Without the right strategy, Business-to-business (B2B) sales can be hard and challenging. Not only the competition is fierce, but lengthy sales cycle and difficulty in the lead generation all also add up to the woes of your marketing and especially the sales team. The only way to survive and evolve in the B2B space is through constantly adapting to the changing market dynamics and focusing on winning customer loyalty and trust more than closing deals.
Here, we are going to share five best practices following which can help you overcome the many challenges and scale up your B2B sales strategy:
People always speak about how social media can be used to know customers, interact with them, and address their concerns faster. But, amidst following the popular practice, many B2B marketers and brands don’t see the other benefits of social media. They miss out on opportunities that could otherwise be explored with a conscious effort. B2B companies can use social media channels to not only research about customers but also about the whereabouts of their competitors.
For B2B companies, the most effective and result-driven social media channel is LinkedIn. They can make use of this professional networking site to get more market insights and data on competitors and prospects as well. Companies can follow industry experts and market influencers to stay up-to-date on the latest trends and business strategies that are yielding results. Taking inputs, they can implement the same and improvise on their current unsuccessful attempts. It’s not that we are saying to copy others but adding your own creativity and twists to trending ideas and use it in your favor.
Being different than what your competitors are doing is the key to your successful B2B sales strategy. If you follow the crowd, then you are no longer exceptional and is most likely to get lost in the competitive space. That is why it is recommended that businesses must focus and work towards unique ideas and strategies to ensure long-term success. The moment someone else copies your original plan, try to come up with more unique ideas but at no cost can you show resemblance to what your competitors are doing.
To stay ahead of others, differentiation should be your priority. Work towards techniques that set your B2B sales strategy apart and helps you stand out in the crowd so that your potential leads can find your brand out.
Be it marketing or sales, everything deals with and revolves around data. As more and more data keeps generating that provides real-time customer insights, the practice of cold-calling is slowly fading away. Moreover, only five percent of cold-calls are successful in generating sales leads for your B2B brand which is very less in comparison to the growing lead generation and conversion rate that the right use of data can provide. Also, hardly companies today have time for cold-calls in which they have to explain about their business right from scratch for the sales team to understand and make relevant offers.
Today, it is because of data that businesses can know their customers better, and using those insights, they can craft effective strategies that work. With data-driven campaigns, B2B companies can get the best returns from their marketing and sales efforts. Through customer research in advance, your sales team gets to know what exactly the customer’s concern is and can accordingly pitch them to influence their purchase decision without wasting valuable time.
The B2B clients mostly comprise of C-level executives, decision-makers, and other officials. These people are busy and hardly have time to listen to a lengthy sales pitch. B2B prospects don’t want a tedious sales cycle and want to get the best offer at the soonest without delaying and wasting time. What matters for them is how your product can solve their concern and if you can convey that in a few words, the deal is good to go. If you can show how your offering can add on to their revenue, they are happy to invest, and for that only effective approach and convincing skills matter.
While going for pitching a B2B client, your sales strategy should focus on delivering more in less time. Think of an elevator pitch that quickly explains your solution in less than a minute or so. You just need to provide a strong value proposition before your targeted prospects and let them decide how worthy your products are for them.
The common mistake that most of the B2B companies do is they focus only on closing sales deals right away. They are more concerned about achieving short-term goals rather than working on long-term objectives like building brand reputation and strengthening relationships that can prove beneficial for the future. One time sales may seem lucrative for many, but their main target should be to project credibility and win customer trusts so that clients keep coming back further.
So, B2B companies must include reputation building and management as an important part of their B2B sales cycle. Do follow-ups even after they have purchased your products just to stay fresh in their memories. Connect with them through campaigns that deliver informative insights and engaging content that would be relevant. There are many things to do to expand your list of advocates and loyal customers who can later go on to bring more sales opportunities for your company.
In the B2B industry, the success of your sales strategy depends on how well you understand your customers and how efficiently you demonstrate empathy. Getting qualified leads that turn into sales deals, B2B companies require to have an in-depth knowledge of what their customers want. That is how they can address their concern with appropriate solutions and prove their worth.
Businesses need to ensure that their sales team is well trained to handle customers with helpful consultation, patient listening, and empathy. Also, they should have a complete market and product knowledge, which they can demonstrate through their sales conversations with the client. It will help build credibility and let the customer know that they are trusting the right people in the industry who can actually help. Instead of running after only sales, B2B companies must engage in building a loyal customer base.