We are all consumers and the art of the business to consumer (B2C) sale is obvious in everyday life. From outdoor advertising to television and in-store point of sales materials to flyers in our letter boxes, everything is urging us to ‘buy now, pay later’ or choose product x over product y.
Conversely, not everybody is as familiar with business to business sales (B2B). The concept is not difficult to understand, it is still a sale but just from one business to another rather than to a single customer. The principles behind the sale though are quite specific.
B2B sales are crucial because they help companies acquire the products, services, and technologies they need to improve operations and deliver better value to their customers. By encouraging relationships between businesses, B2B sales enable companies to leverage new technologies and innovative solutions, leading to enhanced productivity and market expansion.
What does B2B sales mean?
B2B sales refer to the process of selling products or services from one business to another. These transactions typically involve higher order values, longer sales cycles, and more complex decision-making processes than Business-to-Consumer (B2C) sales. The B2B sales process involves several stages, including lead generation, prospecting, qualification, presentation, handling objections, closing the sale, and post-sale follow-up. Key characteristics are:
- Longer sales cycles
- Multiple decision-makers
- Focus on building long-term relationships
Challenges within B2B sales
- Complex decision-making processes: B2B sales often involve multiple stakeholders, each with their own priorities and concerns. This complexity requires a tailored approach to address the specific needs and objections of each decision-maker. We tailor our approach to address each decision-maker’s needs, leveraging our industry expertise.
- Need for detailed product knowledge: B2B sales professionals must have a deep understanding of their products or services, including technical specifications, benefits, and potential ROI. This knowledge is crucial for building credibility and trust with potential clients.
- Building and maintaining relationships: B2B sales are relationship-driven. Establishing trust and credibility with clients is essential for long-term success. This involves consistent communication, delivering on promises, and providing ongoing support.
- Entering new markets is risky and costly: We use our extensive network and market expertise to help companies scale quickly and cost-effectively. By providing strategic entry plans and leveraging local knowledge, we minimize risks and maximize reach, ensuring a smooth and successful market entry.
- Limited resources for sales and marketing: Our outsourcing services offer the necessary expertise and manpower. We supply a full-fledged sales team, reducing the need for in-house resources, lowering overhead costs, and allowing companies to focus on their core competencies.
- Keeping up with trends and market shifts: We conduct ongoing research to keep strategies up-to-date. Our proactive approach ensures that our partners stay ahead of industry trends, allowing them to adapt swiftly, maintain a competitive edge, and respond effectively to market changes.
The 5 rules we go by
Succeeding in B2B sales means knowing some important rules. These rules help you connect with other businesses and make successful sales. By focusing on personal connections, using the right communication channels, keeping things simple, solving problems, and being responsible, you can boost your sales efforts. Here’s a closer look at each rule and how it can help you improve your B2B sales strategy.
1. People are people
While you’re trying to sell a business to a business, you still need to convince a person first. So, if you can build rapport, be creative and flexible in your approach you will vastly increase your chances of success.
2. Know your channels
As buyers ourselves, we all have expectations about how and where we like to be spoken to. If you have done your research properly, you should have a clear idea of how, when and where they prefer to be contacted.
3. Make things simple
If you’re trying to elicit a response from a partner or client, don’t complicate things. Whether you need a form filling out or a list of questions answered, making it easy for the responder is more likely to get you the answers you want.
4. Be the solution
Your research should already have found the pain points for the business you’re trying to sell to. If you can position yourself as the answer to their problems rather than a salesperson trying to hawk a product, you’re more likely to build trust and make a sale.
5. Be accountable
It’s not enough to just make a sale. If your customer needs help or some sort of after sales service, you need to take responsibility for it. Not only will this help to cement the sale you’ve already made but will also help to create more business.
If you’d like to see how we can supercharge your B2B sales, get in touch. We’re always happy to jump on a call.