Posted in Marketing and Strategy Terms, Total Reads: 520
Definition: Concept Selling
Concept selling refers to raising awareness of the benefits or USPs (Unique Selling Points) of a company’s products and services after understanding the requirements of the target customers. Such a method of selling is bound to gain the prospects’ attention as the salesperson or marketing campaign is communicating an idea that they can relate to and identify with. For example, life insurance agents often sell their products by creating a concept or story around them.
The salesperson has to go through a few steps before the final sale is made. These involve educating the prospects about the concept, convincing them about the benefits of the product, explaining its features, defining the return on investment involved and finally selling.
Such a method is usually beneficial in the marketing of innovative and new products. Here, its role is to educate the prospective customers and using product benefits and USPs to create a need. It involves the selling of benefits more than selling the features as a part of providing solutions to customers.
The risk in concept-selling is that the prospect’s image of their problem or unsatisfied need may not match what the product offers. However, this method proves to be beneficial in the long run as it is a sure-shot method of getting repeat purchases.