What Is Thought Leadership and Why Does It Matter?
Salesy content can only get your business so far, which is why thought leadership is an important part of your business growth strategy.
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:
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:
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Satisfied customers can become advocates and sources of referrals. Encouraging them to refer other businesses can lead to new leads and opportunities.
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.
Abstrakt is a nationally recognized B2B appointment setting company that provides consistent support to growing businesses looking to generate new sales opportunities. While your sales team prioritizes selling, we’ll take care of setting the qualified sales meetings. Explore how we do it here.
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, 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.
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.
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 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.
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.
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.
Whether you’re looking to actively reach out to prospects or generate leads organically online, we have the solution for you. Check out our B2B lead generation services and explore how we could be the perfect fit for business growth efforts.
A few of the most significant B2B selling best practices include:
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.
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:
To maximize results, B2B sales representatives should adhere to best practices, including:
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.
Establishing lasting B2B relationships leads to expanded sales opportunities, easier renewal conversions, and referrals. Useful nurturing strategies include:
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.
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:
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.
B2B deals often involve multiple complex decision-makers with diverse interests. Strategies for effectively navigating them include:
Price is often used as a proxy for risk in B2B deals, and objections are common. Approaches for mitigating them include:
The B2B sales landscape is undergoing rapid digital transformation. Buyers increasingly expect personalized, omnichannel experiences, and sales teams must leverage technology to deliver.
Digital transformation is radically changing B2B sales in several key ways:
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.
AI and machine learning are transforming sales processes by:
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.
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.
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.
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.
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.
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.
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.
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.
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!