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Dear reader,

According to data from Statista Research, the global gross merchandise volume from B2B e-commerce sales alone was little excess of 7.6 trillion U.S. dollars. When you realize that number includes only e-commerce transactions, you begin to realize the enormous magnitude of the B2B sales sector.

Businesses focused on B2B sales have a much greater sales challenge than those operating within the B2C sector. What works with consumers is likely to have mediocre results when selling B2B.

Focus on Churn!

While customer churn can be significantly less in B2B sales, the effort required to convert from lead to customer can be much greater than B2C sales. If your business sells to other businesses, you need to up your sales game if you hope to succeed. Incorporate these tips into your growth initiatives and you just might be able to stack the odds of long-term success in your favor.

Develop your marketing strategy by understanding your customer's impressions of your business. If you interviewed each of your existing customers, what would they say about your company? If their impressions don't align with your business goals, it is time to adjust your marketing plans. Only by understanding where you are, will you be able to formulate a plan to get where you want to go.

Reducing Your No Show Rate

You've spent weeks moving the customer down the sales funnel. You finally set up a meeting to drive a sale through, prepared the pitch, put on your lucky shirt, and entered the office (or launched zoom). About 20 minutes later, you realize that you've been stood up. Sounds familiar?

The no-show rate for B2B sales can be as high as 40%. Without implementing the right strategy, the above mentioned scenario can turn into a regular problem. No-shows aren't just frustrating. Each one is a lost opportunity and a waste of your resources.

Track Your Meetings

While it may seem unlikely that you would forget about a meeting with an important prospect, it happens to many sales reps. Make sure you have a system to help you track each day's scheduled meetings for all sales representatives.

Be it a simple spreadsheet or a complex app, make it easy for yourself to be aware of your schedule. If you are sending invites through calendar, check to see If they've been replied to. A busy prospect can simply hit "decline" and go on their merry way without giving you a no-show warning.

Keep Leads Hot

B2B leads go cold fast, especially if you are interacting with a busy decision-maker. When setting up a meeting, try to schedule It as soon as possible. If the meeting Is a week away, the prospect can simply forget about it or accept a better offer.

Work while the lead is hot and schedule a meeting within two to five days after the main pitch. Ideally, do it on the same day. If the decision-maker Is already talking to you, they may have time to continue in a meeting.

Cold Calling Strategy

Cold calling is a time-tested and effective tactic for generating sales in the business-to-business (B2B) industry. Even in the age of email, most business executives still use a phone. Research by HubSpot, in fact, found that four in five prospects prefer to communicate with sales reps over the phone. While not all cold calls will result in a sale, you can turn up the heat on your B2B cold calling strategy easily.

Focus on Decision-Makers

Cold calling decision-makers will help you generate more sales. Consisting of Chief Executive Officers (CEOs), Chief Operating Officers (COOs), Chief Information Officers (CI0s) and other high-level professionals, they make vital decisions about their business's activities.

Not all prospects have purchasing authority. Even if a prospect fits your ideal customer profile, he or she may not be able to buy business-related products or services. You can make a highly compelling offer during a cold call, but the prospect can't buy it without purchasing authority. Fortunately, decision-makers almost always have purchasing authority. They can buy products and services on their own volition and without input from other parties, making them prime targets for cold calls.

Get Ready for Gatekeepers

Gatekeepers are inevitable when cold calling prospects. Even if you call the number listed for a decision-maker, you may reach his or her receptionist. Receptionists are gatekeepers who hold the key to cold calling success. They can either direct you to the prospect you were originally trying to reach, or they can reject your call altogether.

Visibilty

For B2B merchants wanting to increase the long-term viability of their companies, understanding how to increase the potential of their sales team is critical. Increasing sales can be a tough go in an increasingly competitive B2B landscape. Unfortunately, too many sales teams focus on metrics that don't matter, rather than focus their efforts on metrics of the utmost importance to their business customers.

Credibility Matters

One of the best ways to improve the long-tern performance of your B2B sales team is to establish credibility within your market sector. B2B clients are more likely to buy your company's products/services if you have loyalty within your industry. This is why startup companies often flounder within the B2B sector. They haven't earned trust within their industry and have yet to establish a strong reputation clients can trust.

Establish a Stellar Reputation Within Your Industry

Speaking of reputation, improving your company's industry reputation can significantly increase your B2B sales. Credibility matters, but having a reputation others in the industry respect can also lead to increased sales, even if your prices are higher than your competitors'. Building a formidable industry reputation takes time!

Building an Effective B2B sales process

Selling business to business is an essential part of growth and success as a retailer. The best B2B sales plans can bring retailers and suppliers together for harmonious and profitable relationships. Ideally, these will only grow with time, and more prospects will come in through that lead generation funnel.

Companies that work on bringing the best options into their sales plan and working on their ICP and CRM can thrive. Some will do so with the help of outsourced business development tools, and others will develop a skilled team internally. Here are some tips on building a strong sales plan and working through the stages.

Building a B2B Sales Plan

The best B2B SaaS plans allow for a stronger lead generation funnel. As the name suggests, it is all about funneling prospective clients into your business ventures, turning them from someone aware of your work to a paying customer.

Typically, there are few styles when it comes to creating a SaaS sales model. Some low-level ventures can benefit from a basic self-service model that allows for this lead generation funnel. Then there are the more involved transactional models with greater adaptability and communication. Finally, there are high-end enterprise models with bigger needs and investments. These can benefit more from help via outsourced business development teams.

Either way, these plans need to be customer-centric with clearly defined goals and steps. They also need to be replicable for repeated success with new prospects, but also adaptable enough not to become restrictive. If you are keen to go it alone and let your sales team build experience across the full process, here are some of the crucial steps to deal with.

Finding The Right Buyers

The first step with this new B2B sales plan is to find the ideal partners. These prospects are out there somewhere, and it is up to your team to locate them. Look at various options to see whose brand and demographics line up for the best match. Look around on social media, company websites google reviews, and more.

Companies that do their homework on up-and-coming retaile and understand their ethos are more likely to succeed. They aren't less likely to say anything offensive or suggest a sense of ignorance or apathy. Try and find out where they are in their current sales funnel already. Do they have a strong connection with someone else, or are they ready to be stolen away?

A skilled team can put together your ICP (ideal customer profile) to help narrow down the best prospect. They need to have the right outlook, needs, and budget to be worth your time. This clearer focus can streamline the process as you start prospecting.

Once you have the right people in mind, then comes the trickier part of making that connection. How do you get in touch and get that ball rolling? There are plenty of options so find what works best for your team.

You can try any of the following:

  • Email marketing
  • Networking at live events
  • Direct messages on social media
  • Purchase lists
  • Cold calling
  • Referrals

Assessing the Needs of Clients

These experiences with new prospects are all about determining their needs and goals. It isn't just about finding someone that can sell your product. It is also about providing a solution for that company and showcasing your potential.

GPCT vs. BANT: Which is best for you?

The GPCT methodology is popular right now in place of those old-fashioned ABC (Always Be Closing) models. This is all about Goals, Plans, Challenges, and Timing.

  • What is the prospect out to achieve with their business and any new partnerships?
  • What plan do they currently have in place to reach that aim?
  • What problems do they currently face limiting any growth?
  • What is the time frame?

Some companies use BANT instead. This is more financially-focus with questions about the budget, the authority within the company to proceed, the needs of the business, and that timeline. Find what makes the most sense and adjust as needed.

It also helps to ask the right questions to get responses you can work with. The prospecting phase also means asking plenty of questions. These should be open-ended questions that encourage companies to open up about their needs and situation rather than yes/no questions.

  • What problems do they currently have with providers?
  • What do they wish was different?
  • What are they after long-term?

Make sure to really listen and engage. Make them feel heard and appreciated - Matters a lot in sales!

Pitching with Realistic Expectations.

Once you have a better idea of what the client is after and have earned that trust, it is time to pitch. You fully appreciate what they are dealing with, and how you can swoop in and save the day. Talk to them about their shortcomings and show you understand the sort of solution they need, try and get them to agree with that assessment, and find some area of common ground. You can then build that into a pitch to show why your service is superior. Lead without being heavy-handed.

Thanks for reading. Keep hustling!

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