The Top 6 Deal Killing Signs Spotted By The Top B2B Sales Consultant
One of the reasons B2B sales is so hard is because there are numerous blind spots and traps that can derail sales negotiations. You may wish to improve your pricing, adhere to regulatory requirements, and utilize the most effective sales tools available. And regardless of how much hype surrounds it, the best B2B sales consultant suggests that there are no shortcuts to expediting your sales funnel.
B2B salespeople should have the humility to accept failure when it happens. Those are the instances when people should separate themselves from the transaction and walk away. Defining B2B sales will help you recognize the warning indications you’re going to lose a deal.
What Exactly Is Business-to-to-Business (B2B) Sales?
The term B2B sales refer to sales between businesses. As a result, business-to-business (B2B) sales involve offering goods and services to companies rather than to individuals. B2B sales can be:
1.Sales of Services (Software)
To their customers, the service provider sells a solution rather than an item—often in the form of software, cloud-based services, or consulting. When businesses sell cloud-based software services to other businesses, this is a common occurrence in B2B SaaS.
2. Wholesale and Distribution Sales
When a wholesaler sells key parts and components from manufacturers to other businesses, it is known as B2B distribution sales. Wholesalers that sell to retailers include those who supply food to restaurants and those who do the same for clothing.
3. Supply Sale
Companies may specialize in providing specific types of consumables to businesses even though they look like wholesalers at first glance. Companies with formal procurement processes that require purchase authorization from a decision-maker buy from them rather than from private sellers who market directly to consumers or businesses.
Knowing what B2B sales are and how they differ from selling to an individual consumer with a credit card makes it easier to understand why B2B sales are more difficult. There are many more moving parts, multiple decision-makers, and longer sales cycles with numerous touchpoints in business-to-business (B2B) sales, making it more difficult.
The 6 Deal-Killing Blunders in B2B Sales
There are no shortcuts to speeding up your B2B sales funnel, regardless of what other sales representatives claim. We’ll show you six pitfalls in the business-to-business sales process that can slow you down.
1.Pursuing Only Large-Scale Deals
Businesses frequently fail to expand their earnings because they spend time and resources on the incorrect thing or market. An area of B2B sales that goes unnoticed is when companies target the wrong audience inside their industry.
Starting with sales from small and medium-sized businesses (SMBs) can be advantageous. It’s far easier to focus your sales efforts on SMEs. Customer acquisition costs are lower since their demands are simpler and easier to work with. As a result of the reduced stakes, small and medium-sized businesses (SMBs) have better capital efficiency.
Additionally, selling to small and medium-sized enterprises allows companies to gain experience in producing enterprise-grade software. It is done while simultaneously strengthening their small and medium-sized business with a resilient go-to-market strategy.
A company’s credibility, industry growth trajectory, and competitive product advantage are all factors considered by enterprise customers. When you sell to small and medium-sized businesses, you gain valuable expertise and establish valuable relationships that will serve you well in all of your future sales. Try to curate a laser-focused sales technique to ace B2B sales realm.
2. Failure To Ask Difficult Questions
B2B salespeople often get tunnel-visioned during exploration and demo calls and ignore the power of spoken words. They only want to know if a potential buyer is interested in their goods before proceeding any further. They find it difficult to ask probing inquiries that elicit insightful answers or follow rigid sales qualification scripts.
As suggested by B2B sales consultant, giving customers the head start to ask inquiries about your business can help you overcome this problem.
To get stuck on getting “yes” is nerve-racking.
Pay attention to what they have to say and ask your own questions to understand better what they are trying to communicate. Rather than doing all the talking yourself and hoping for a “yes,” let your consumers do it. Negotiation time can be cut in half if you ask a few key open-ended questions instead of meaningless yes-or-no queries that don’t reveal much.
3. You’re Trying to Move Too Fast for Your Prospects
B2B sales cycles are by definition longer and involve numerous back-and-forths. Customer chasing is a common problem for sales representatives. Downloading a content upgrade from your website does not automatically turn visitors into leads. While it’s excellent to “follow up” with your prospects, be mindful that they may not be your most likely customer.
While following up is important, nurturing your prospects is significantly more effective. Do your best to grasp the needs of your prospects. In the event that your product lives up to their expectations, go the extra mile and provide them with resources.
Follow-up that is persistent but polite avoids coming across as obnoxious this way.
4. Sales Cannot Be Limited To Only Phone And Email Contact
I am not suggesting that you go to your lead’s hometown and start pitching to him or her there. However, relying solely on telemarketing or email sales has very little to recommend it.
It is possible that leads who showed up on your website after attending a webinar are not suitable for cold calling. Email outreach is also up against new challenges, such as the GDPR, which was recently implemented.
And, let’s face it, responding to customers via phone or email isn’t the most efficient or quick option. Instead, create an omnichannel sales funnel and offer a smooth and uninterrupted customer experience through all platforms.
5. Remaining Focused on a Single Person
When it comes to closing sales, the most knowledgeable salespeople know they need to get in front of the right people. There are more main participants in a purchase decision in B2B sales than in B2C sales, so the sales cycles are both longer and more complex.
Though including peers in the purchasing process is important, but buyers might overlook it and B2B sales consultant can train you how to deal with it. Buyers are the culprit to some extent. Perhaps they don’t want to annoy their superiors while the case is still pending.
They may believe, for example, that a salesperson knows everything. Effective salespeople are quick to involve key decision-makers on their end of the transaction. Product managers or software developers can answer technical questions. When customers hear from industry experts, they become more invested in your product and better understand your offerings.
6. Don’t Try to Sell Yourself
It’s unlikely that any of your prospects will ever indicate that they’re ready to make a purchase. And many salespeople are afraid to find out if their customers are honest. It’s ironic because selling is what they do for a living.
Most B2B sales consultants will vouch that closing the deal ranks among the most daunting tasks of the job for 36% of salespeople. A request for the sale differs from a request to sign a contract. It is only natural for those who had successful sales calls with your customer to ask for a deal. It’s possible that they’ll delay or flat-out refuse.
If you’re on the fence about proposing, you can start by getting some feedback on how their shopping experience has been thus far. If they say yes, make a suggestion for what to do next. Just because you ask for the sale doesn’t mean the sale is made. In fact, it could serve as a conversation starter during negotiations or when outlining your service level agreements, for example. The more interesting phase of your B2B sales process will not be bridged if you do not ask for the sale, to begin with.
Putting It All Together!
It’s difficult enough to make B2B sales because the market is resistant to change. The sales process is more time-consuming, and it involves more decision-makers throughout the process.
When it comes to B2B sales, however, if there are any additional blind spots in your process, you will see very little to no progress. You can greatly improve your sales skills by learning about and becoming more aware of these common pitfalls. Stephen Covey calls it “sharpening your saw,” and it’s a way to make sure you’re working hard but also smart.