Understand Your Market:
Use an ABM approach. This is more important now than ever. Take a deeper look at your current key customers. Why did they buy your product? What problem does your product help them solve? Don’t make assumptions about the answers to these questions. Rather, take the time to interview the decision makers and people that have important roles within these businesses. Become a good listener. Their answers may give you new insight that will enable you to tailor a product that best fits the needs of those key customers. Sales Hacker provides a useful and thorough list of questions to use when interviewing your customers.
It’s the face to face interaction that is important here. So, while your customers probably are not comfortable with anyone going into their office, video chat enables them to at least see you. B2B salesThat one on one interaction goes a long way towards building relationships with those valuable customers. As many of us know, relationships are everything. It is those relationships that help you gain your customer’s trust while they stay loyal to you.
“Customer data is intended to facilitate the relationship between the sales rep and the buyer,”
Identify which segments of your market are healthy and which are not:
The truth is that there are segments of our economy that have been hurt more than others by the effects of the pandemic. Airlines, hotels, concert venues, are just a handful of types of businesses whose business came to nearly a stand still overnight. While some of these businesses that were most effected may be back open again, they have a long way to go in being able to turn a profit again. There is much that is not in their control with the current circumstances because of their line of business. So, to a large degree, those businesses will do well if they can just hold on until their situation improves.
Figuring out which businesses may still be financially strong and which ones are not could present a challenge. The Harvard Business Review recommends thinking about it from the angle of your prospect’s customer. If your prospect’s customer is doing well financially, then your prospect is more likely to buy from you. On the other hand, if their customer is not doing well, your prospect is not likely to have the means to buy your product.
An example is if your business sells event venues or products for technology conferences, you recognize that your prospect is likely not to buy from you until the conditions for holding in person conferences improves.
In summary, you should be in the know of what is going on in the marketplace and the impacts of current events. Keep informed and use it to steer your marketing campaigns to prospects you are most likely to convert into customers.
Provide your top B2B sales producers the best data, leads, and support:
If you haven’t already, you need to assess the strengths of your B2B sales staff. By this, I mean identify who are the top producers of your marketing and B2B sales team. In these challenging times, you may be functioning with a smaller team. So, it is imperative that you equip them with tools they need to find the best prospects and convert them into customers. Good quality data, leads, and support will enable them to do their best job of selling for your business.
Lastly, when it comes to giving your top producers what they need, make sure they have the support to do their best selling. Your sales and marketing teams should be collaborating, and there should be open channels between them. Ask your salespeople about the effectiveness of the marketing. From their experiences talking to different leads, they could very well have insights that you and your marketing team have not considered. Show your sales reps that you value their ideas by listening and putting some of their suggestions in place.
Recognize that in person sales is out, Web and video conferencing are in:
B2B SalesAmid the current pandemic, your sales representatives can utilize web and video conferencing to connect with prospects. In the circumstances we find ourselves in now, we need to seize the opportunities which technology has afforded us.
Capitalize on web and video conferencing. These formats give your reps that face to face personal connection with prospects. Experienced salespeople know this is ever so important in developing relationships. When surveyed, 73% of B2B buyers say they want a personalized customer experience. Video conferencing makes that experience with your buyers possible. Utilize these tools internally and externally. As many companies now have their staff working from home, it is an effective way to keep your team together when physical distance is separating them.
Increase your investment in B2B sales and deploy the best work from home tools:
Now, this suggestion to invest more money may strike you as surprising considering the current state of the economy. Your business, also, may be one that has taken a hit on your sales productivity and your ROI. However, you may find that you are in a situation where your operational expenses are less because you needed to downsize your staff and your employees are now working from home. If that is the case, redeploy the extra funds, while investing it in tools that will enable your team to be productive as they work remotely.
Opportunity to Reinvent:
When all is said and done, and we look back at this time, we are going to see that some businesses came through this challenging period in history with flying colors. Many of those businesses will have found a way to reinvent themselves and come out stronger than before.
No matter the type of business you are in, if you are going to weather the different storms which will inevitably come your way, it is imperative you find ways to reinvent.
After all, we have experienced since the global pandemic began, we can realize that not everything in life is within our control. However, we do have choices with what we do in times when we are thrown a curveball. Rather than accepting the false premise that there is nothing you can do to improve the situation, take concrete actions now that will keep your business strong, leading you to surpass your sales quota.