How does digitization impact your sales team?
- Why B2B sales teams have a harder time now than ever before
- How successful B2B suppliers can digitize to turn the tide
B2B companies have been investing in digitizing back-office operations such as administrative duties using sales enablement tools. However, the B2B industry still lags significantly behind the B2C industry when it comes to monetizing front-end procedures such as web stores and customer interactions. The problem lies in the misconception that the success that B2C companies experience is isolated to them alone — which is certainly not the case.
With that being said, recent research shows that B2B companies that digitize their entire operation generate 8 percent more shareholder returns and enjoy CAGR (Compound Annual Growth Rate). That’s a 500% increase when compared with their non-digitized competitors.
Additionally, digital front-runners in the B2B industry generate 3.5 percent more revenue and are 15 percent more profitable than other, less digitized businesses in the B2B field. Contrary to popular belief, B2B sales tools are already producing statistics that prove just how useful and effective they are in upgrading the B2B sales industry!
In this article, we'll be showing you what successful digitization looks like in the B2B industry on the sales front.
Why do B2B sales teams have a harder time now than ever before?
Many B2B companies live and die by the success of their sales teams (and for good reason.) You can have the greatest product in the world, but unlike B2C companies, B2B businesses can't rely on YouTube ads sponsored by celebrities to get sales.
The B2B sales process is often much more complex. It relies on B2B suppliers to develop approaches to the sales process. This ranges from supplying their sales reps with cutting-edge knowledge of prescriptive sales techniques to developing internal champions at prospective buyers' businesses in order to be successful.
One of the major challenges that B2B suppliers face in the digital age is that buying groups are bigger than ever. Much of the bargaining power in B2B transactions has shifted from the supplier to the buyer.
So much of the modern B2B buying process is taking place behind closed doors your sales team won't ever have access to. This is why making sure your sales team's first impressions on potential buyers are good is more vital than ever.
Without knowing exactly what each prospective buying group is looking for in any given product or service, it becomes incredibly difficult for sales teams to hit the sweet spot with groups of stakeholders. They often number seven or more and have diverse interests that all need to be accommodated. Long story short, buying groups are getting bigger and more discerning, and the sales process is harder than ever for B2B suppliers.
Ultimately, increasing your profits in the digital age will revolve around whether you're giving your sales reps the information they need about buying groups to sell your product or service on a group-by-group and stakeholder-by-stakeholder basis. Pair valuable and in-depth research with the use of sales enablement tools and you’ll experience excellent improvements in most of your sales efforts!
To this end, digitizing your sales process to give your sales team detailed analytics about buying groups can be incredibly powerful.
How Successful B2B Suppliers Can Digitize to Turn the Tide
Digitization can make the sales process a lot easier for B2B suppliers. Successful B2B companies have sales teams that can track exactly where a customer is in the decision-making process. The efficient use of B2B sales tools basically means they can then engage the prospect by interacting with them through the use of custom-tailored advice and proposals.
If these personalized messages reach the prospect at the perfect moment and with the perfect message that, in turn, moves the prospect quickly through the sales cycle, then not only will your sales efforts speed up, but the chances that it results in a successful sale rises even further! In other words, by digitizing your customer analytics and arming your sales team with useful information about each and every buyer group and stakeholder they interact with, you can greatly increase your bargaining power and windows of opportunity in any given transaction.
The world is now at its most digitized. Anything and everything you do is connected to some sort of digital effort. B2B companies need to make use of these sales enablement tools so that they can not only meet but potentially surpass the standard that the B2C industry has already set!
Are you struggling to digitize your sales process and customer data analysis procedures? Let our premier software platform for B2B businesses, Consensus Enterprise, help you out! Consensus Enterprise's video demo automatically custom-tailors content to each stakeholder according to their personal needs and interests.
Prospects learn about your product through content that is uniquely relevant to them. When it's time to close the deal, they're prepared to discuss specifics. To learn more about what Consensus Enterprise can do for you, click here.