B2B, more commonly known as the business-to-business model, is a sales model that concerns the selling of products of one company to another. The salespersons in the sales department are responsible for handling these types of sales.
B2B sales are primarily focused on convincing and selling to established firms. The salespersons of both parties are specifically trained to get the best deal for their companies.
The B2B sales model contains excessive detailing and we are able to categorize it into types, let’s have a look at them.
Types of B2B Sales
There are two types of Business-to-Business sales:
Business with consumers, and Business with resellers.
Business with consumers
Although many people would like to call it B2C, the B2B sales model can also perform business with consumers. How can that happen?
There are times when the companies that are buying a product/service may be the end-user. This makes them the consumer of the seller’s product/service. Hence, business with consumers.
These products/services can include different software services, hardware equipment/services, etc.
Business with resellers
The second type of selling in the business-to-business sales model is done with companies that wish to utilize the product/service and manufacture their own products.
How does it work? Understanding the procedure of B2B Sales
There is no right way to perform the operation of sales. However, there are some commonly popular steps that ensure the process yields maximum success.
Let’s have a look at those steps.
The first and foremost step in any sales procedure is to perform an in-depth market analysis. The process of market analysis helps the sales team to identify its target customers. More importantly, this helps them set their target on the right customers.
In the overall business industry, knowing your customer, knowing your market, and outlining your competition holds significant importance.
While the product is of primary importance for a business, it’s still of no use if it is not being sold to potential customers.
As mentioned by a number of salespersons themselves, the sales call is by far the most tedious step in a sales procedure. The Sales Reps have to contact clients, set up meetings with potential clients, and etc.
The process is easier for Sales Reps if the customer is already enlisted in the user list of the company. This helps them contact them.
On the contrary, contacting a new customer is difficult because the sales reps have to deal with the gatekeepers to get the appointment(s).
Sales call holds great importance in the sales process because it directs the entire success path of the Sale. A sales call full of open-ended questions to help the customer open up is considered helpful in knowing more about the customer and their interests.
Be the solution provider
The most important, yet extremely difficult trait to practice is to be a solution provider. Customers often consider sales reps to be disturbing and wasting their time. They generally like to not take the salespersons seriously.
Here, the salesperson has to shift its strategy from selling the features of its product towards providing solutions that the product brings. This step is easier said than done, however it proves to be a success every time.
When sales reps provide solutions to significant problems, the customers feel comfortable and value the sales reps. This works in favor of the salesperson as the comfort of a customer is a green light to go all-in and seal the deal.
Adapt the SMART Goals strategy
This section of the article will resonate with each and every salesperson who happens to read it. The adaptation of the SMART strategy in the field of sales is a must for every salesperson.
SMART – Specific, Measurable, Attainable, Relevant, and Timely – is an industry acronym used widely to gauge the management performance of any department.
Specific – People often ask where do the sales reps go wrong, most of the time? It’s this. They fail to be specific about their motives.
The sales professionals need to provide concrete numbers when setting goals to increase sales revenue, to ensure the organization remains accountable in pursuing its sales goals.
Measurable – The salespersons need to be able to gauge their growth and success. The measurement does not have to consist of tangible numbers, however, the measurement criteria should be appropriate to provide realistic results.
Attainable – Who does not like to think out-of-the-box, literally all the time? We all do. However, it is not always in the best interests. Therefore, sales reps need to have sales goals that are feasible to complete. A goal should be a balance between having to work hard to achieve something and the target being achievable.
Realistic – It is similar to the attainable aspect. Sales reps need to have realistic goals in order to be able to fulfill them and feel confident about their progress. Unrealistic goals can lead to two major issues:
– The Company suffers as they were not able to achieve the goals.
– The salespersons’ morale drops due to their failure.
Timely – Time is of the greatest importance in sales. The sales goals should have concrete deadlines to ensure they are on the ship when it sails. The timely achievement of goals increases the productivity of a team and provides ease in mapping the upcoming tasks.
Close the Sale
Closing the sale is yet another important step in the department of sales. The sale should be closed by flagging it as a success or a lead lost. In both cases, the company needs to know the outcome of the process and needs to move on to other prospects.
The option of keeping the leads open for a significantly long time usually ends in no good and the companies end up wasting their money.
After Sales Service
Many sales reps often happen to forget this step or tag it as a step out of the sales process. However, After Sales Service holds great importance. The sales rep should follow up with the confirmed client even after the sale is concluded to show a sign of goodwill of the company and ensuring that the rep still considers them its first choice.