5 steps to improve your B2B sales process
AI, machine learning, CRM systems, automation tools and other new technologies are changing the sales thinking and the buyer behaviors. Today, where the access to information online is easier than ever, even the impact of competition in the B2B (business-to-business) markets is increasing due to improved efficiency across processes and customized offering.
Buyers in B2B markets are now more informed and have higher expectations. Often, extensive research is conducted before engaging with sales representatives. The consequence is a competitive marketplace, making it crucial for companies to differentiate themselves through a well-structured sales process. Whether you work in a technical oriented business or a Software as a Service (SaaS) company, you should invest time and energy into improving your B2B sales process through an organic approach, using data efficiently. Improving your B2B sales process is a direct pipeline to increased sales and revenue. The more effectively your company product is presented and connected with potential customers, the more deals can be closed, increasing your sales and profit.
What are the best practices for refining your B2B sales process using new technologies?
That said, let's delve into the best practices to refine B2B sales processes by making use of new technologies:
1. Use valuable, accurate and high-quality data
Thinking about your market growth it is important to make sure to use accurate and reliable data coming from official sources. Official sources could be the Chamber of Commerce or social media and web pages directly linked to the related company. Through this information you can exploit key data points on companies that might be in target for your companies’ growth.
2. Cleanse and enrich your Master Data
After obtaining your companies ‘data, it’s important to always have them updated and well organized in your customer base. In this way it will be easier to segment the market and find the niches in target for where to expand your business.
3. Analyze your Market
The market is constantly evolving and changing and it is possible to find new customers in other cities, regions or countries around the world. It is therefore important to monitor who is competing with you, near and far and to better understand your ideal target for specific sales actions by applying the criteria that most fits your business (Nace Code, geolocalization, industrial classification…).
4. Find new prospects
Once you have cleaned up your customer portfolio by removing outdated information and found a reliable source for the data you need, you can start looking for new prospects. How do you do this? By using specific criteria such as geographical area, economic activity codes, turnover and number of employees in a company. You can consider this an important step in expanding your market.
5. Create campaigns for your sales
Once specific goals have been set, create targeted sales campaigns and assign them to the sales force to reach all the identified companies. Monitor the performance of your campaigns step by step, collecting and integrating feedback along the way. This continuous monitoring and feedback integration will ensure that the performance of your network is optimized and that your sales objectives are effectively reached.
All the above-mentioned steps are integrated in Margo, a marketing intelligence platform developed by CRIF.
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