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The sales strategy is the key differentiator for any business. Be it product or a service based business – an effective sales strategy can make a huge difference in the B2B market. A B2B selling involves a lot of people and processes before the sale is initiated in the market. There are certain challenges faced by B2B organisations in closing a sales deal and understanding the same will help in identifying the right tactics to clinch sales deals.
B2B Sales Challenges and Ways to Tackle them:
1. Dynamic nature of the B2B market is a major hurdle in B2B sales. Political, economical, societal psychological and technological factors influence the market in a big way. The best way to adapt to changes in the market is by keeping track of the product development by competitors and other verticals. This way, businesses can easily adapt to changing standards at the initial product or service development stage.
2. The influence of Internal Stakeholders of the organisation is something that B2B sales personnel need to monitor regularly. The Production team, HR team, Finance Team, Purchases team, R&D team are the primary stakeholders within an organization. A sales person in a B2B has to tactically deal with all these departments before closing a sales deal. Each department needs to be dealt in their own language to make them understand the importance of the sales deal for the organisation. The top management needs to be made aware of profit maximization, finance department of the cost effectiveness, R&D and production team about the practicality of operations and the purchase team about the low cost good quality raw materials. This way each of them can be satisfied on their levels to close the deal rather than projecting every aspect to everyone which is a waste of time and energy.
3. Risk associated with every new opportunity is another challenge faced by the B2B sales person. He might be taken off guard by the deals given online by some business looking lucrative and cost effective. It might be a good bet but a sales person needs to be aware of the viability and importance of such an opportunity for the organisation and then go for the same.
4. B2B sales challenge is to convince the customer about the quality and timely delivery of the product and the after sales service provided by the organisation. This is best accomplished by providing the previous sales deal records and the testimonials of the existing customers on. Digital media comes handy in such times only.
5. Finally the bigger sale closure cycle is a challenge which is faced by B2B sales people as he has to deal with various stakeholders at all stages of sales in an organisation. The best way to clinch a deal is to be sales person is to be swift yet not to be pushy in getting the work done.
Conclusion
In a technologically advanced environment, b2B sales person faces numerous challenges as described above. Closing a sales deal requires implementation of smart tactics, which are in sync with current market trends. Embracing digital marketing strategies for product and service sales is a proven tactic for differentiating your business. You can choose from a plethora of digital marketing platforms like: social media marketing, content marketing, online ads, blogging etc to boost the sales of the product and services of B2B businesses.
FAQ
What is ROI?
Return on Investment is a measurement that is used to evaluate the efficiency or profitability of your investment. To put it in simpler words, it is used to directly measure the amount of return on a particular investment. It is one of the most popular metrics used by businesses worldwide to measure the performance of an investment. More people prefer Return on Investment as a reliable metric because of its simplicity and versatility. The calculation will not be complicated and it can also be an efficient rudimentary gauge of an investment’s profitability. It can be used to calculate returns from other investments, thereby allowing on to measure all types of investments involved in business and transactions involved in it.
Is Digital marketing the future?
Digital marketing is one of the ways in which you can boost the business sales like never before. Having said that, considering how reliant everyone has become on digital marketing, it is all set to rule the future. Here is why –
- The extent to which people these days are using the internet throws light on how increased internet usage would be in the days to come.
- Digital marketing is an excellent way of building brand awareness among people.
- All the digital marketing strategies put forth by the companies can be monitored as well. The expectation vs. reality picture becomes way clearer now. This further helps in opening up doors for improvement, if any.
Is digital branding the same as digital marketing?
No. Digital Marketing and Digital Branding are different from each other. Digital Marketing focusses on promoting a particular product or service, highlighting its benefits and how useful it would be to the consumers. Digital branding on the other hand is much more subtle and highlights the personality of the company or brand as a whole. Products and services will come and go. Digital marketing strategies will change to suit the seasonal needs or are tailor made for the product in question. However Digital branding is like a long tern digital marketing strategy to bolster the reputation of the company. It communicates what are the core values of the company and what they do to upkeep those values to give the best customer experience.
What are the most important principles of web design?
By now a lot of businesses have realised the importance of good web design. However there are some important principles that need to be followed to ensure that your website turns out perfect.
- Ensure the website loads fast, as this reduces website abandonment.
- Show your intent on every page so customers landing on any page are aware of what your business does.
- Keep it simple so you don’t distract visitors from their purpose, with too many elements.
- Make the navigation as easy as possible, with any part of the website accessible in 3 clicks.
- Maintain the hierarchy in the layout. You don’t want your customers to keep scrolling back up each time they want to refer something.
- Use simple, attractive and value adding content that can convince visitors into becoming customers.
- The site must be mobile friendly for customers to access it on the go.
What is the purpose of website design?
Your website is the first impression that an online customer gets of your business. It is important to make a positive impact on your clients. The website design has the potential to convert a random visitor to a customer and boost organic sales. A great web design will keep customers loyal to your brand as they find the platform comfortable and convenient to use. It provides a good UI/UX to your clients and nurtures your leads. Better the website design, more the engagement with it, bringing in more traffic. It improves the accessibility of your website to a wider audience. It has a significant influence on the brand image and it is important that you get professionals to design your website.
What are the benefits of having a website to your business?
It has come to a point that a business is only considered successful if they have a strong online presence. This is evidently done by creating a dedicated website to the brand. The benefits of owning a website for your business are,
- A credible repository of information on your business
- 24 x 7 customer access to your business
- Boosts interaction with the brand
- It helps expand your market reach
- It improve brand awareness to a global scale
- Provides you with valuable consumer insights
- Helps you beat other competitors with online presence
- Access to all digital modes of advertising
- Makes information exchange easier
Why Digital marketing is important for marketing?
Digital Marketing has become an essential part of today’s business world. It has become so competitive that traditional marketing methods are no longer as effective as before. Digital marketing can improve your conversion rate, boost traffic to the site, keep your customers engaged, helps you understand the market and customers with valuable insights, increases your reputation, and is generally cost effective. Most of your online customers are using their mobile phones to access your site. Digital marketing helps make your business more accessible to mobile users, who make up nearly 60% of the clientele. It makes the entire customer journey more interactive and memorable, bringing you loyal customers, who come just for a good user experience. Digital marketing can also be automated, freeing you from the hassle of keeping track of the campaigns.
