What is B2B?
B2B is an acronym for business to business. It’s used to describe sales that are made between two businesses, rather than between a business and an individual customer.
B2B vs. B2C Sales
The difference between these two sales models is in their names: business to business (B2B) and business to consumer (B2C).
While B2B is specifically used for businesses that sell directly to other businesses, B2C refers to businesses that sell directly to consumers. While many companies focus on one or the other, some business models utilize both.
Other differences include the length of the sales funnel (B2B is much longer), and how many decision-makers are involved. Generally, B2B sales are more complicated than B2C, which often sees more direct, simpler, sales. It’s common for sales reps to prefer specializing in one model over the other.
B2B Sales Process
A B2B sales process will differ slightly depending on each specific business, but the main components are similar.
Research
To find the right audience you need to conduct research. Figure out what type of business best benefits from your product, and begin making a list of contacts to reach out to. Dig a little deeper and see how much information you can find about their specific business model, goals, yearly performance, and any other metrics that will help you while prospecting and putting together a personalized sales pitch.
Prospect
Sales prospecting can be stressful. Incorporate a mix of cold calls, video emails, and personalization to make meaningful connections. Show your sales prospects that you’re aware of their business needs and are dedicated to helping them succeed.
Make a Sales Pitch
Once you’ve established a good relationship with your sales prospect, it’s time to pitch them. Tell them about your product’s unique selling point and how it will help them achieve their goals. Ensure your pitch focuses on their needs. Simply pushing for a sale won’t work and will ruin the trust and respect you’ve built up.
When possible, do a product demo via video to really show off what features they can benefit from.
Negotiate
B2B sales often have big price tags, so it’s common for negotiations to occur. An account executive will often step in to help with negotiating and ensure the final sale meets expectations for both parties.
Closing
After the negotiation period, it’s time to close out the sale and deliver the product to the customer.
Follow Up
After a sale is closed, always make time to follow up with your customer. Ask if your product is meeting their expectations or if they’ve run into any issues. Address issues immediately to ensure their satisfaction.
Communication with existing customers is vital; they should feel like a valued customer, not another case closed once you’ve secured revenue from them.
B2B Sales Tips
To stay ahead of your competition, follow these B2B sales tips:
- Offer sales coaching. Ensure your sales team is up to date on industry trends and practices. Constant learning is vital, and will help ensure they have the tools, knowledge, and resources they need to close more deals.
- Personalize interactions. Adding a personal touch, when appropriate, will help create more meaningful relationships with customers. This is key when it comes to gaining trust and respect, which go hand-in-hand when closing new deals.
- Provide options. Don’t always push your most expensive product. Yes, you want to generate revenue, but do so realistically and keep your customer’s needs and budget in mind. Give them options so they feel in control, and communicate effectively so they understand the differences.