Any Sales Organization today must stay informed of the various advances in technology, consumer habits and the competitive market if they are to succeed. By focusing on these points, we can see how selling has evolved and what adaptations must be made to ensure continued success. With all this in mind, let us now examine three reasons why selling requires a total transformation.
#1 - Relevance - The Buyer Has changed
Buyer power has shifted significantly in the sales industry. The COVID-19 pandemic has accelerated the digital transformation of the customer journey, resulting in more buyers and sellers relying on digital platforms to conduct their business. Today's Buyer is more informed and empowered than ever before, This shift has increased customer confidence, as buyers have become comfortable making large purchases online.
The average deal now involves multiple suppliers, yet buyers only spend between 5 to 17% of the total purchase journey with sales reps. This means sales reps and sales are not relevant today to the Buyer.
Research from Gartner shows that 29% of B2B buyers who identified as Baby Boomers spent 17% of their purchase journey with sales reps. Additionally, the same study revealed that customers are largely driven by their learned consumer behavior when making decisions.
Furthermore, the Forrester report states that where sales representatives once focused on a few key in-person interactions with important buyers, they now must work with numerous stakeholders throughout the organization to build relationships and trust.
Understand Your Customer's Needs before they do
To successfully digitize B2B sales, it's essential to understand your customers' needs and how you can meet them. Analyze customer behavior and trends and their preferences for online services and products.
Engage don't Sell
Buyers are now creating their paths to purchase, often researching extensively online before contacting a sales representative. They are also more likely to consult outside sources, including social media, friends, or family, before making a purchase decision. This shift has made it more difficult for sales reps to reach and engage buyers in the traditional ways.
With the rise of digital technology, buyers are now able to research and compare options in a more efficient way than ever before. As a result, sales reps have less time with customers and must be proactive in order to engage them.
Shift your focus to Engagement strategies and Activities
Digital strategies have become an essential part of the B2B sales process, the Buyer today prefer to engage with vendors through digital channels like webinars (although this is quickly getting old) , online events, and more asynchronous digital communications methods.
#2 - Rise of Digital Selling Models
Their is a rapid rise of digital selling models as business-to-business (B2B) customers shift their preferences away from in-person sales interactions to digital channels. This has shifted the sales rep's role and needed skill sets, who must now deliver significant value through these digital and omnichannel sales models. As customers expect more customized solutions and faster service, companies must have an effective system to bridge the gap between customer needs and corporate offerings.
To achieve this goal of successful digital selling models, companies need to invest heavily in digital tools, technologies, strategies, and the development for their sales team. As more emphasis is placed on customer engagement strategies that accurately reflect the customer's needs across all channels and management processes for sustaining effective customer engagement over time.
#3- Technology - Rethink your Digital tool sets
One area that needs to be addressed is rethinking CRM and other traditional technologies that focus more on managing and report for sales teams vs creating and improving the engagement experience for potential clients. It is now possible for businesses to better understand customer needs by using the right digital tools. Today, we have access to a tremendous amount of variable data from different sources like product usage logs or customer service records to deliver a personalized interactive buying experience across all stages of the buying journey. Analytics derived from coordinated customer engagement models help break down silos by providing powerful cross-platform insights that can be used to drive better sales outcomes.
With access to actionable-oriented analytics that comes from accurate data sourced from all strategic buyer touchpoints, sales teams will begin adopting wiser methodologies for engaging their customers—enabling them to deliver timely messaging across unparalleled buying journeys tailored precisely for each segment of buyers they serve. machine learning programs helping predictive power analytics and AI engines processing vast amounts of data rapidly, companies should be taking advantage of large scale automation to provide organizations with deep insights on their customers' behavior quickly - all while customers can enjoy rich virtual buying experiences fully adapted to meet their needs.
Successful sales teams can improve their performance by focusing on engagement instead of selling in today's market, including providing real-time assistance.
Supplying buyers with comprehensive information that is accessible at all stages of the process, assigning personnel who provide value with experience & education, and constructing personalized activities that help an individual comprehend their options.
With this combination of developments over the past few years, sales leaders should build effective strategies focused on helping customers through better value via educating and engaging with an emphasis on providing personalized interactions across lengthy buying cycles so that companies can stay competitive in today's market environment.