Initially, any company looking to get into B2B sales is characterized by the absence of a strong sales team that can take on the responsibility of rapidly increasing sales and building a strong customer base. An irresistible desire to win over the first customers distinguishes all start-ups in the field of sales between legal entities.
The lead generation process is quite complex, but not impossible. Everything becomes much easier when you begin to understand the industry in detail, as well as understand all the features of the business, stages, and sales techniques.
To start contacting the first business lead, and later quickly move on to the appointment setting, you need to thoroughly study how the sales process works. In addition, you should understand all the terms, concepts, and processes, which can be done by studying the B2B marketing and sales Glossary by Belkins.
This quick guide will help you get started prospecting and start selling with confidence. We will help you win your first deal as quickly as possible.
Nuances and features
Selling trendy sweatshirts to teenagers is not the same as selling equipment to factories. The sales processes are very different. In this regard, the following features and nuances of sales to legal entities can be distinguished:
- Long sales cycle. Initially, you need to collect the contact details of potential customers who may be interested in your products or services. Companies do not have any difficulties with this, because it is easy to get a Business Leads List by contacting a B2B lead generation company. After that, companies should submit their commercial proposal, and start negotiating to eventually move on to concluding a deal. This whole process takes a lot of time, ranging from several weeks to months.
- Arrangement and approvals. Companies don’t make deals for $10 or $100. That is why customers want to make sure that the terms of the transaction and goods or services will meet their conditions and expectations. In this regard, in the B2B sales process, there are many approvals.
- Sale of expensive goods and services. Fast food restaurants can sell hundreds of thousands of burgers for just a few dollars a month, while high-end equipment manufacturers can sell a dozen machines and make the same profit.
- A rational approach to making a purchasing decision. In such a business, there is no concept of impulse purchases. Customers will look for the best deal and make informed decisions to meet their needs.
- Emphasis on partnerships and regular profits. In this segment, priority is given to long-term cooperation. That is why marketers and sales managers give new business leads a personalized approach to make them loyal customers who will bring regular profits.
Stages of the Sales Process
The obvious goal of this stage is getting to know the customers and starting to communicate. In the course of communication, managers must interest customers, as well as motivate them to continue communication. This happens through participation in trade shows, cold calls, and email correspondence.
Identification of customer needs
In this process, an important role is played by a specialist negotiating with a representative of the client company. The specialist must apply all his skills to identify the client’s pain points, as well as find an approach for him.
Having identified the needs of the client, the manager proceeds to the stage of product presentation. This stage is one of the most important, because, once the needs of the client are identified, the product cannot be changed or modified, it just needs to be presented in a favorable light, so that the client understands that this is what he needs.
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One of the most difficult stages is dealing with objections. Clients are not always ready to express what they do not like or express their doubts aloud. The task of the manager is to start a productive dialogue with the client to understand what the client does not like. That is why managers agree on personal meetings, because in communication by phone or in correspondence, you can miss any details and lose a client. During face-to-face negotiations, specialists can give examples of successful cases to increase the client’s confidence.
Negotiation of the terms of the transaction
Sales managers are included in this stage, since customers may be satisfied with the product, but the terms and price of the transaction may not be satisfying. Compromise skills are the most important. This is the final step before you can either lose the client or make a deal.
One of the easiest ways to promote is to participate in trade shows and business conferences, where companies can easily establish contact with customers and negotiate. At such events, companies can showcase the product right away. This tactic is quite simple, but the biggest disadvantage is the high cost. Nevertheless, companies are actively participating in exhibitions, since even drawing up one large contract can help cover all costs and help make a profit.
Contextual advertising becomes the most accessible tactic. It is used to find the right audience, as well as to demonstrate a unique offer. To do this, companies use a variety of channels to maximize their chances of finding potential customers.
Also read: B2B Multi-Vendor Marketplaces – Business Opportunities to Grab
Conducting sales presentations
Personal meetings decide a lot. Sales representatives can visit various companies that are potential buyers and make presentations. Their task is to establish contact and, if possible, to agree on trial deliveries of products. A well-trained specialist can choose the right products for customers, as well as tell them about the benefits.
Subscription forms on the official website
Every self-respecting company has an official website where customers can find product information. In 2022, the absence of a website can be a big problem, as company representatives can leave their contact details on the website for feedback.
With the company’s contact details, marketers can start sending email campaigns using email marketing tools. This is a great way because, in this way, companies can remind clients about themselves, send personalized selections of goods and services, advertise new products, and send promotional offers.
The secret to the success of companies working in the B2B sales segment is to develop their approach to working with clients. In addition, it is important to follow trends. Long-term cooperation is more important than the constant search for new leads, as they can guarantee regular profits.