7 strategies to increase sales in B2B Companies
Knowing the right strategies is key to learning how to increase sales in B2B companies.
The B2B companies face, without a doubt, a number of quite different from those of the companies that come to the final consumer challenges. It is a complex process that involves many people in decision-making and requires great efforts from the sales force.
An average of 5 to 10 people are involved in B2B purchasing processes, although perhaps only two have contact with the sales team.
How to increase sales effectively? To do so, it is necessary to implement specific actions. Actions that are followed by Tajarat properties to increase their sales volume enough to reach their goals.
Among them, developing a scalable and repeatable sales process, attracting new prospects and generating interest in our services, selling in long and complex sales cycles, managing the commercial organization to improve sales efficiency. As well as planning the commercial strategy and achieving results.
To increase sales in B2B companies we must accept that we will not necessarily close a sale with all prospects.
What do we mean? Not all customers are ready to buy, for multiple reasons, they may not be the decision makers, not having the budget and / or extraordinary situations that are happening in your company.
The key is to generate constant demand and carry out other types of efforts that help to leverage the sale in the future.
Obviously, there are many factors that come into play to establish an effective strategy to increase sales in B2B companies. However, here we leave the essentials that you cannot miss.
1. Establish a sales process
Without an established sales process, it is impossible to train and propose measurement parameters to know the health of our sales. However, sometimes we have outdated or failed sales processes that we use on autopilot.
Today, (although it is not completely eliminated) the sales work is not focused on cold calls to prospects, but many of our prospects can reach through digital channels and have a little more knowledge on the subject.
In this regard, we need to establish when the right time is to contact prospects, how qualified they are, and how familiar they are with our solutions.
Reaching the decision-maker may take multiple steps, efforts, and time invested.
Therefore, establishing an average of the time that sales work requires, is essential in an effective sales process and, finally, in how to increase sales in B2B companies.
The inbound sales process, for example, focuses on guiding our prospects on a path in which they gradually manage to identify solutions to their problems and our value proposition.
It is divided into four points: identify, connect, explore and advise. In which the salespeople always act as consultants to solve the problems of our prospects.
This way, you don’t focus on promoting your product and its benefits. But on the client’s needs and how you can help him solve them.
According to a survey of decision makers conducted by CEB and Gartner, more than 65% of them admitted taking more than twice the time expected internally to choose a B2B provider.
This happens because most vendors focus on their product and its benefits, rather than the needs of the customer. With an inbound sales process, you can streamline your sales work by educating your prospects from the beginning.
2. Build a high-performing sale team
A high-performing sales team is one in which all team members have both the skills and product knowledge necessary to reach their sales quota.
Reaching such a sales team is a matter of time and a lot of training effort , no matter how good a salesperson someone is, it takes time to get to know the product and potential customers in depth.
Once we have a sufficiently trained team, the logical thing is to focus our efforts on keeping that sales force with us. This not only saves us a lot of effort, but a lot of money.
It is much cheaper to keep an employee for an extended period, than to constantly hire new elements.
How do I retain the sales team? Keeping the high-performance team with you requires different efforts, from providing adequate remuneration, having a suitable work environment, offering considerable benefits and providing the right tools to do their job.
Facilitating the process through technology, automations and an efficient CRM, can eliminate much of the administrative work that takes away valuable time from your salespeople and prevents them from increasing sales.
Learn how to develop a high-performing sales team with the help of this Masterclass.
3. B2B marketing to attract new customers
A common challenge in B2B companies is constantly generating new customers, as their efforts depend on salespeople knocking on potential companies’ door-to-door or sending increasingly less effective emails and cold calls.
The fastest growing companies integrate different B2B marketing efforts that, aligned with sales efforts, help accelerate growth. As the sales team strives to bring value to the most interested prospects, marketing must focus on attracting new prospects to fuel the sales process.
In our experience the key is to integrate the different tactics within a process. The B2B inbound marketing methodology focuses on attracting visitors to our digital assets, converting them into prospects, qualify them and mature the relationship with them until generating interest in our solutions.
4. Build a relationship of value before they hit sales
What to do with customers who are not ready to buy yet? Continue generating interest by emphasizing the problem and how we help solve it.
A strategy of B2B inbound marketing allows to automate stages of the sales process and through the segmentation of the contact base according to interests, challenges and types of buyer, influence the purchase decision through emails, announcements and presale tasks to the commercial team, to warm up and prepare the prospects, before being channeled to the commercial team.
Educate the prospect with useful and relevant information allows you to build trust between the company and the prospect, in such a way that when the person arrives with the sales team, you already know how our solution can help you.
In addition, creating content that addresses common prospect concerns or objections allows you to influence the people who are involved in the decision and have no contact with sales.
5. Create an actionable plan that is executed on a daily basis
An actionable plan to increase sales in B2B companies means identifying what activities we can control and how we can quantify them and establish goals or indicators (KPI) for them.
For example, we can evaluate the number of calls, meetings, emails and other interactions from our team, along with the strategy they are using and build it with closings, proposal submissions, opportunities created and business lost during the period.
There is no formula that works forever, so we must constantly analyze our method.
Above all, in times like the current one, it would be advisable to evaluate what our value proposition is when the circumstances of the contingency come into play and how they are affecting our prospects.
6. Learn to highlight and communicate your benefits
Standing out from the competition means generating value for your prospects at each stage of the sales process, from the moment you attract them with answers to their problems, to the follow-up that your sales team does.
A differentiated sales team is one that learns to focus on listening to customer needs and not highlighting the benefits of their product, as this is what everyone else does.
Increasing sales in a B2B company means learning to create a discourse that focuses on the needs of the customer and that arrives in a non-invasive way, appealing to their interest and validating our past experiences.
It is not the same to say “My product offers you X and Y” to saying “I have noticed that many in your industry experience X problem and I have helped many to solve it through Y.
7. Strategic agreements, prior to the closing of sales
The early stages to the closing of sales are decisive to increase sales in B2B companies. Since, during these, salespeople may or may not build a trusting relationship with their prospects and clients.
A customer-seller relationship, based on trust, can result in objective agreements, agreements that help build the sales closing. Such as access to the decision maker, for example the CEO of the company.
4 types of leverage arrangements
- Decision maker access agreement. Since, in B2B sales processes, the number of people involved in decision making involves more than one, knowing the motivators of the decision maker can make the difference between winning or losing the opportunity.
- Information access agreement. What information could contribute to understanding the problems of the client’s business? Is it possible to access it? For example, access to the financial status of the company, plans of the space, information that could become sensitive, but useful to provide a solution according to the needs of the prospect.
- Test opportunity agreements. Depending on the type of product and / or service you offer, it is possible to offer both the prospect and the decision makers a demonstration that drives the sale.
- Business conditions agreement. Presenting a customized solution is possible, as long as the sales team has access to the current business situation. Touching the base in a certain period or submitting a quote according to the budget, are two options that could lead to the closing of more and better sales.
Starting to develop a sales process that includes not only the closing of sales, but also the early stages, will be decisive to increase sales in B2B companies in a scalable way. You want to know more about blue world city islamabad? Download the guide, it’s free.