Despite the fact that when most of us hear the word “sales,” we immediately picture a lone consumer in a store, the majority of sales money actually comes from other companies. By 2023, it is anticipated that B2B sales will generate around three times as much income as B2C sales.
Therefore, it’s crucial for businesses to comprehend B2B sales, the best B2B techniques, and how B2B sales differ from B2C sales in terms of their processes and life cycles.
How do B2B sales work?
“Business-to-business” sales are referred to as B2B sales. Any transaction in which a firm sells goods or services to another business rather than a customer is considered one of these sales (B2C, or business-to-consumer sales). They are also referred to as inside sales on occasion.
B2B sales are more challenging and consequential than B2C sales in a number of ways, despite the fact that many of their sales methods are comparable. B2B sales are more significant to the selling company because they frequently have higher values and sizes. A single $20 B2C sale loss is a loss, but it can be readily made up for. A $200,000 B2B sale failure can significantly alter a company’s course.
Additionally, a B2B sale frequently entails persuading a full team or management office, whereas a B2C sale typically depends on persuading a single customer to buy. As opposed to the typical B2C transaction, dealing with several decision-makers can lengthen and complicate the B2B sales process.
Due to these difficulties, it’s crucial to be knowledgeable about B2B sales kinds, techniques, and strategies.
B2B sales strategies
While B2B and B2C sales have numerous differences from one another, both sales approaches have a lot in common. Although there are a dizzying array of sales tactics available, there are three essential ones that are reviving the contemporary market and altering how successful businesses plan.
The most crucial component of B2B sales—the fact that you are pitching to several decision-makers simultaneously—is taken into account by all three of these tactics.
Let’s examine more closely:
- Aligning sales and marketing
- Content marketing
- Social selling
Power of B2B sales
Customers now are putting themselves first, despite decades of corporate rhetoric about putting the customer first. What consumers expect from businesses has fundamentally altered because of technology. Better possibilities are just a keystroke away if they are unable to conduct research, browse, and conduct business whenever and wherever they like.
B2B businesses are adapting quickly to keep up. In fact, 77% of sales executives claim that since 2019, their company’s digital transformation has increased. Since sales representatives and customers can’t easily interact in person during a pandemic, this becomes even more crucial.
According to a Salesforce Research report, this difficult trend has become a new reality for B2B businesses. The majority of surveyed B2B consumers (72%) anticipate having a similar experience on a B2B website as they would have on a consumer website. And savvy businesspeople are stepping up; virtually all of the top executives of high-performing firms say that fostering consumer interaction is a core component of their principles.
Business buyers claim that they anticipate having a similar experience on a B2B website as they do on a consumer website in 72% of cases.
This is concrete evidence that corporate clients now demand a commerce experience that is just as simple to use as what they receive in the retail sector. It also shows how expectations can be raised further because corporate connections are frequently more complex than retail ones. The relationship between sales organizations and customers is being altered as a result of these developments, which are examined in this handbook. The best-performing businesses are leveraging this transitional period as a significant opportunity by combining data, analytics, and cloud-based commerce technologies to produce a digitally enabled consumer experience that gives them a distinct competitive advantage.
Summary
A flawless self-service alternative and a reliable partner who can predict their needs are what business buyers increasingly desire. This affects how sales representatives must engage with clients and increases the crucial role of an agile, responsive sales organization. In other words, both within and outside of businesses, the connected client is altering the rules of the game. Information is power in the era of the consumer. Companies must understand how to serve each customer across the whole customer journey, from the initial touchpoint with marketing or lead generation to the final touchpoint with service. This is especially important for sales teams.
