B2B Sales Strategies
by Adam Basheer, on 04-Dec-2017 16:16:44
Sales are often very difficult to obtain in a business, especially in markets where the customer need a high level of involvement to purchase the product. Every business needs a deliberate and thought out strategy for sales to be in place in order to be successful. I was talking to a small business owner the other day who was wondering why they were not achieving the results they thought they could. After our discussion it was evident that they had no sales strategy and that this was hurting their business.
A B2B sales strategy is a plan or set of actions that a business undertakes in order to sell more of their product or service. Strategies identify who your target market is, how you will reach them and ultimately how you will sell your product or service to them. A sales strategy will help your business achieve an increase in the sales rate per new contact as well as a decrease in time it takes to make a sale. This is especially important in high consideration, high value ($500+) transactions, in a business to business setting.
There is no one sales strategy that is perfect for every business. It may also take some trial and error to determine which strategy is best for your business. A strategy should however include:
Identifying Your Target Market
It is important to identify your target market to better understand your customer. Knowing the target market will allow you to tailor communications to suit your customers. It will also allow you to understand what will get the prospects to turn into customers. Knowing this is essential to increase sales rate per new contact as well as decrease the time it takes to make a sale.
Selecting a Sales Methodology
There are many different sales methodologies that you could select from. In a B2B setting, it is important to choose one that will best help you meet the needs of your target market. It may take some trial and error to find the right one for your business. It is important to allow for personality to show through, as building trust in high value transactions is key to making the sale. Almost all transactions in the B2B setting require an ongoing relationship after the sale is made. It is essential to build these relationships before the sale is made as trust and credibility is key to success.
Knowing Your Competition
It is essential to know what kind of products or services your competition is producing. Being able to show how your product better suits the needs of the prospect is essential to making a sale. This will also give the impression that your sales people are experts in the field, which builds credibility and trust between your business and the prospects.
Performing research can help you get a better understanding of your customers, competitors, and the market in general. This will show you the key trigger points for the customer and from where they gather information. Performing research can help every business better reach their sales goals.
Analysing Sales Data
Analysing data is also important as you should be measuring KPI’s to see how your sales strategy is performing. If for some reason the sales strategy is not working, it may be beneficial to try a different strategy. Don’t rush into this though, as sometimes it can take time for the benefits of a strategy to start to show on KPI’s. Analysing sales data also allows you to see which sales people are doing well and who needs more training.
Determining and implementing a sales strategy will give your business a clear plan of how to undertake sales. A good strategy will show an increase in sales rate per new contact and a decrease in the time it takes to make a sale. Both of these aspects will greatly improve the bottom line of your business.
Talk to the marketing consultants at Fit 4 Market to find out more. Fit 4 Market can provide advanced B2B strategies and integrated marketing solutions tailored to your business needs.
Fit 4 Market are Marketing Strategy and Inbound Marketing specialists, operating in Adelaide, Melbourne, Sydney, Brisbane and Perth.