybe even gives back when it can. At CM Batteries-Custom Battery Pack Supplier, Inc., we operate with full transparency, guiding customers through the ordering, customizing, production, and delivery processes. We provide honest prices and timelines, and we share what’s going on behind the scenes so customers can see how we operate daily and what we’re doing to make a bigger difference in the world.
A clear channel of transparent communication is a foundational pillar of a good sales relationship. Check out the other three articles in this series to learn how the values of proactivity, collaboration, and quality can help improve sales.
