It’s no surprise we’re all consumers. We buy things for ourselves on a consistent basis, if not daily. More often than not, we purchase things for ourselves because they’re a necessity for life, they make everyday tasks easier, or we may even just like certain products or services.
While we may be individual buyers, selling expands outside of our person. As a business owner, you also have needs or wants for your B2B company. When you invest in products or services for your business rather than individual uses, this is a process known as B2B buying. In order to buy, first a product or service provider needs to sell, known as B2B selling.
If you want to build and retain revenue for your business, you must practice the art of B2B selling. But where do you start? In this blog, we’ll cover all things B2B selling, including the following:
What Is B2B Selling?
B2B (business-to-business) selling refers to the process of selling products or services from one business to another, rather than to individual consumers. Unlike consumer (B2C) sales, B2B sales often involve multiple touchpoints during an extended sales process.
To be successful in B2B selling, sales teams must:
- Research prospects and targeting key decision-makers
- Tailor messaging and solutions to customer needs
- Coordinate across extended sales teams
- i.e. marketing and lead generation teams
- Build credibility by demonstrating capability and industry expertise
Why is B2B Selling Important?
B2B selling drives revenue growth and fosters customer acquisition for businesses. Skilled B2B sales professionals serve as critical intermediaries, opening doors and establishing connections within target accounts. They function as trusted advisors, guiding customer executives and stakeholders through complex decisions. Through negotiations, they secure profitable deals with substantial contract value, significantly impacting a company’s financial health.
Furthermore, B2B sales reps influence customers by offering visionary solutions and fostering partnerships, and innovation. Their feedback to product teams ensures offerings align with customer needs, resulting in more revenue generated for your business.
Steps of the B2B Selling Process
The B2B sales process is a systematic approach that involves several stages to successfully sell products or services to other businesses. While the exact process may vary depending on the industry, product, or service, here is a general overview of what the B2B sales process typically looks like:
Step 1. Prospecting
The process begins with identifying potential customers or leads who have a need for the product or service offered. This can involve market research, lead generation, and utilizing various sources like trade shows, online databases, or referrals.
Step 2. Initiate Contact
After identifying potential leads, sales representatives initiate the first contact, often through email, phone calls, or social networking. The goal is to introduce the company and its offerings and to set up a meeting or conversation to further qualify the lead.
Step 3. Qualify Prospects
During this stage, the sales team evaluates the lead’s needs, budget, decision-making authority, and timeline. This helps determine whether the lead is a potential fit for the product or service and whether it’s worth investing more time and resources into pursuing the sale.
Step 4. Identify Decision-Maker Needs and Nurture Until Ready to Buy
While prospects may be sales and marketing qualified for your business, they may not be ready to take the next step in their buyer’s journey. Once prospects are qualified and meet your sales criteria, it’s important to consistently nurture and build relationships with them until they’re toward the end of their sales cycle.
During the lead nurturing process, salespeople must have in-depth discussions with the prospect to understand their specific requirements and pain points. From here, the sales team gathers their information and tries to tailor their solution to the prospect’s needs.
Step 5. Schedule a Sales Meeting
Based on the gathered information, the sales team prepares a customized presentation or proposal that outlines how their product or service can address the prospect’s needs and provide value. This presentation can be delivered in person, through video conferences, or via documents and presentations.
Read our blog here to learn how you can get more B2B sales appointments with qualified prospects.
Step 6. Handle and Overcome Objections
Prospects often raise objections or concerns during the sales process. Sales representatives need to address these objections and provide solutions or reassurances to alleviate concerns.
Step 7. Negotiate Contracts
Once the prospect shows interest, the negotiation phase begins. This involves discussing pricing, terms, and any contractual agreements. The goal is to reach a mutually beneficial agreement that satisfies both parties.
Step 7. Secure a Sale
When all terms are agreed upon and the prospect is ready to commit, the sales representative closes the deal. This may involve signing contracts, making a purchase order, or other formal steps.
Step 8. Provide Post-Sale Support
After the sale, the customer may require support with product implementation, training, or ongoing assistance. B2B companies often provide post-sale support to ensure customer satisfaction and retention.
Step 9. Follow-up and Upsell
Building a long-term relationship is crucial in B2B sales. Sales representatives continue to engage with customers, seek feedback, and explore opportunities for upselling or cross-selling additional products or services.
Step 10. Encourage Referrals
Satisfied customers can become advocates and sources of referrals. Encouraging them to refer other businesses can lead to new leads and opportunities.
Step 11. Analyze and Improve Your B2B Selling Strategy
Sales teams analyze their processes and outcomes to identify areas for improvement and optimize their sales strategies continually.
The B2B sales process is often complex and tailored to the unique needs of the business and its customers. Effective communication, relationship-building, and problem-solving skills are essential for successful B2B sales professionals.
How to Generate More B2B Sales
Now that you understand the process of B2B selling… how do you approach it? Here are a few of the most effective ways to generate B2B sales:
Cold Outreach
Cold outreach, such as cold calling, emailing, and social outreach, remains effective when executed with precision. Personalization is key, demonstrating a deep understanding of the prospect’s business needs. Providing immediate value in the initial contact, whether through relevant insights or tailored solutions, captures attention and lays the foundation for a productive B2B relationship.
Content Marketing
Creating and disseminating valuable content is a potent B2B selling strategy. Informative blog posts, whitepapers, webinars, and case studies establish your expertise and build trust with potential customers. These assets can also be used for enhanced website SEO (search engine optimization) value which drives more traffic to your website and generates more ready-to-buy leads.
If you’re looking to build a successful SEO content marketing strategy but don’t know where to start, read our blog here.
Social Selling
Leveraging social media platforms is vital in modern B2B selling. Engage prospects through meaningful interactions, showcasing industry knowledge, and offering valuable insights. By demonstrating expertise and fostering connections, you position your brand as a trusted authority, attracting and nurturing potential customers in the digital landscape.
Cross-selling and Upselling
Cross-selling and upselling to existing customers is a lucrative B2B strategy. By recognizing their evolving needs and tailoring complementary offerings, you enhance the customer’s experience and extend their lifetime value. This approach fosters loyalty and drives revenue growth while capitalizing on established relationships.
Networking
Participating in industry events, conferences, and trade shows is crucial for B2B networking. These gatherings provide opportunities to connect with potential customers, build relationships with industry peers, and stay updated on emerging trends. Face-to-face interactions and knowledge-sharing can lead to valuable partnerships and business growth.
Referral Programs
Leveraging the goodwill of satisfied customers as brand advocates can be a potent B2B strategy. Encouraging referrals harnesses the trust and credibility associated with word-of-mouth marketing. It generates new leads and opportunities, often resulting in higher conversion rates while reinforcing your reputation as a reliable and valuable business partner.
The best B2B selling strategies will vary depending on your industry, target audience, and specific business goals. It’s often beneficial to combine multiple strategies and adapt them over time to stay competitive and meet the evolving needs of your customers.
B2B Selling Best Practices
A few of the most significant B2B selling best practices include:
Utilizing CRM (Customer Relationship Management) Systems
While CRM systems are essential for day-to-day operations, they also play a vital role in enhancing sales team efficiency, particularly in the B2B sales landscape. These systems offer a range of benefits that are worth noting.
First, CRM systems provide a centralized repository for managing customer interactions, deals, contacts, and other essential information. This centralized hub simplifies data access, aiding sales teams (and their supporting sales development and lead generation teams) in their daily tasks.
B2B sales and lead generation teams can effectively use CRM software to ensure data is clean and contacts in the sales pipeline are up-to-date with the latest decision-maker and prospect information. Additionally, they provide mobility by enabling access to customer data from various locations in real-time. This flexibility enhances preparation for meetings, and fosters tailored client interactions.
Beyond streamlined organization between B2B sales and lead generation teams, CRM systems introduce automation with workflows and reminders for follow-ups. This automation ensures that sales opportunities are not overlooked, contributing to improved sales processes.
To maximize the benefits of CRM systems in B2B sales, adopting these best practices is crucial. These include diligent note-taking after sales interactions, implementing automated workflows for lead nurturing, and integrating email communications for systematic tracking. Additionally, the integration of other sales tools like phones, calendars, and e-signatures can enhance the system’s functionality.
Last but not least, CRM systems offer analytical capabilities, providing insights through sales analytics and detailed reporting. This data-driven approach allows sales teams to refine their strategies for better results. However, there are pitfalls to avoid, such as incomplete data entry, delayed follow-ups, and data fragmentation across tools. Avoiding these mistakes allows your B2B sales, marketing, and lead generation teams to have a CRM lead generation solution that yields long-term, predictable B2B sales.
Leveraging Online Marketing for B2B Sales
In the realm of B2B sales, social media, and content marketing have emerged as powerful tools that allow sales representatives to connect with and captivate potential clients without resorting to traditional cold outreach methods. Effective strategies encompass:
- Establishing a position of authority and thought leadership by delivering valuable content, such as blogs, ebooks, webinars, and more
- Sharing customer case studies and testimonials to showcase proof of impact
- Engaging actively with prospects and nurturing relationships on platforms like LinkedIn and Twitter
- Employing retargeting techniques through paid advertisements to draw in inbound leads
- Monitoring and participating in relevant social media discussions to identify and address prospect needs and pain points
To maximize results, B2B sales representatives should adhere to best practices, including:
- Crafting shareable content tailored to distinct buyer personas and their specific journey stages
- Maintaining a consistent and regular presence on social platforms, rather than sporadic posting
- Listening attentively to prospects and delivering value through valuable resources and insights
- Assessing content performance through comprehensive conversion tracking
Considering that a significant 85% of B2B buyers actively consume content throughout their purchasing journey, the implementation of an effective content strategy becomes paramount for achieving success in sales. With the implementation of these social media and content marketing sales strategies, you have a greater opportunity to establish brand credibility and what you have to offer potential buyers.
Nurturing Long-Term B2B Relationships
Establishing lasting B2B relationships leads to expanded sales opportunities, easier renewal conversions, and referrals. Useful nurturing strategies include:
- Proactively checking in with CXOs and managers on key initiatives
- Scheduling quarterly account review meetings to discuss goals
- Celebrating client milestones and anniversaries through small gifts
- Inviting key decision-makers to exclusive industry events and webinars
Other relationship-focused actions like advocacy and case studies help demonstrate commitment beyond the transaction. Common nurturing mistakes that should be avoided are becoming complacent after the initial sale and failing to provide continuous value.
Dealing with Long Sales Cycles
Lengthy sales cycles stretching over months are common in B2B selling, especially for high-value or enterprise deals. Tactics to effectively handle long cycles include:
- Breaking down lengthy sales processes into well-defined pipeline stages
- Celebrating small wins throughout the cycle to maintain engagement
- Agreeing on ideal timelines upfront through an opportunity plan
- Keeping buyers focused on end goals by linking to business outcomes
Are your sales cycles running longer than you want? Read our blog here to learn about the different ways you can shorten your B2B sales cycle to secure more (and quicker) revenue.
Navigating Complex Decision-Making Units
B2B deals often involve multiple complex decision-makers with diverse interests. Strategies for effectively navigating them include:
- Mapping all members involved and their decision-making authority
- Understanding motivations, concerns, and success metrics for each
- Crafting targeted value propositions addressing their needs
- Coordinating messaging across the group to address misalignments
Overcoming Price Objections and Other Hurdles
Price is often used as a proxy for risk in B2B deals, and objections are common. Approaches for mitigating them include:
- Demonstrating superior ROI and total cost of ownership analytically
- Offering outcome-based pricing models to link spend to business value
- Providing references and case studies with similar profiles
- Structuring deals with performance milestones and off-ramps
Rising Trends in B2B Selling
The B2B sales landscape is undergoing rapid digital transformation. Buyers increasingly expect personalized, omnichannel experiences, and sales teams must leverage technology to deliver.
Impact of Digital Transformation on B2B Selling
Digital transformation is radically changing B2B sales in several key ways:
- Rise of self-service buying: Buyers conduct up to 70% of research online before engaging a sales rep. Sales teams must provide digital content to attract and nurture leads.
- Personalization at scale: Sales reps cannot personalize outreach to every prospect manually. AI tools help scale personalization.
- Data-driven insights: Sales leaders rely on data analytics to derive insights and optimize strategies based on metrics.
These trends require sales reps to become adept at leveraging technology to provide seamless omnichannel buying experiences. Consultative selling skills focused on solving customer pain points remain essential.
Emergence of AI and ML in Optimizing B2B Sales Processes
AI and machine learning are transforming sales processes by:
- Lead scoring: AI evaluates signals to identify high-quality leads for sales to prioritize.
- Predictive analytics: Platforms analyze historical deals to forecast revenue pipeline.
- Conversational intelligence: Tools analyze sales calls to provide coaching for improvement.
- CRM automation: Systems trigger relevant tasks and alerts to keep deals moving.
AI capabilities help sales teams work smarter. However, tech can’t replace critical thinking and emotional intelligence, which are key to building relationships.
The rise of data-driven B2B sales requires organizations to continually assess solutions that maximize productivity. However, sales professionals remain irreplaceable in building rapport and trust with prospects.
Expansion of E-Commerce Sites
Many B2B companies are expanding their e-commerce capabilities, allowing customers to make purchases online. This trend accelerated during the COVID-19 pandemic and continues to grow.
Increase in Virtual Selling
The COVID-19 pandemic served as a catalyst for the rapid expansion of e-commerce capabilities among B2B firms. As lockdowns and social distancing measures made in-person interactions challenging, businesses increasingly embraced online channels to enable convenient and contactless purchasing. This trend persists as companies recognize the enduring benefits of digital commerce in the B2B sector.
More Subscription-Model Business Models
Sales teams have pivoted to a digital-first approach, relying on remote and virtual selling methods like video conferences, webinars, and online product demonstrations. This shift was necessitated by changing customer preferences and the need for safe, efficient interactions. Adapting to this new norm allows sales professionals to reach and engage clients effectively in today’s digital landscape.
Greater Sustainability and ESG Considerations
Environmental, social, and governance (ESG) considerations have gained prominence among B2B buyers. Companies embracing sustainable practices not only meet ethical standards but also gain a competitive edge. By aligning their operations with ESG principles, businesses showcase their commitment to responsible practices, attracting environmentally and socially conscious customers who prioritize responsible partnerships.
Emphasis on Customer Experience (CX)
B2B firms recognize the pivotal role of exceptional customer experiences. They invest in post-sale support and dedicated account management to ensure client satisfaction. Feedback loops allow for continuous product and service improvements, fostering long-term relationships and customer loyalty in an increasingly competitive marketplace.
Rise of Blockchain Technology
Blockchain technology is gaining momentum, particularly in the supply chain and finance sectors. It’s valued for its capacity to enhance transparency, security, and traceability in complex processes. By offering immutable and decentralized ledgers, blockchain bolsters trust among participants and minimizes fraud, ultimately transforming industries reliant on secure and transparent record-keeping.
Hybrid Sales Models
Some B2B companies are adopting hybrid sales models that combine traditional field sales with inside sales and digital channels to reach a broader audience efficiently.
Key Takeaways
Sales is a necessary component to business growth and maintenance that all companies (whether it’s B2B or B2C) must adhere to. Without the act of sales and applying sales processes to your everyday business operations, you risk losing money—or your business all together. If you want to keep your business up and running, sales must be a crucial department in your day-to-day functions.
However, B2B selling doesn’t come naturally. To generate consistent B2B sales, you must have a team that’s dedicated to reaching out to prospects and promoting content that establishes your brand as a trusted leader in the industry. And at Abstrakt, we make B2B selling easier.
Abstrakt Marketing Group is a nationally recognized B2B lead generation company that empowers growing businesses to fill their sales pipelines through B2B appointment setting and SEO lead generation. Whether you have an existing pipeline that needs some tending to or are needing to start from the ground up, our lead generation experts are here to help you every step of the way.
When you’re ready to maximize profits through professional lead generation services, contact the sales development experts at Abstrakt!
