Posted in Marketing and Strategy Terms, Total Reads: 495
Definition: Transactional Selling
It is a sales strategy that involves focusing on achieving quick sales without a deliberate attempt to form a long term customer relationship. Here the representative seeks out prospects, develops a relationship and then tries to close a sale. The sales rep finds out what the customer needs and then tries to provide it for that specific sales as he is not concerned to develop a long term relationship with the customer.
This strategy tends to be more common for a business which offers generic products or services, with an objective of making profit by high volume sales. It is a short term solution with primary concern on promotion and selling of the product and no emphasis on customer needs. Hence it is all about the single sale.
Here customer knows what he needs hence little product knowledge is required. Buying criteria typically depends on price or ease of acquisition.
Various other type of selling are-
1. Consultative Selling – A complex process in which both buyer and seller are involved. Here seller first develop an understanding of customer’s needs and then develops a solution
2. Relationship Selling – Strategy which focuses on relationship building. The sales rep first tries to know his/her customer, his needs and wants and then tries to make a sale
3. Transitional Selling – Passive form of selling in which sales rep approach the customer with an intention of checking the existing service and then during the conversation transitions into a sales opportunity