Business-to-business (B2B) sales refer to selling products or services to other organizations. So, instead of the target audience being individual consumers, the sales strategy’s focus would be the key decision-makers in a company. That means the challenges to increase B2B sales also depend on how the company approaches business entities that can be potential clients. B2B Sales Challenges Everyone who has insight into how the B2B industry works is well aware of the challenges that come with it. Unlike in B2C selling, the B2B sales cycle is longer and requires more effort. The company offering a product or service must deal with another business that will purchase based on its needs. So, the biggest challenge is to figure out how to increase B2B sales. Here are some of the common challenges that sales professionals have to deal with when it comes to B2B selling: Lead Generation In the industry, lead generation is considered one of the biggest challenges. As technology progresses, so do the needs of clients. Now, capturing website visitors may not be enough. To increase B2B sales, the service provider or vendor should develop a strategy that balances inbound and outbound lead generation efforts. Additionally, the vendor should find ways to make its content engaging and appealing enough to encourage B2B clients to act to meet their business goals. That means the client should be informed of how the product or service works and why it is necessary for their company. They should be aware of the benefits their company will get in case they make a purchase. Competition Another challenge that a vendor needs to address to figure out how to improve B2B sales is the increasing competition. Nowadays, clients are no longer reliant on sales professionals alone. They can easily collect information and do their research. That means they are also more prone to look for several alternatives regarding sellers. Simultaneously, some customers find it hard to determine a product’s or service’s value and do not understand why they should choose one vendor over the other. Because of this, they may be more focused on the price of the product or service instead of checking the conditions and features. Long Sales Cycle B2Bs have longer buying cycles compared to B2Cs, which makes it harder to increase B2B sales. There are a lot of factors to consider. Additionally, there are more stakeholders involved. Instead of creating strategies suitable for the average consumer, the tactics should focus on the key decision-makers or a team of representatives. The sales cycle will be affected if there is any change in the contact person in the said company or a shift in certain internal processes. In most cases, closing a B2B sales agreement would take months. Measuring Return on Investment (ROI) A common mistake that leads to challenges in increasing B2B sales is the failure to use methods for measuring ROI. Many B2B companies choose not to do it because it does not represent real value. Additionally, many factors could affect the numbers. However, they fail to realize that disregarding this step makes them prone to mismanagement of finances, wrong expenditures, and missed opportunities. Social Sales B2B customers have access to more information now. They are more aware than before. Introducing social networking sites has also simplified the exchange of word-of-mouth information. The challenge is to use social media to determine potential clients and create a more comprehensive network. It is also necessary to determine how to effectively interact with the target audience and develop a relationship with them. Convincing Customers Another common challenge is having to deal with indecisive buyers. Sometimes, a potential client who seems to be convinced to purchase a product or service ends up raising various objections. That means that there is an aspect that was not adequately communicated to them. They may not be fully aware of the product or service’s value and how beneficial it will be for their organization. Best Ways to Overcome Challenges and Increase B2B Sales As stated earlier, B2B sales come with various challenges. The only way to improve B2B sales is to overcome the challenges using the proper tools and strategies. Lead Generation The best way to address this challenge is to expand the market as a vendor. Build a reputation in the industry and establish credibility. Focus on creating significant, valuable, and relevant content. Take advantage of technology to expand the reach of your campaigns. Making your content accessible from anywhere opens new business opportunities. Competition To deal with increased competition, a vendor should first segment its audience. Find out what makes an ideal customer. This information includes a collective profile based on data analysis on the customer bringing the most considerable profit to the vendor. With this, a vendor can create better pitches that appeal to its audience. If there is a potential customer, ensure the sales team is familiar with the company, its vision, and its needs. Long Sales Cycle It takes longer for B2B customers to make buying decisions. To help ensure a positive outcome, the vendor should be able to answer all relevant concerns and properly discuss how beneficial the product or service is for the client. It should also be able to address bottlenecks. For instance, create compelling conversation scripts, review the frequency of making follow-ups, listen to client concerns, and ensure that the sales representative or team is well-equipped and skilled to handle possible objections. Measuring Return on Investment (ROI) While some may overlook this process, finding out how to increase B2B sales is very helpful. Create parameters and be consistent in using them. Compare leading fields relevant to sales and marketing programs and check their impact on the company’s revenue. Consider using automation systems to ensure clients of accurate data. Social Sales Connect with your target audience and business leaders. Interact with their posts. Answer queries promptly. Then, check what type of content they are most likely to read, but seeing the results may take time. Establishing a relationship is important as it can encourage potential customers to consider your company when they need B2B products or services. It is also essential to be consistent. Ensure the social sales strategy aligns with the company’s marketing efforts. Retaining customers would also help to continue a relationship even after completing a sales transaction. Keep in touch, even on social media. Convincing Customers It may be hard to deal with indecisive buyers, but it is not impossible. Listen to what they have to say. Ask open-ended questions to help them understand their company’s needs and issues. Be patient in helping them understand the value of your product or service. Final Thoughts The sales aspect is one of the most critical functions of a company. However, it can also be challenging. There are various challenges to overcome. It takes expertise, the right strategy, and adequate tools to find ways to improve B2B sales.
