Business-to-business (B2B) sales are among the best ways to quickly grow your business profits and potentially keep them going in the long-term. B2B sales are transactions of products, goods, or services from one business to another, rather than from business directly to the consumer. Because businesses often purchase larger amounts of goods, B2B sales often yield higher dollar profits and lengthier sales cycles.
Learning these 5 ways to close more B2B sales can be rewarding and very lucrative for your organization. If you want to have an edge on the competition and have your products or services sought after by other businesses, you’ll want to create a sales process that works for potential buyers, current business-consumers, as well as your overall business model.
1. Conduct Market Research
Before you do anything else, start your B2B sales process by conducting research on the current market demands on your goods or services. You’ll want to check out your competitors in great detail. Find out what they’re offering. Learn their techniques and strategies. Find out what they’re message is and then work to make your product, services, and sales approach even better.
2. Educate Yourself on Your Ideal Buyer
Learning about the companies that fit your ideal buyer persona will help you grow your B2B exponentially. Take time to study your potential ideal buyer’s business. How are they growing and changing? Will they need what you’re offering? Finding out information about your potential buyers will help you to better present your goods and services, and will also give you a better idea of what future B2B sales could be.
3. Sell Business Results and Outcomes
Now that you know all about your potential B2B buyers, it’s time to start your pitch. Businesses can likely get your goods or services elsewhere, so you need to tell them why they should buy from you. What are the results, outcomes, and profits they should expect when purchasing from your business? Be sure you have a concise and tangible business outline to beat out the competition.
An excellent customer value proposition will help you sell your business’ results and outcomes in a concise and compelling way that is unique to your company. You want this statement to be as impactful as possible to your potential buyers, and keep them excited about working with your company in the long run.
4. Connect Face to Face With the Decision Makers
Although it seems more convenient to meet with your potential buyers over the phone or by video conference, if you want to set yourself apart from the competition you’ll want to go the extra mile and meet your buyers face to face. It’s easier to build a business relationship and gain buyer’s trust when they can see you in person. Making a sales trip could be the difference between getting those huge sales or losing them.
5. Stand Behind Your Pricing
All too often, businesses think lowering their customer’s costs is a valid solution. Underselling your services and products might seem like a great way to beat the competition, but it only devalues your proposition and leaves you with prospects who can’t afford an investment in truly valuable solutions.
Instead, stand firmly behind your prices. This shows that YOU value what you have to offer, building value behind premium pricing for your clientele. With this simple tip, you’ll see yourself closing larger sales more often with the type of prospects you’ve been dreaming of.