Help Your B2B Sales Team Win More Deals
Closing B2B sales can be difficult, and the market is growing increasingly competitive. Especially in a digital world that is constantly changing. Furthermore, the more sales your firm needs to grow, the more taxing it becomes.
Have you gotten a new client? Great! However, you must now serve the account. And you’ve most likely just spent weeks or months pursuing down the prospect in order to close the deal. That indicates you’ve invested a significant amount of time, money, and resources simply to get to this point. You’re off to a bad start with this new client.
So, here’s the little-known truth that no one will tell you. BEFORE a prospect commits to a large engagement, you must be profiting from your business development process…
What?! But, wait, how?!
So, we’ll give you some pointers below to help you get started, but let’s be serious. This is a blog, not a comprehensive guide or playbook on how to speed up your sales cycle. And, while we’re not downplaying our advice (it’s excellent), if you’re reading this and saying to yourself, “Forget the advice. I’d like someone to show me how to immediately change my entire sales process.
Here are some of the tips that you can use to close more deals.
Track Down your Buyer’s Journey
B2B buyers often rely on internal research to make purchasing decisions. Consider Google, free trials, and scouring review sites, forums, and social media for ideas. Statistics show that:
Only 30% of B2B buyers want to speak with salespeople to learn more about items.
Before speaking with a salesperson, 63 percent of purchases are made.
Meeting potential suppliers accounts for only 19% of the total B2B buying process.
B2B purchasers can go 60–70 percent of the way through the buying process without speaking with a salesperson.
Before making a purchase, 98% of B2B buyers conduct research online.
This trend can be linked to a rise in the number of young people (aged 18 to 35) in positions of decision-making. It’s also a result of buyers attempting to avoid sales gimmicks from sales representatives who are solely concerned in closing purchases rather than solving problems.
To summarise, in order to close more deals, you must understand the new dynamics of B2B sales.
Continue reading to learn more about the B2B purchasing procedure. Meet with buyers to learn about their purchasing habits.
Refine your sales processes with data.
While there are no ideal sales procedures, you can improve yours by tracking your results and making adjustments as needed. Focus on key B2B sales KPIs to track your progress, such as:
To identify inefficiencies in your sales operations, use sales productivity measures.
Average lead response time — this is used to calculate how long it takes to answer to queries. In general, a higher response rate means a higher possibility of closing.
To determine the amount of qualified sales leads vs. qualified marketing leads, use the lead conversion rate. This statistic aids pipeline development.
Closed-won-deals-to-closed-lost-deals ratio — to determine the ratio of closed-won-deals-to-closed-lost-deals.
Keeping track of and analyzing actions (and their outcomes) might help you figure out what’s working and what isn’t. Use software that automatically syncs your selling activities to your CRM to make the review process easier. Next, examine your CRM reports to see where your closed-lost deals disappear.
Dissect the element of your sales process that needs to be improved and make the necessary changes. If you’re losing more prospects in the “close stage,” for example, you might want to rethink your qualifying criteria.
Consider the amount of time spent on each sale stage in relation to the deal size while refining. 78% percent of B2B sales (to new prospects) take four months on average.
Discover the Present Situation of the Prospects
In B2B sales, you’re working with a knowledgeable buyer. Someone who has made similar purchases before for that organization. As a result, to improve your chances, your knowledge must exceed that of the buyer.
You must also interact with a number of decision-makers. According to research, the average B2B purchase decision involves 6.8 persons. Round to the nearest seven individuals. Naturally, the greater the deal, the more stakeholders there are. The more decision-makers you impress, the more likely you are to close the business.
With this in mind, try to grasp the organization’s decision-making process. Who influences who, in other words. You can use LinkedIn to map out the organization or go to their website’s “Teams” page.
After you’ve identified the authorities, it’s time to learn as much as you can about their current situation. Consider the following:
1)What are their methods of operation?
2)Who are they trying to reach with their solution?
3)What are the desired outcomes?
4)What is their driving force?
5)What criteria do they use to find the best deal?
6)What kind of return on investment do they anticipate?
7)What are their key performance indicators (KPIs)?
8)What are the viewpoints of their clients?
9)What strategies do their competitors employ to address comparable issues?
10)What industry do they work in?
To provide additional value to your product, become an authority in their field. Instead of relying on what the prospects say to you, you can determine their true concerns by knowing their existing position (and every other sales rep.)
To do so, contact their customer success teams and implementation managers and compile a list of pocket tales. While you’re at it, look over their articles on Quora and LinkedIn to learn more about them. Set up Google alerts to stay up to date on your prospects’ news. Is there any new content that they’ve released? Is there anything in the ‘news’ about them? Keep track of their quarter, purchases, and everything else in between.
In your proposal, include both logical and emotional factors.
Build your pitch around the most important aspects of the prospect’s business. Profit, increased production, improved cybersecurity, or whatever else could be the motivation.
Explain why your offer is valuable in your proposal. Each advantage should be broken out and monetized. Make it simple for potential customers to assess prices and benefits. How much more money will you make if you use your software? How long would it take for this profit to be realized?
Create a proposal that connects the prospect to their “why.” Or, to put it another way, their motivation for doing an initial assessment.
Strive to consider individual needs in addition to logical factors. Is the prospect, for example, about to miss their sales quota?
Is there a security breach and their career is now in jeopardy? Anchor your conversation to whatever the individual pain point is.
The goal is to figure out how to assist individual stakeholders, particularly today. By doing so, you’re persuading them that you can assist their corporation tomorrow.
Still, don’t pitch your offer as the “final” solution to all of their concerns in the proposal. The reason for this is that you are unlikely to be fully informed about their current condition. They’ll feel compelled to correct you. Instead, utilize a similar client narrative from the same industry.