7 Reasons Why Your B2B Sales Attempts Are Failing
B2B sales are complicated and hard-pressed in comparison to B2C.
The sales reps find it hard to convince the clients, especially today even when they are educated and aware.
Adjusting and upgrading your price structure, keeping the best tools, and meeting compliance regulations – nothing works if you don’t know what to adopt, and what to avoid while making B2B sales.
In fact, studies reveal that only 5% of B2B initiatives are actually meeting their goals.
This is not due to the lack of effort but the difficulty in understanding the complexity of the business and the hierarchy of decision makers.
In order to decrease the number of failed sales attempts and repair the damage, we need to first identify the faults. Here are the 7 reasons why your B2B sales attempts are failing:
1. You only seek enterprise deals with Fortune 500 companies
Nine out of ten, businesses spare no effort to multiply their profits. Yet, they fail to reach the top.
It’s because they chase the wrong product or/and the wrong market.
Another reason they fail to achieve their desired goals is because they pitch audiences that don’t “need” their product. Many of the frontline sales teams are habituated to sell to enterprises in hopes of becoming the next Salesforce.
There’s nothing wrong with striving to sell to the enterprises. But if you are selling only to the Fortune 500 companies, you also have to be totally convinced that your product is especially designed to resolve their problems and your services are customized suit their needs.
For others: Profit your business with SMB sales
With small and midsize businesses, it’s easier to satisfy their relatively simple needs in comparison to big Fortune 500 companies.
In addition, the investment required for customer acquisition is lower and the capital efficiency is more as the stakes involved are low.
SMB also allows you to create a good foothold in the market as you gain experience in the process by developing enterprise-based software alongside strengthening the marketing strategy.
2. You don’t ask the “right questions”
Instead of doing all the talking yourself, the focus should be more on asking the right questions to the customer.
Alongside this, also give your prospect equal chances to ask questions about your business.
To gain more knowledge on the quality of service your customers desire, listen to them carefully and if something remains unclear, don’t be afraid to ask the question twice.
You also don’t wish to annoy them by asking senseless repetitive questions. So, before you ask the question to your client, ask yourself whether the answer will add value to your sales pitch or customer service – if not, strike it off your list.
You can ask questions like
- What problems are they trying to resolve in their business?
- How much do they want a product like yours?
- What are their expectations of the product?
- If any, what is the set budget or timeline they are ready to offer for your product?
Asking only the right and critical questions will not only shorten the negotiation time but also allow your prospects to make quick decisions.
3. You are selling the features, not the ROI
By trying to sell a customer the features, you are focusing on the price and ONLY the price. But when you pitch about the ROI, the main focus is on the customer’s needs.
Plus, many salespeople tend to oversell which fails to give you the desired profit.
If you are overselling the features, the customers can drop out of the deal just because they fail to process the information overload.
According to a Sales Benchmark Index Study, 58% of the sales opportunities end with no decision or a decision to change nothing.
To qualify in the remaining 42%, take time to understand the customer’s requirements. ROI demands a proper understanding of the customer’s problems and goals.
By talking to the right people and selling ROI, your business is sure to close more deals and pitch higher prices for the same service offerings.
4. You are desperate for the sale
There is a difference between following up with the customers and knocking them too often than required – which many salespeople fail to understand.
If a customer has opted for a content upgrade from your website doesn’t mean he/she may be in need or even have the resources to buy your products and services.
They may not necessarily be qualified as your quality lead or prospect.
In the pursuit of following up, if you are sending emails or giving a call every second day, then the customer is sure to run away.
Stop showing your customers your desperation for making the sale. Making your follow up polite and personal will appear more professional and can take your association a long way.
Nurture your prospects by trying to understand their needs.
First, try to understand what their demands are and if your product matches their needs. Present your product/service as a life-savior and try to add value to your customer’s life – economically, physically, or even emotionally.
Keep the follow up frequent yet considerate.
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5. Your sales funnel is not Omnichannel
Today’s customer is everywhere. If your sales attempts are failing, there are high chances that your sales funnel is not omnichannel and thus fails to tap your prospects present across different channels.
Binding yourself to phone or email sales is going to add a very little benefit to your sales attempts, especially in the times of the new GDPR.
Keeping in mind the increasing competition, phone calls and emails are no longer the most effective ways to make sales.
Businesses and customers now require much more than these – a multi-channel approach to marketing and sales.
A true Omnichannel sales funnel can include online ads, live chat agents, social media pages, easy interaction with your website, and presence of product marketers at business events.
According to a 14-month study by Harvard Business Review, 73% of the 46,000 shoppers used multiple channels and customers who used 4+ channels spent 9% more in the store in comparison to those who used a single channel.
Omnichannel experience is not an option anymore; it’s a necessity as the buyers are readily shifting towards it.
6. You don’t loop in other experts from your team
B2B sales are complex and hard to close as there are more than 5+ people involved in a deal. The right way to close a deal is to talk to the right people.
The buyers may not want to involve their seniors in the process for various reasons. Either they don’t want to trouble their higher-ups in the trial phase or they think they have all the knowledge to do it alone.
The significance of including other experts is neglected. To make successful sales attempts, you have to solve this problem by identifying the key stakeholders in both the parties.
These can be the software developers or product managers or even entrepreneurs.
Feel no shame to include them as talking to the experts engages the customers on a deeper level and helps you to understand their requirements better.
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7. You don’t ask prospects if they are “ready” for the purchase
It is quite natural to ask your prospects if they are ready for a purchase, especially after you have had multiple calls – emails – meetings with them.
If you are shying away from asking this question, then you will surely lack behind.
Many of the prospects are habituated to never take the initiative to let you know if they want your products without being asked first.
The fear of receiving ‘no’ is equally disappointing. Your customer can reject your product or delay the process.
But despite that, you need to start first.
If you are too afraid of getting denied, start by asking for their feedback on their buying journey so far.
If their feedback is hopeful, go ahead and ask the question.
Remember, asking the customers if they are ready does not guarantee the sales. But at least, it helps in commencing the negotiation phase before you finally close the deal.
B2B sales are complex. The businesses are already having a hard time closing deals. The hesitance to capitalize on modern sales funnels and ditch the old-school traditional sales cycle is already causing a lot of harm.
If in addition to this, if you have multiple flaws in the way you are dealing with the sales, you are surely going to suffer.
This article has enlisted seven ways to help you mend your sales failing attempts.
But if you still can’t find the loophole in your sales funnel, don’t be afraid to contact expert B2B sales and marketing consulting firms. They not only have the right knowledge but also have the right experience to convince your customer.
If your sales attempts are also failing,
and we will tell you where to pick up!