3 WAYS TO MODERNIZE YOUR B2B SALES STRATEGY
The B2B sales process has undeniably changed over the past two years. With a new emphasis on digital and remote sales channels, sales teams across the country have been forced to rethink their B2B sales strategy. In a recent McKinsey survey of 400 sales leaders, 55% reported that only half of their sales teams were properly equipped and prepared for this new B2B sales environment. Executives are “recogniz[ing] that…B2B revenue growth will require significant reskilling among their teams.” Below are three key strategies for B2B businesses looking to modernize their approach to sales.
EMBRACE OF B2B OMNICHANNEL SALES
Omnichannel strategy is the future of B2B sales. Roughly 66% of buyers opted for “remote human interactions or digital self-serve” in 2021. B2B sales representatives need to be flexible and master a wide range of channels, including traditional in-person visits, remote video interactions, and self-serve e-commerce. B2B customers want options “no matter their industry, country, size, or customer relationship stage.” This flexibility has benefited B2B companies. A December 2021 McKinsey survey found that 91% of companies felt their new “COVID-adjusted selling models” were more effective than their pre-pandemic versions. Victoria Morrissey, CMO at Ferguson Enterprises, explains, “The power of true omnichannel is understanding all the channels our customers use, and how they want to use them, throughout their entire journey. If you don’t understand what that journey is, you can’t provide the right information at the right time.” Omnichannel sales should be a priority for all B2B companies because it gives power to the customer, and allows them to interact with your business in the way that is most convenient for them.
CREATE CUSTOMIZED B2B SOLUTIONS
The motto of this new age of B2B sales: personalize everything. “Sales leaders need to sharpen their communication skills and facilitate ideation with customers, pulling in technical experts when needed, running pilots, and establishing mutually-agreed-upon targets and goals.” According to a 2022 Kinsey report, companies that engaged with customers using “personalized marketing and sales” tactics, like direct one-on-one interactions, were “more likely to have gained market share in 2021.” Chris Breslin, President of Farnell Global and Avnet Digital, says, A one-size service offering doesn’t fit everything. We’ll use [our] tools… to help personalize offerings to the different types of customers we serve.“ It is critically important to tailor your outreach and interactions to stand out from the crowd.
BUILD CUSTOMER LOYALTY
Because customer acquisition costs have risen so dramatically in recent years, it is important to focus on building long-term relationships with your B2B customers. Businesses need to create repeat customers through compelling customer journeys and quality deliverables. According to HubSpot, customer acquisition costs for both B2C and B2B businesses have risen over 60% in the last five years. “Acquiring a new customer can cost five times more than retaining an existing customer.” Despite this reality, many companies “spend most of their marketing dollars on finding new customers instead of nurturing the ones they already have.” In this rapidly evolving environment, repeat customers matter more than ever before to B2Bbusinesses.
Whether you’re looking to expand into a new market, invest in new sales channels, or modernize your B2B sales strategy, our team at CASTUS can help position your organization for long-term growth by partnering with you to create a clear business development strategy. Unlike other consulting firms, CASTUS moves beyond the planning stage and supports your team during the critical implementation phase. If you need expertise in developing and executing a B2B strategic business plan, you can schedule your free consultation today.