It’s no secret that selling to other firms is difficult. You won’t be successful if you don’t recognize B2B selling for what it is: a high-stakes sales game that requires a distinct approach from direct-to-consumer sales.
What is the definition of B2B sales?
B2B sales, sometimes known as business-to-business transactions, are the sale of goods or services from one company to another rather than between businesses. When compared to selling to consumers, B2B sales deals are generally larger in value and take longer to complete. B2B sales have the potential to be both extremely lucrative and genuinely grate rewards.
How to build a B2B sales process.
1. Determine your buyer persona.
Begin the B2B sales process by conducting high-level market research to figure out what condition the demand for your product or service is in, familiarize yourself with their methods and tactics so you can see what messaging your prospects are hearing from other sources.
2. Create a buyer’s journey for each prospect.
Take the time to figure out which firms are a good fit for your buyer persona. In addition to evaluating what your prospects sell or provide, be on the lookout for contextual information about how business is going. Have they just released a new product recently? If you’re selling to startups, have they completed a round of fundraising in the last six months?
3. Create a buyer’s journey map
Now that you know who your audience is and how your product or service will benefit them, it’s time to outline how they’ll acquire it. Follow the actions a possible customer would take in order to access your goods or service. When making a purchase, prospective customers typically go through the following phases:
- Recognition — The buyer recognizes a problem or pain point that must be addressed.
- Consideration – Consideration is when the buyer considers how the issue might be resolved and is doing research on various solutions.
- Decision – The buyer is comparing alternatives and deciding which course of action to follow.
You should be able to find and monitor your prospects’ position in the sales process as part of your selling process. Doing so allows you to strategize so you can offer methods that are suited for them where they are in the process. If a company is in the awareness stage of a purchasing decision, showering them with pricing or specifics about a product
- Meet with prospects in person to assess their interest in and level of knowledge about your product or service.
- End the sale transaction.
- Keep track of your outcomes and use them to improve the next time around.
- A sales qualified lead is a lead that’s ready for a direct sales pitch. Every individual who is interested in your product or service will not become a qualifying lead. When determining whether a B2B prospect is sales qualified, ask them the following questions: What issue are you attempting to solve? — This question will assist you in determining which product
- Have you attempted to address this issue before? If so, why didn’t the earlier attempts work? — This question will provide you valuable background on what will and won’t work in order to solve the client’s problem. Additionally, if your product is a good fit, you’ll know exactly where to focus your efforts.
- Who ultimately makes the purchase decisions in your company? — In B2B, since you are not directly marketing to a consumer, you must collaborate with numerous parties to complete the transaction. Understanding who all will be needed to make the ultimate choice, how that process will function, and how much money has been budgeted will influence your selling technique.
5. Meet personally.
Try to communicate face-to-face as much as possible if you can find your client’s demands and your products or services are compatible. As we’ve said, B2B sales involve a higher degree of risk, and they frequently require more thought. You may establish trust with the customer that cannot always be achieved over the phone or through email.
6.Close the transaction.
The job is not finished once the transaction comes to an end. If the goal is a sale, now is the time to write up an agreement detailing how payment will be exchanged for the item. You may also want to contact your company’s service department to make sure that the client has been enrolled and feels supported by your product.
Thank the prospect for their time and offer to stay in touch to help with any future requirements they may have. A “no” is frequently just a “not right now,” and you obtained important information that will assist future sales.
7. It’s critical to document results and improve.
Sales teams that produce high results are always monitoring their processes to improve. When you and your team keep track of and strive to improve the outcomes of your organization’s B2B sales metrics on a regular basis, you may both increase productivity and overall performance. The following are some key B2B sales metric that should be tracked:
- Productivity Metrics – Measuring sales rep productivity will help you identify inefficient processes that are costing you sales. nAverage Lead Response Time – In B2B sales, every minute counts. The sooner you can respond to a lead inquiry, the more likely you are to close the deal, which is why average lead response time is so important.
- Conversion Rate of Marketing Qualified Leads to Sales Qualified Leads — This figure shows how many marketing- qualified leads are converted into sales-qualified leads. While it is typically tracked by marketing departments, this statistic is useful for sales teams to know in order to develop their pipeline.
— All of that wonderful data is shown in this next figure. The Open/Closed ratio, sometimes known as the Close rate, is a percentage that indicates how many opportunities were closed during a certain period compared to all the available open possibilities at the start of the period. Closed won Opportunities – This statistic reflects an effective conclusion in the sales process.
The following are real-world sales tactics from insiders who have closed significant B2B transactions on a regular basis. Using these account-based selling ideas, you’ll be able to close more B2B sales — right away.
Ways to Improve Your B2B Sales
1.Your prospect’s content is a must-read for you.
Have you ever seen your prospect’s company post content to their blog, newsletter, or social media feed on a regular basis? Follow them and check out what they’ve been up to. This will help you understand your prospect’s business priorities and how they interact with prospective consumers. It will provide useful information that will benefit the B2B sales process.
2. Direct your inquiries to the people who are most likely to make a decision.
However, most organizations place their buyers and purchasing managers on the frontlines of buying situations — yet they aren’t qualified to make any purchases. That’s why the most successful B2B salespeople bypass these people entirely and go straight to the key decision-makers.
Don’t invest your time and resources building connections with purchasers or purchasing managers, regardless of how pleasant or easy it may appear. They simply don’t have the cash – or the power – to make a genuine investment in your product or service. Instead, sell only to those stakeholders who have the power and budget to influence purchases.
3. Actual business results and outcomes should be included in the selling process.
Businesses aren’t interested in your offering. They’re concerned with the end results and outcomes you can help them achieve. Salespeople used to be able to close B2B sales by touting the advantages and features of their goods. That isn’t the case anymore. If you want to dominate your competition in B2B sales, you must focus on end results.
4. Make sure your value proposition is crystal clear.
If you’re going to sell to a company with millions of dollars in sales, make sure you have a clear understanding of your value proposition. Many B2B sales fail because sellers fail to explain why they are different from the competition — and what benefit they provide to businesses who buy from them.
When dealing with possible suppliers, make sure you know what your unique value proposition is. B2B sales transactions are inherently more costly and high-risk. To seal the deal, you must be able to explain the benefit your goods provide to potential clients. Any prospect you communicate with should be able to comprehend the issue your solution aims to address.
The most effective B2B salespeople memorize and script their value propositions, so they can recite them with ease at any time.
5.Make contact with decision makers.
We’ve already discussed how to sell directly to decision-makers and bypassing buyers and purchasing managers. But now it’s time to discuss how you should market to decision-makers.
The solution is easy: Meet with them in person as much as possible. Take the bus, train, or plane; drive for a few hours. The majority of your competition are still attempting to close B2B deals by phone. A brief trip may make all the difference between closing a sale and losing it.
6. Take your premium pricing seriously.
Affordable, reputable marketers don’t care about your pricing; in fact, they’re only concerned with the value you provide and the outcomes you help them achieve. When you reduce your prices to businesses, you’ll simply attract prospects that can’t afford to invest in effective solutions.
stand behind your premium pricing and watch as you close larger sales more often — with better prospects.
7. To learn more about issues, dig deep.
Look for ways to genuinely comprehend what’s going on at the firm you’re selling to. What are their major issues? How much do those problems cost the company every month? On a yearly basis, how much more money could they make.
8.Keep your emotions in control.
Dealing with successful enterprises is tough. Confronting strong decision-makers at those firms is nearly impossible. That’s why one of the greatest methods to close a business-to-business sale is to keep your emotions in check. Don’t take everything too seriously. Staying cool and not being afraid when you’re inevitably face-to-face with problems.
9. Give three B2B business proposal alternatives.
Don’t make the mistake of only providing one alternative in your B2B proposal. If you do, decision-makers are considerably more likely to look for alternatives, get better pricing and/or services elsewhere.
Instead, provide each firm with three alternatives, one of which is more expensive and less valuable. Let them select the option that best fits their budget and addresses their needs. You’ll be shocked at how many people choose the most expensive option.