What is B2B? The B2B abbreviation stands for business to business. It refers to companies who sell products to other business units for further realization, instead of selling them directly to consumers. It is different from B2C, which stands for business to consumer sales, so basically sales to individuals rather than businesses. B2B transactions are usually thousands or even millions of dollars. For instance, a shop that sells bags buys these bags from a wholesaler 500 pieces a time, while selling them one by one.
However, there were some innovations in B2B sales recently. So, what exactly has changed? And what is going to change in the near future? Today it is going through a number of modifications reconsidering the ways of becoming a leading company in the future. Nowadays salespeople can predict the most valuable sales opportunities with the help of advanced analytics, the use of computer technology, and data. These tools are used by leading companies in order to improve their sales efficiency.
The fundamental changes with consumers being tech-savvy, content-driven, and engaging via the digital networks, result in appearing of a new type of salespeople, who know a lot about modern technology and have a strategic approach to engaging buyers. The way sales companies look is changing with the changes in buyers’ preferences. It helped to reconsider the way customer relationships are organized. Today it is not just a one-time deal, which we can name as ‘won and done. The deals must constantly be won.
All these changes caused that this process is now not art, but a science. As there are lots of digital tools and advanced analytics available to salespeople, target and selling selection is more data-driven nowadays. So, the main priority is to really understand the buyers‘ ‘what, why, and when. According to the researches, organizations that have embraced the ‘science of B2B sales’ are starting to lead in a race in the matter of income growth.
Organizations that are on the top right now are following the next strategy:
The science of communicating with customers
It is important to communicate with customers a way that is comfortable for them. The time when salespeople were choosing whether to invest in a great sales force or digital assets is over. The future sales growth and B2B success require mixing both. The multichannel sales strategy together will be held by glue – digital assets.
Well, researches show that some customers are finding it useful to communicate with a seller while looking for some products to purchase. But fewer and fewer people wanted to speak to the seller when buying products again. Hence, companies must invest in customer analytics and rethink the way they are communicating with their customers. Edubirdie is a good example of the right to engage with customers. Check out this website and see it yourself.
Do it faster
In the next few years, leading companies are going to use data and analytics to action key strategic sales issues, like what sales opportunities to pursue, what resources to allocate to which accounts, and what behaviors are needed to improve sales productivity. In the near future, salespeople will be using analytics to create a full profile and product plan for every buyer. It will help them to generate a 360-degree view of their customers while improving it with relevant data, as news, financial information, and social media. Companies will be able to match the right people to the right deals and recognize the best sellers. All in all, art will be completely replaced by science.
The science of hiring and developing top talents
Customers are becoming experienced and tech-savvy, so sellers need to develop accordingly. It is highly important to hire real talent then invest some resources in developing that talent. Nowadays the training process is developing from an instructor that is leading classroom to online digital modules and training where instructors are helping sellers to learn while doing. So, in order to find, hire and develop top talent, companies need to take a strategic approach. Once again, it is not an art, it is a science.
To get started with this science, companies need to follow the next tips:
– Understand your position. You need to study your buyers’ preferences and understand how they can impact your business.
– Create a long-term strategic plan.
– Move fast. Sales are responding too slowly, while customer preferences are changing too fast. Use data in order to start testing and learning. It will keep your business nimble.
So, the B2B sales are changing and will continue changing for years to come. Salespeople need to face the truth and reconsider the way they sell as soon as possible to start keeping up. The B2B sales‘ future will require focus from the chief executive officer and the team, a significant investment of time and resources. But, companies that are using the strategy above are already moving faster than their competitors.