In the last 10 years, there has been the rise of Buyer’s influence in B2B sales. For example, 65% of the time of the sales cycle buyers is spent doing independent research, only 5% of the time of the sales cycle is spent with the sales representative, and on average there are 11 stakeholders involved in the buying process.
There is a tremendous amount of quality information available on various digital channels which makes it easier for buyers to choose their suppliers, thus making it difficult for sellers to influence customer decisions. As a result of these changes, deals are getting longer and the win rate for closing deals is decreasing.
Sellers who are able to gain buyer insights and provide the best solution to the buyers will win the market. The way to gain these insights is through new technologies that pull data from different sources to create buyer insights that are relevant to sellers. In this digital-first world, B2B companies need to continue developing innovative ways of engaging with their audience on a personal level throughout their buyer’s journey.
How the Old Sales Processes are Outdated?
To dig deeper into the issues caused by this paradigm shift, Contiq did a poll of the Enterprise sellers. The poll found that the old sales processes do not get the job done anymore because of three reasons.
First, the buyers do not engage with generic marketing material, and sellers need to adapt. More and more sales calls rely less on pre-packaged material and rely more on demos and trials.
Second, understanding buyer engagements and their propensity to buy is crucial to closing deals more efficiently. Relying on manually entered, stale, and outdated data misses the real buyer insights and activity. Furthermore, the manual data entry bogs down your sellers because they have to do the grunt work of updating the CRM instead of focusing on the buyer’s needs.
Last but not the least, sellers need to stay actively engaged with the buyers and boost engagement with them throughout the journey so your team has the mindshare and first access to buyer information. Lack of collaboration is the biggest hindrance to completing a sale and constant communication with the buyer will lead to more deals closed. Not only is collaboration important, but collaboration with the right stakeholders will help sellers close more deals. When speaking with a company that works with founders and CEOs to improve their sales processes, they emphasized how often sales get lost because the competition created better engagement with the right stakeholders and already got a deal signed.
How to improve the B2B buying journey with new technology?
Closing more deals requires improving the buyer journey. To do, the first requirement is to have a continual omnichannel measurement of buyer feedback instead of blind, generic content pushes. The way to sell to your buyers is to understand them and what they are looking for. New technology has made the buying and selling process very different than it used to be. Now there are tools that help you measure buyer engagement and receive feedback in real-time. This allows you to learn and tailor the information you send to your buyers.
Also omnichannel, real-time insights from the buyer and user data enriches the CRM and adds business insights to them as well as relieves sellers from the monotony of manually updating the CRM. Linking buyer engagement with business metrics is going to be essential for this changing world and a CRM with relevant real-time data will be so much more helpful than manually entered stale data.
Once the sellers have a unified view of your buyers, collaboration is made easier within your organization. A real-time omnichannel collaboration channel with proactive notifications and recommendations is much more helpful when multiple people are handling the same account instead of fragmented access points that the sellers need to continually sift through. Unified collaboration spaces are able to measure and boost engagement across various channels which means buyers get a quick response from your team and can close deals more efficiently.
Conclusion – Close more deals in the brave new world of Buyer-led Enterprise sales.
Enterprise sales have changed and buyers have most of the power but fear not with new technologies that focus on an omnichannel of measurable engagement, real-time buyer data that enriches the CRM and adds business insights instead of old manually entered stale data, and a unified collaboration channel that teams can use is the new way to sell your product. Close more deals in the brave new world of Buyer-led Enterprise sales.