In a previous article we talked about setting SMART goals, so before we talk about something as vague and “loaded” as How to Grow B2B Sales, let’s ask ourselves if the “growth” that we are looking for has been established as a SMART goal.
In other words that it is a specific goal for example 10%, that it’s measurable against the same period the previous year or against your competitors with similar budgets, that it’s achievable and you have a chance of hitting the target or goal, it needs to be relevant or inline with the focus and goals of the rest of the business; and lastly that it is time-bound so we will know if it has been achieved and most importantly, by when.
So if the goal of growing your B2B sales is a SMART goal then let’s continue…
There are a number of things you can do to improve sales in a B2B environment depending on the type of industry you are in. You could be in technology sales, sales training, solution selling, software sales, you could be managing a remote team, contract sales, business coaching or you could be a lead generation company looking for more clients to provide sales leads to.
The same guidelines can be applied across the board to help increase turnover and increase team performance.
Growing sales in a B2B model is challenging, however, with the right strategies in place it is definitely achievable. Below we will discuss 9 tips to grow B2B sales and increase revenue for your business:
1. Firstly you need to identify and target the right prospect.:
This means understanding the needs, pain points, and buying behaviours of your ideal customers, and then tailoring your sales efforts to meet those specific needs. By focusing on the prospects that are most likely to buy from you, you can increase your chances of closing deals and growing your revenue.
2. Qualify, Qualify, Qualify:
This is probably the most important step. Many salespeople all around the world make the same mistake of spending too much time on leads that are not real prospects. Even failed closes who have been properly qualified are still live opportunities to re-market to and hopefully close at a later stage. However, if they have not been properly qualified as realistic prospects you may be wasting your time and not understanding why.
3. Develop a script and pitch that you hone and tweak as necessary:
Rehearse it with your colleague or your spouse or even in the mirror if you need to. It needs to be confident and roll off the tongue. You need to sound knowledgeable but natural. Too many salespeople rattle off their sales pitches and find that the prospect is not engaged at the close. What’s really happening is that the prospect isn’t at the close, only the salesperson is, because they never checked to see if the prospect was with them along the way.
4. Marketing focused lead generation will only get you LEADS:
These are not to be confused with PROSPECTS. We cover the difference between the 2 in another article on our BLOG. In order to grow B2B sales, you need to know the difference and be able to turn a LEAD into a PROSPECT – read the article here!
5. Leverage Technology:
Technology can be a powerful tool for growing B2B sales. This means investing in sales and marketing software, such as CRM systems, marketing automation tools, and analytics platforms. By leveraging technology, you’ll be able to automate repetitive tasks, track and analyze customer data, and gain valuable insights into your sales and marketing efforts.
6. Continuously improve your sales process:
Continuously improving your sales process is essential for growing B2B sales. This means regularly evaluating your scripts and the steps in your process, identifying areas for improvement, and making necessary changes. By doing so, you’ll be able to optimize your sales process, improve your conversion rates, and increase your revenue.
7. Network and collaborate with other businesses:
Networking and collaborating with other businesses can be a powerful way to grow B2B sales. This means building relationships with other businesses, sharing resources and knowledge, and working together to identify new opportunities. By networking and collaborating with other businesses, you’ll be able to tap into new markets and expand your customer base.
8. Offer incentives and rewards:
Offering incentives and rewards can be a powerful way to grow B2B sales. This means offering discounts, free services, or other incentives to customers who meet certain sales targets or milestones. This not only helps to increase sales, but it also helps to create a sense of loyalty and motivation among your customers. Additionally, incentivising repeat business can also be a great way to increase revenue and grow your B2B sales. We cover repeat business and “loyalty schemes” in one of our articles – take 5 minutes to read up on it and arm yourself with the necessary tools to grow your sales revenues.
9. What is the competition up to?
Keeping an eye on the competition is important for growing B2B sales. This means monitoring the sales and marketing strategies of your competitors, as well as keeping track of their products, prices, and services. By understanding what your competitors are doing, you’ll be able to identify areas where you can differentiate yourself, and create a unique selling proposition that will help you to stand out in the market.
In summary, growing B2B sales requires a combination of different strategies and tactics. By identifying and targeting the right customers, building strong relationships, developing a comprehensive sales strategy, leveraging technology, and continuously improving your sales process, you’ll be able to increase revenue and grow your business. Additionally, by networking and collaborating with other businesses, offering incentives, and keeping an eye on the competition, you’ll be able to stay ahead of the curve and continue to grow your B2B sales over time.
We really are just scratching the surface here, but every business is different and the challenges and opportunities aren’t the same wherever we look.
It’s important to spend or should I say, invest the time to evaluate your processes and refer to the points above.
If you find a couple of things here that are valid and making sense, but you feel you could do with some help or advice on how to implement changes – get in touch with Outsource Sales Director