If you're a B2B company, you know how difficult it is to skyrocket your revenue.
You've got a lot of competition, and your clients are constantly bombarded with sales pitches from other companies. You need to differentiate yourself from the crowd and show your clients that you're the best option for their business.
But how can you achieve that?
The answer: by adopting effective sales strategies. When you embrace a strategy that works for your brand, it will help you unlock accelerated growth.
This post will walk you through some effective strategies for growing your B2B business through sales.
It is becoming increasingly important for B2B companies to integrate technology into their sales processes. They need to use data analytics and artificial intelligence to help them plan and execute more effective strategies.
A recent study by McKinsey revealed that 72% of the fastest-growing B2Bs report analytics as a highly useful tool in improving sales planning. You can use analytics to get an insight into a company's clients, which can then be used to plan out sales strategies and pitches.
You can use this data to better understand your customer needs and identify market trends. Also, it will help salespeople create personalized pitches for each client instead of using one generic pitch for all customers.
According to the International Data Corporation, B2B companies will integrate AI interactions and analytics technology to provide highly personalized journey engagement, which helps them get rid of 40% of marketing and sales human touchpoints.
With these technologies at their disposal, you can optimize your marketing efforts by providing customers with what they need when they need it. That means you can reap the benefits of increased revenue from better customer engagement and retention rates.
Account planning is an effective sales strategy for B2B companies. It helps sales leaders identify better sales opportunities.
According to Gartner, only 28% of sales leaders believe that their current account management channels consistently deliver their cross-selling and account growth targets. That means a huge chunk of sales leaders still need effective account planning that helps them unlock new avenues of higher sales.
Many sales leaders use Salesforce to effectively manage their sales processes. However, account planning in Salesforce is still essential if you want to capture potential customers faster and increase the likelihood of closed deals. It helps you deliver an exceptional and customized experience to prospects, thereby increasing the chances of converting them into loyal buyers.
Moreover, account planning is an effective sales strategy for B2B companies because it helps them improve the effectiveness of their existing sales channels and develop new ones.
The first step in effective account planning is identifying what value you provide to your clients. It will allow you to identify ways to increase your value proposition.
Let's assume you're running a financial services company. You could identify that one of your clients is struggling with cash flow issues and use this knowledge to develop a new product or service that would help them reduce their operational costs. It could be anything from offering better interest rates on loans or more flexible terms for payment plans.
Besides identifying how you can improve your value proposition for current customers, account planning also helps you identify prospective clients.
Being a B2B company, pricing your product is one of the crucial factors in determining whether you'll be able to sell it. If it is too expensive, clients will switch to other cheaper alternatives. If you price it too low, you might not make enough money to cover costs.
You need a value-based pricing strategy to ensure it hits the sweet spot. Value-based pricing means that the price of your product is determined by how much value it brings to the customer rather than just cost or profit margins.
The 2021 SaaS Pricing Survey revealed that 39% of B2B SaaS companies adopted a value-based pricing model to decide their product’s cost. It shows how many B2B businesses are realizing the benefits of this pricing model. The idea behind this practice is that you should be able to charge customers more or less, depending on how much value they get from your product.
This is an effective sales strategy for you because it allows for flexibility in choosing how much you’ll charge your customers based on what they’re willing to pay. It will also empower you not to force them to adopt a one-size-fits-all plan that may not provide enough value at the right price point.
Lastly, it also helps set expectations with clients who may be unsure about their future needs and wants as they grow with you over time.
It's no secret that B2B companies are always looking for ways to grow their business. But what if we told you there was one particular strategy that could help you reach your goals faster than ever before?
Aligning your goals with a target audience is one of the most effective strategies in sales, as it helps you convert more leads into customers and keep them coming back for more. It's been proven by a study from RAIN Group that indicates 68% of buyers were influenced more by sellers who can show them how to solve a problem or what's possible.
That means if you want to convert your prospects into loyal customers, it is more than essential to understand and enlighten your target audience to convert them into loyal customers.
But how do you do this?
First, identify your prospects by looking at their purchase history and conducting market research through surveys. Then, create an outline of their needs and pain points so that you can craft a solution that addresses their problems.
It’s important to note that the solution should be relevant and personalized to each prospect because people buy based on needs rather than logic. Make sure that your offer is unique enough so that prospects will think twice before going elsewhere.
The process of growing a business is a long one, but it's also incredibly rewarding. The payoff is well worth the effort. The effective sales strategies discussed in this article are designed to help B2B companies unlock new avenues of growth.
The strategies we've discussed are simple, but they can be valuable for your business. The more you focus on implementing these strategies, the more sales you'll close and the more money you'll make.