5 Best B2B Sales Strategies for 2021
B2B sales is rewarding but an ambiguous concept. One might say that all it has to do is reach out to a prospect, nurture them till the point of conversion and close the deal, all the while using content and automation tools. The ambiguity comes from the fact that there are several techniques to go about this process, and figuring out the right one might cost you years.
The B2B buyer has changed a lot since the last few years, now taking more command in their hands, out of the sales reps’. In this phase where they are less likely to be influenced by your age-old sales techniques, how are you supposed to increase your sales and revenue?
Bringing to you the best (and super-effective) B2B sales strategies you must consider for 2021.
1. Leverage your Social Media
You have probably heard it a hundred times over, the importance of using social media throughout the sales cycle. But have you been using it enough? Or even correctly for that matter?
Maybe you are checking in once in a while, replying to random conversations or the messages sliding in for you. But that is not all. 84% of C-level and VP-level buyers are influenced by social media when purchasing and 55% of buyers look to social media to get information. You have to get your game so good that they are intrigued by your brand while they go through your social media.
Track mentions of your brand and your competitors and participate in the discussions actively, giving out insights, steering the conversations, and establishing authority. Not only does it warm prospects but also attracts more leads, hence increasing the possible rate of conversions and consequently sales.
Don’t leave out any platform where even a small portion of your target audience prefers to engage. Get an amazing tool to align your content all across the platforms and bring in leads from everywhere.
2. Don’t underestimate referral campaigns
Think about the software you purchased for your office. Did you pick a random company based on their digital presence or research properly into their credits and ask around for recommendations?
Peer recommendations are the best way to get more leads and customers because they trust the credibility of another consumer who might have been in the same place as your prospect. When a potential client gets a referral, it saves them the strenuous task of looking into prospective brands, they get the pros and cons at their fingertips and also removes the risk of facing the unknown. Plus, stats reveal that a referral from a friend makes people 4x more likely to make a purchase
How do we go about referrals? Ask for it. 91% of customers say they’d give referrals yet only 11% of salespeople ask for it. But if you have a solid product with A+ customer service, be confident and ask for referrals when you close your deals. Nurture relations with existing consumers and consider starting a referral campaign. If done wisely, it’s sure to give your sales the much-needed boost
3. Consider Account-Based Marketing
Account-based marketing is the new hotshot topping the effectiveness chart. Almost 85% of marketers say that ABM outperforms other marketing investments. It sets aside the general prospecting methods and making contact with a number of people in favor of targeting only one organization/ account.
ABM is super successful for accounts that have multiple stakeholders, as the central idea of this approach is to influence different points of contact in different departments all across the organization so that eventually the right decision-maker is convinced. Taking one account at a time makes it easier to learn more about the organization, and the sales process goes faster.
Create an Ideal Customer Profile to filter the companies that are most likely to find your product useful. Research the hierarchy, find out the platforms best for engagement, and customize your content to fit their needs.
Make sure you get your marketing and sales teams on board because an operation as streamlined as this can only work with them working in harmony. Also, B2B organizations with tightly aligned sales and marketing operations achieved 24% faster three-year revenue growth.
4. Make it all about the customer
Gone are the days when B2B sales were all about selling to companies and increasing your revenue. The revenue is still on the table, but the pushy sales are not. The evolved and independent buyer wants an advisor and not a rep.
Prioritize listening to their pain points and challenges more than high-praising your product, because that will help you bond with your prospect on a human level alongside sourcing information to use in the later stage. This will also help you get a full picture of how, why, when, and where – then take your time to craft resourceful answers for them. Provide value in your conversations – like the 65.2% of buyers who admitted to receiving value while discussing problems with salespeople.
Educate your prospects on how it is going to benefit them in the long run. Don’t put the product on their faces, instead, take their hand and guide them to the end of the sales funnel. The bottom line is, build a relationship with your clients and get them to trust you. If you feel that your product will not help them, don’t overdo it. It will distinguish you from reps and they will be more willing to hear you the next time you approach them.
5. Create a lead-nurturing plan
Did you know that 68% of B2B customers are lost because of indifference or perceived apathy, not because of mistakes? Lead nurturing is a very important step in the B2B sales process because it is the pathway to getting a customer.
When you get a lead, make sure you follow them up with a foolproof plan. On average, it takes 8 cold call attempts to reach a prospect and 30 -50% of sales go to the first vendor. Be persistent, because it makes the prospect feel valued, but don’t overdo it and shun them away.
Once you capture a lead through your website, landing pages, or even social media, you need to segregate them into two sections: warm and cold leads. But remember, just because the leads are warm does not mean they will make a purchase right away and just because the leads are cold does not mean they will never be interested.
You need to figure out their place in the sales funnel and expose them to the content and marketing efforts for that level.
B2B sales have changed in a way that has left prospecting and closing a creative scope for sales leaders to interpret and work their own way. Some prefer capturing leads and filling pipelines, some focus on account-based prospecting. The methods and channels they employ to engage and nurture their leads also differ from company to company and market to market.
But the ultimate goal is the same – be empathetic to the consumer and act as an advisor, not a sales rep. As long as you keep it in mind and are able to attract their attention, your sales will be on the good side of the conversion rate.However, if you are just starting out and are feeling intimidated by the overflow of information, don’t hesitate to seek expert help from B2B sales and marketing consulting firms. They will guide you on the path of success that is backed by years of experience and professional expertise.
Do you also want to explore some foolproof sales strategies? Contact us today and we will take it up from there!