What is crucial to be successful in the field of B2B sales without putting too much efforts and investments? Let us first have a look at the phenomenon of B2B sales in general.
What are the features of B2B sales and how does the whole process of sales look like?
B2B sales can be classified as “business to business” sales. Basically, we can observe these sales when a company or its department sells its goods or services to the other company. As a result, the later is given a product that will be later sold at B2C market (“business to customer”).
It means that at this segment of the market is not focused on the final consumer but on the other firms. For example, one outfit can sell the equipment to the other one. Thus, B2B is targeted at cooperation with entities.
Whatever you are producing or rendering (if talking about services), it is easy to find the replacement. Thus, the competition among outfits is great. It is a reason why a lot of companies are reducing the prices of their goods and services to be able to compete with others. At the same time, this way of keeping on track is risky, as the prices are decreasing when the sources for producing the goods are the same. This can lead to the decrease in sales or even to company’s bankruptcy.
One more disadvantage of such a solution to the problem is the possibility of appearing of the company with even lower prices. In the long run, you will not win anything in this “reducing prices race”.
What are the factors that matter in B2B sales?
Your company should not be that focused on the price point, but on the benefits that will be given to your clients. ROI – Return on Investment. It is a financial coefficient that demonstrates the level of profitability or non profitability of business with taking into account the amount of invested money. This indicator shows the ratio of the amount of profit or loss to the amount of investment. If this indicator is more than 100% – your investment is profitable. If the figure is less than 100% – the investment is unprofitable. It is very important to track ROI at each stage of promotion as it can help you to split up the budget and increase the effectiveness of the promotion itself.
Your main focus should be on the benefits that your clients will receive out of the usage of your goods or services. Try to customize your product to the needs of the 21st century: the lack of time, the need to be multi-functional etc. Thus, if your client (aka another company) is convinced that its life is impossible without your product, the price will be out of great debate. People tend to pay big money for big things. So, if a possible benefit of your product vindicates the investment of your client, the price of the good can be high.
It is a great tool for wholesalers, although one should realize that it is way better to conduct a qualitative rather than a quantitative research. You can use stakeholder interviews, surveys conducted via email etc. Remember, that conducting B2B research is way harder than conducting a traditional marketing research.
Understanding the concept of the marketing funnel
It is highly important to understand the journey that your customers are going through. This very journey can be seen through the marketing funnel.
How can you drive B2B sales effectively?
The next pieces of advice are crucial for those who would like to boost their marketing strategy. Actually, the very first step in this case is creating the marketing strategy itself. It is a key to boost the effectiveness of your B2B sales.
- Collect the feedback. You are considered to be a totally blind businessman if you are not collecting the feedback data. Marketing itself is all about bilateral relations between you and your customers. All kinds of relations are based on communication. How can you know what your clients think of you, if you are not communicating with them? In order to collect the feedback you should:
- Create special chats on your web pages, where you can directly ask your customers about their opinion on the product.
- Conduct a marketing research that is one of the best tools to understand the needs of your customers. Marketing research (MR) is a sociological research that is focused on the study of the current market situation, as well as on the exploration of desires and behavior of customers and other players. It consists of the system search and gathering data with its analysis in order to make the right administrative decisions concerning producing and selling the company’s goods.
- Conduct email surveys. These email surveys are extremely important to find out some specific information concerning an exact phenomenon related to your business.
Influencers are well-known people who have an influence on others. They are usually singers, actors or bloggers. We are highly recommending you to do your marketing through blogs. They have been gaining lots of popularity recently. Try to pick up the influencer whose blog is somehow connected to the field of expertise of your company. Such people can promote the goods via their social media accounts.
Client support (CS) is a key tool if you want your customers to return to the services your company renders or to purchasing your products! At the same time, B2B CS differs from B2C one. You should pay much more attention to each of your clients, as the transactions can reach millions of dollars. If you are losing one customer, you can face a great loss. Thus, the outfit that is willing to be successful, must conduct effective CS.
CRM is an important tool for each B2B company. The choice of CRM has the impact on the success of the sales department and on the whole business itself. In its workflow B2B companies are oriented to the needs of other businesses. Thus, these outfits have the features that distinguish them from a B2C business. Such companies are very demanding towards their managers.
Sales B2B tend to have much longer sales cycles and a customer usually needs a lot of time to make a final decision. You need to pay great attention to each particular client, as the process of purchase is long and conducted through agents. With taking this into account, the decision about a final deal takes a lot of time. All the company workers should be qualified to make sure that once a client has made a deal – this customer is going to become a regular customer of the company. All these features require specific CRM for each particular worker. Thus, do not neglect it.
Share testimonials, reviews or successful customer stories
Sharing some success stories of your previous clients t can also help you increase your sales and make more deals! Besides these stories, a company should be able to present to its potential clients their successful cases. Demonstrating real stories about how your outfit has solved some particular problem can reassure your potential hesitating client in reaching a deal with your company.
All in all, B2B sales have a much more complicated structure comparing to B2C ones. If you are running a B2B business, make sure you follow all the tips we mentioned to boost your sales and become the leader on the market.
About the Author:
Carol James is a writer and senior editor at writing service, so you can find help with your paper on EssayLab. She has MA degree in social sciences and writes articles, reviews on the different actual subjects. So, if you have any questions regarding the writing, feel free to ask her.