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Sales Techniques


How ‘Servitisation’ can boost sales in the electrical wholesaling industry


The wholesaling industry has changed. Traditional sales techniques such as cold calling and excessive discounting don’t work like they used to. And with major online retailers like Amazon able to undercut smaller companies, it’s getting harder than ever to stand out. This is why a more recent trend, known as ‘servitisation’, is key to maintaining a market share.


But what is servitisation? And how can it boost your business? Paul Black, CEO at sales-I, explains.


I


n simple terms, ‘servitisation’ involves creating value by offering services alongside the products you sell. It’s a


relatively new term, but the principles behind it are easy to understand: ●From the customer’s perspective, knowing they will benefit from your expertise and support


after making a purchase offers extra value and builds trust. ●And from your perspective, providing extra services can boost sales and inspire customer loyalty at the same time, ensuring further orders in the future. In other words, rather than associating your


brand with just a product, servitisation makes sure that customers remember the overall experience. And that is what keeps people coming back. Even better is that this works for smaller companies far more than larger ones, as huge corporations are often less able to adapt to change and forge close relationships with customers.


But how does servitisation apply to the


electrical wholesaling industry in particular? And how can electrical wholesalers use it to enhance their sales strategies? Let’s take a look.


Offering customers added value The internet has given us many wonderful things, including new ways for electrical wholesalers to engage with customers. But it has also opened the market to companies like Amazon, whose size means they can undercut competitors on price. As a result, trying to compete on price alone is a losing battle for most companies. It may even damage the industry as a whole over time. By comparison, servitisation provides an effective long-term way to compete in a crowded market. This is because customers now value product


expertise and outstanding service almost as much as the products they’re buying. Companies


36 | electrical wholesalerJanuary 2019 ewnews.co.uk


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