In the B2B selling, you need to consider many buyers in the same sale. Marketing cares about how good the product it looks. Operations cares about how easy to maintain the product. Finance needs the cost to be predictable and within the budget. So, you need to build the support in each group for getting the signed agreement. Also, it is important to understand different criteria. B2B sales is an understanding of complex buying processes, customized services and demanding customers. The complexity and deal size make the work more challenging. The roles in B2B sales vary depending on what you sell, who you sell and the buying process. B2B is selling to someone who is working on behalf of the company.
For the successful B2B sales, you need to understand the target market really well. The sales pitch may vary depending on the customer and procurement specialist. It is really important to understand the customer objective, needs of the company, and the people using the product. The pricing and service experience are different for different products. The software system manages the financial transaction is different than selling the jet planes. The company requires the B2B sales people to be able to accurately forecast timing, size and likelihood of closing the deals. So, B2B sales professionals specialized on the target industry, target buyer, the type of product and type of sale cycle.
Often, the buying company request for proposal or RFP which outlines their criteria and must be answered in writing by interested sales people. In B2B model, you need to understand the company's process and asking lot of questions up front to qualify the buyer. It is really to know about the features and benefits of the products you sell and demonstrating or exceeding the needs and desires of the perspective customer.
B2B Selling Practices: The B2B sales process has the following 6 steps,
* Qualify the lead
* Exploring the Customer Objective
* Define the offering
* Preparing the Verbal Agreement
* Close the Deal
* Maintaining the customer relationship
The first step is to understand the qualifying prospect. It is find out if they have MANDATE means,
M - Money to buy
A - Authority to buy
N - Need to buy
D - Desire to buy
From there, you can understand your customer objective. what they are trying to accomplish? and why did they try to meet with you? What the success meant to the organization and personal? These questions allow you to maximize the value and you must be specific about the deliverable to your customer. You need to list out carefully in the exploratory phase. It is ideal to scope your offering in person. If you provide the contract that outlines what you have discussed within the price range that they will be ready to sign in. Then, you can write up the contract and get the signature. Now, you have the deal and maintain the relationship for the long-term.
If you have a laser focus on single goal, you will love the daily non-routine B2B sales. The highest priority of any B2B sales person is the activity that moves the deal forward to closing. Organizations requires sales people to track their efforts and progress using the software application that are designed to track and manage sales marketing activities. B2B sales person are taught by the sales pitch. It might be the set of slides created for marketing or demonstration by the product team. The most important goal is to build the relationship. You need to demonstrate the credibility and not trying to force the sales and they will reach out when they have the need. If your offering turns perfect fit, you can work toward the conceptual agreement to close the deal.
Closing the deal are especially challenging. In B2B sales, you need to keep the momentum over the time and need to have a plan for each stage of your prospect to buy in. Find out the objections and close the deal one by one. You need to have a plan to build buy in and everyone in the room agree to the deal at the same time. Also, You might give better payment terms to move them to front of the line. The decision makers are crucial to close the deal. You have the strong relationship with prospect when your deal hits the quota. Still, you have the work to do even when you get the handshake that moment they verbally commit the transaction. Closing the deal for corporate client requires more attention in little details. Who is actually going to sign the contract? He might not be in the same office. You need to ensure that you have worked through the details around product delivery and keep the things moving forward. If you run the meeting without closing the deal, you run the risk of losing it. The budget go away and buyer can leave the company. Anything go wrong.
B2B Sales Strategies: There are many strategies that works best for the various customers. Some of the strategies are,
* Creating a Buyer Personas
* Mapping out a Buyer's Journey
* Let your customer buy the Results and not the products
* Start in Niche market and dominate
Creating Buyer persona is to identify the customers and what they are interested in it. The ideal customer is only one person, but most of the time we are getting the average customer. We want to target the person to most likely to purchase the product. Try using the Buyer Persona Generator. There are 6 factors to figure out our ideal customers. Those are,
* Age
* Gender
* Region & Ethnicity
* Income
* Interest
* Device Usage
You need to define how these people are. Because, your customer for the product could be in the range of 35 to 40. If you don't know, you should think about who will purchase your product. You need to do a customer research and do your own studies and determine the age group of your product. Next, the gender is to figure out why the male or female are interested in particular thing. For ex, if you are selling toothbrush of pink in color and glitter on it, Would we target this toothbrush to men? It is a kind of identifying the ideal customer. The region and ethnicity are to figure out where are the customers are coming from and which country our people most likely to purchase the product. How much are the people you are targeting earning easily? If they earn $1000 per month, will they afford to buy our product? Is our potential customer interested in diving or water coloring? Make sure you have the clear list of interest and follow the interest. Finally, the device usage is to identify which device are they using? Perhaps, the android or iPhone to target your product.
Buyer's journey is to understand what our customers are? why are they looking our products? How are they looking our products? What exactly are they looking for? What is the solution that they need? Based on that we can change the price, functionality and do so many things. The only thing need to do is buyer's journey. The 4 stages of buyer's journey are,
* Consideration
* Decision
* Post Purchase
First of all as a eCommerce company we want to gain other people's attention or aware of the product. Customer needs to aware that they have the problem and our business needs to be aware that they have the problem. They have to be aware of these things and solve the problem in the company. So, we want them to pay attention to our product. Consideration is all about looking at the product and thinking about whether we need this product or don't need this product. In the decision stage, it is to convince the people to solve the problem and think about what the customer really want from you. In the post purchase, you need to make sure that they are happy with the product and might be come back with certain time in future. Post purchase is important when you have a great customer service.
No one interested to buy the products if they don't bring results. So, it is important to make sure that your product brings the result. It is the process of reverse engineer and think about how do people feel when they purchase the product. If you can prove that these results are possible with your product you will make money. The results can be structured in 6 factors,
* Specific - the results must have real world implications
* Measurable - Measure the implication of the product and need to put down these number in structures that are comprehensible
* Business Perspective - If the numbers don't show anything and interesting for your potential customers that are not important
* Comprehensive - the results must be comprehensible for reading them. You can talk with that person to your product about the results and explain these results to that person.
* Data - It is important to make sure that the results works best not just because of the time was great or economy was good.
* Evoke Emotions - Results have to evoke emotions. We are not just sell to the people logically. We want to sell them emotionally. By purchasing the product, they will get closer to their own dream and the personal value has to them.
Niche Market: If you want to get into market, start off in a niche market. Niche market is a small market where not too many businesses have their products. If you want to dominate any market, you need to go with the niche market because it is the fastest. Start off with one market and dominate the niche market then afterwards build your business in other markets. Here are the process to build your brand in a niche market.
First of all, you need to identify your niche market. For ex, publishing the online course, ebooks etc., What exactly passionate and your business all about. Once you figure out the niche market, you need to start producing now. The more you produce and you will get more market share. For instance, if you have a lot of products and do proper marketing and you are basically a dominant force. Producing is the most important about dominating the niche market. Once you dominate the niche market and you have consistent recurring income streams, then build your brand inside the niche and you can move on to the next market. Finally, move on to the next market in larger or same size. Now, you have the certainty in the niche market, earning the income stream and it is good to take risk for big bucks.
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