Statistics reveal that B2B sales are projected to bring in approximately three times the revenue of B2C sales by 2023. Research-driven buyers, a diverse selection of vendors, and multiple purchasing paths make B2B sales a bit challenging and generating B2B leads more difficult. Sales have evolved into a diverse sector in and of itself. Different measures are taken to help businesses maximize their sales and revenues, with such a diverse range of products being sold to various clients.
There are a plethora of businesses all around the world. Some of them are pretty modest, selling only a few things to local clients. Others are massive conglomerates with locations all over the world. Ranging from food and entertainment and computers to heavy machinery, the assortment of products and services is limitless.
Even though there are so many different types of businesses, a few things apply to all of them equally. One example is sales; all businesses must sell to generate revenue in order to exist and, preferably, thrive.
This post will focus on business-to-business (B2B) sales.
The Meaning of B2B Sales
Business-to-business sales are abbreviated as B2B. It refers to businesses that offer products and services to other companies directly. Any transaction in which a company sells items or services to another company rather than directly to a customer falls under this category. Inside sale is a term that is occasionally used to describe such transactions. This is parallel to business-to-consumer (B2C) sales, which involve selling items and services directly to consumers.
Types Of B2B Sales
Now that we know what B2B sales means, here are the three classifications of B2B sales categories based on the business model or product:
Type 1: Supply Sales
The vendor sells consumables that another company uses.
The transaction here is between a purchasing company and a supplier. Office supplies, employee clothing, and specialist equipment are examples of these resources. Many businesses maintain stable suppliers with regular restocking, and most supply sales are done in bulk at a discount to the buyer. They use a similar process to the B2C companies. The distinction is in quantity and buying authorization. Instead, things are purchased in bulk and require clearance from a manager or decision-maker or many decision-makers.
Type 2: Distribution Sales
Distribution sales (sometimes known as wholesale sales) are somewhat similar to supply sales. Businesses tend to buy key manufacturing or retail components from other businesses. However, Distribution sales deal with retail products rather than suppliers. Everything from bulk produces to medications to apparel is included in this category.
Type 3: Service/Software Sales
Instead of selling a product, the service provider sells a service.
For example, In the case of tax accounting, this could be an accountant who works with a small business or an accountancy firm that works with a larger company. It could also be a software-based service, such as tax accounting software.
Sales of service as a software (also known as SaaS sales) are similar to supply; only they entail selling a service (or software that offers a service) rather than a product.
Key Features of a B2B Sales Process
B2B selling is a complex process that successfully achieves results with the use of well-planned, well-thought-out, and well-implemented strategies. Each stage, action, and event of the sales process is highly defined and includes various sales methods determined by the type of customer and their circumstances. It is typical for B2B sales cycles to be comprised of 5-8 stages depending on the company's industry and features. The basic steps of B2B sales are:
Lead generation (finding sales-qualified leads).
Discovery ( research phase).
Qualification (assessment of the prospect's potential as a customer).
Pitch (targeting points of value relevant to prospects).
Objection handling (answering prospects' questions by repositioning the offer).
Closing (the final stage of convincing the prospect that your solution is a good fit for their needs).
Follow up (following up the sales calls, providing additional helpful information like next steps, the summary of the conversation, etc.).
Check-in (you should follow up with the prospect once he has become a customer and has bought your product or service)
Important B2B Sales Strategy
B2B and B2C sales strategies overlap in a more informed and fast-paced marketplace. It is essential to identify the ideal buyer and focus on solving a customer's problem instead of pushing your product. Both of these practices apply particularly well to B2B sales since they deal with the issue of selling to a group rather than an individual. So, using the company's overall benefit, as your sales pitch, makes it easier to convince a large number of individuals all working towards the same goals. Here are a few ways to create an effective B2B sales strategy.
Social selling is a proven technique for prospecting, building customer loyalty, and generating qualified leads. The point is not to bombard strangers with uninvited Tweets and Direct Messages. Adding new contacts to your list is not the only goal of social selling. The key is to make those interactions meaningful and show that your brand has a solution to the problem. Utilize social media to build relationships, expand your network, optimize lead generation, and boost sales! Having done that, you are more likely to build trust and loyalty.
In the context of B2B sales, digital marketing entails increasing the online visibility of your business. Digital marketing helps increase brand awareness to drive sales, either directly or indirectly.
Pay Per Click (PPC), a commonly used digital marketing strategy that is typically highly targeted, allows you to contact the correct people in a cost-effective way.
Content marketing entails producing high-quality content that attracts a large audience. Content can range from blogs and articles to videos, audio, graphics, reels, and stories, among other things. If the content is useful or engaging, it will likely be shared, giving your brand more exposure. Having a robust content marketing strategy can result in increased brand exposure and, as a result, increased revenue.
Social Media Marketing
A B2B sales team can reach out to a large number of potential customers through social media marketing. Businesses can create their online communities via social media. Businesses can leverage social media accounts to establish contact with potential clients and keep them up to date on helpful material and product announcements.
Cold-marketing methods such as email are typically used for email campaigns. A company sends out hundreds, even thousands, of emails to potential prospects and collects as many emails from them as possible. Although only a small percentage of options respond to these emails, email marketing platforms allow companies to send out emails in large volumes.
You should upgrade your B2B sales strategy and make full use of the above solutions if you plan to increase your sales numbers this year. If you want to boost your B2B sales, we have the solution for you! We can help you develop a strategy that fosters growth, fills your sales pipeline, closes more deals, and turns happy customers into promoters for your business. For more information on our B2B sales strategy visit our online marketing agency.