Consumers tend to make decisions quickly that cost little money; businesses, however, require careful thought when making costly purchases such as TVs. Use your knowledge of this to develop effective sales strategies targeted towards businesses buyers.
At times, B2B sales involve multiple stakeholders with longer purchasing timelines; in these instances, more than just pitching your product will be necessary.
1. Focus on Need Recognition
B2B sales tend to involve higher price points and longer sales cycles than consumer sales, creating unique challenges that must be navigated effectively. To combat them effectively it’s essential that sales representatives gain an in-depth knowledge of customer buying patterns and needs in order to be effective sales people.
As an accounting software salesperson to small business owners, they’ll likely have questions regarding return on investment and need convincing that this product can make their finances simpler. Your approach should focus on showing them why this will make their financial life simpler.
Conversely, when selling spark plugs to car enthusiasts who consider themselves “car guys,” they might be more drawn to your eye-catching packaging and how it improves engine performance and fuel efficiency. Such customization shows them you understand their unique needs while appealing directly to their interests.
By building relationships with customers that last beyond the sale, this also gives you the chance to establish long-term customer loyalty that could result in repeat purchases and referrals, ultimately increasing your bottom line.
2. Create a Personal Connection
Business-to-business customers differ significantly from everyday consumers in that they often involve larger orders, more complex services and capital equipment purchases, longer sales cycles, as well as purchasing for their entire organization rather than simply themselves; as a result, multiple stakeholders need to approve any purchase decision at multiple levels within that organization.
Buyers prefer salespeople with whom they feel a personal connection, which can be achieved through creating rapport through shared interests and backgrounds. For instance, if a prospect mentions they’re interested in certain sports teams you could ask about them before sharing how your team compares – sharing what teams and players you support yourself would also show your sincereness about connecting with customers better.
Establish an approachable brand identity through regular communications. A company newsletter, blog post, or social media feed highlighting your values can help connect with prospects on an emotional level and facilitate conversations between sales people. Effective listening skills should also be developed – according to The State of Sales Report 2021 only 26% of sellers can be considered good listeners!
3. Build Trust
Contrary to B2B sales, consumers typically don’t negotiate prices of your products or services when making B2C purchases. Instead, they seek a quick and inexpensive way to fulfill an identified need – spending only minutes choosing a house instead of two months searching the marketplace for soap at their local supermarket.
By developing trust early and often with B2C buyers through content marketing, it’s imperative that businesses establish themselves early as trustworthy vendors. Use blogs or videos that explain your product/industry relationship or show prospects exactly what they’re buying into.
By showing thought leadership and giving your brand an authoritative reputation, this allows you to display thought leadership and establish it as an authority figure in its field. Furthermore, this strategy encourages repeat purchases and improves ROI – turning one-time buyers into repeat purchasers or brand evangelists can significantly increase revenue and can even promote your product/service free for you by telling their friends/family about them; making conversion into paying customers much simpler as a result! Ultimately it all boils down to making lives simpler and more convenient!
4. Offer Multiple Options
B2C customers purchase products for themselves or groups; salespersons typically don’t sell directly to each person, making for a slower sales cycle as customers must often justify their purchases to their company or organization.
When selling products to potential buyers, offering multiple options can help create an individualized experience and help close the deal. For example, when selling spark plugs to car enthusiasts, offering both standard and upgraded performance spark plugs is beneficial in showing how their vehicle’s performance and fuel efficiency will be enhanced through your product.
An effective way of providing multiple options is through incentives. This could include discounts or free trials as a means of competing against other businesses for client business. Furthermore, incentives can boost brand recognition, helping attract more leads and close more sales.
5. Negotiate
If your company provides products or services targeted toward individual consumers, then pricing negotiation will likely be necessary. While business buyers tend to focus on return on investment when considering purchasing goods, individual consumers have different concerns: they want assurances that your product can meet specific needs while improving their lives.
Assuming your B2C offering is accounting software designed to assist individuals in filing their personal income taxes, prospective customers will likely want to know how it can save them both time and money while being safe and reliable.
As part of your sales negotiation strategy, it is crucial that you identify potential buyer pain points and be prepared to offer trade-offs; otherwise a prospect could perceive your product or service to be overpriced and no longer worthwhile.
Preparation for any sale begins by identifying your goals for it – such as desired selling prices, quick transactions and smooth transitions for employees and customers. Once this information is in hand, you can establish how best to position your company during the sales process; that way, when negotiations commence you’ll be confident enough to negotiate successfully and achieve a positive result for all involved in the process.
