The B2B e-commerce market is forecasted to reach $1.8 trillion by 2024, a figure three times the $600 billion expected for B2C sales in the same period. Reflecting on my early days in B2B sales back in 2012, selling law services to small and medium-sized businesses, I’ve seen firsthand how the landscape has evolved significantly.
The Changing Landscape of B2B Sales
The B2B sales process has become more complex with research-driven buyers, numerous vendors, and multiple purchasing paths. This complexity can make reaching B2B leads more challenging in terms of sales strategy and marketing efforts. However, this evolution presents a significant opportunity for those who can adapt to the modern B2B sales process.
The Modern B2B Sales Process
In the past, the B2B sales process was linear and straightforward. Vendors would reach out to potential buyers, discuss their needs, and close deals through direct interaction. Today, the internet has transformed this process into a multi-platform journey with numerous touchpoints. Here’s what the modern B2B buyer’s journey looks like:
- Mapping Solutions: Buyers identify potential solutions and optimize their options.
- Peer Recommendations: They seek recommendations from professional networks and review sites.
- Informed Decisions: Buyers make decisions based on comprehensive information gathered beforehand.
- Vendor Interaction: Buyers either approach a vendor or follow up with recommended or previously interacted vendors.
Essential B2B Sales Techniques
Adapting to the modern B2B sales process requires a buyer-centric approach. Here are three essential tactics that can help B2B companies thrive:
1. Align Sales and Marketing Through Account-Based Sales (ABS)
Account-based sales (ABS) aligns sales and marketing efforts to target specific accounts, ensuring a cohesive strategy that addresses buyer needs directly. This approach flips the traditional sales funnel, starting with identifying and targeting key decision-makers. An example of ABS in action is DocuSign’s success, where ABS campaigns led to a 22% growth in the sales pipeline, tripled click-through rates on key CTAs, and significantly reduced bounce rates.
2. Capture Hearts and Minds with Compelling Content
Content marketing is crucial in the B2B space, with 69% of successful B2B marketers having a documented content strategy. B2B buyers typically consume an average of 13 content pieces before making a purchase decision. Effective content solves problems, builds connections, and establishes trust. For instance, HubSpot’s content-driven strategy has played a significant role in its growth to a $513 million company.
3. Convert Cold Leads into Brand Enthusiasts with Social Selling
Social selling leverages platforms like LinkedIn to build relationships and close deals. It allows sales reps to connect with leads earlier in the buying process. New Horizons’ success with social selling on LinkedIn resulted in $1.7M worth of opportunities within six months, a 57% close rate, and $1M in revenue.
The B2B Sales Process Today
Today’s B2B sales process is not linear but an overlapping Venn diagram with multiple touchpoints and informed buyers. This complexity can be an advantage, creating higher barriers to entry that reward adaptable, buyer-centric B2B companies.
In conclusion, while the B2B sales process has become more intricate, it presents significant opportunities for those willing to embrace the challenge. A complicated process signifies a higher barrier to entry, which can be beneficial for companies that are prepared to meet modern buyers’ needs. As the landscape continues to evolve, the excitement lies in adapting and thriving in this dynamic environment. Bring on the new B2B selling challenge — I’m ready.
