Best Source for B2B Industry Trends, News and Updates
The sales department is indeed one of the most important ones when it comes to a B2B firm. It is responsible for ensuring that sellers are able to secure enough sales they require to meet their annual goals and objectives. Without competent sales representatives, a B2B portal may cease to exist. However, those who believe that securing significantly profitable deals to fulfill the demands of the registered manufacturers is a tireless task are about to be proven wrong. A lot of factors contribute to reducing the performance of the sales representatives. It is crucial to address and understand all the difficulties that often stand in the way of closing a profitable agreement with a prospective buyer.
Let's talk about the problems faced by B2B sales teams across the globe:
1. Communicating With Non-Prospective Buyers: A lot of sales representatives spend a tremendous amount of time trying to convince the wrong people to make a purchase. If you keep contacting or sending promotional emails to unqualified buyers, the chances of a favorable outcome are very low. You would only be communicating with people who are either scammers or those interested in only learning about the products being sold instead of placing an order. Doesn't this sound like a waste of precious time that could otherwise be spent in convincing, authentic buyers?
2. Mismanagement Of Time: According to research, up to 65% of the time of sales personnel is dedicated to conducting and completing activities that are entirely unrelated to selling. This means that a person who is supposed to spend an ample amount of their time negotiating with the potential buyers is instead surfing the web and other sources to collect information about the market, target audience, etc. This problem alone diminishes the sales team's performance of many B2B portals to a great extent.
3. Unable To Establish A Connection With The Leads: A sales representative who does not have the correct contact information of a potential lead cannot succeed in their endeavors. This often happens as buyers tend to leave false contact information while using fake aliases to avoid getting approached by sales representatives. You can build an ideal buyer persona and gather all the required information regarding the leads, but none of it would be of any use without proper contact details.
4. Insufficient Training Of The Sales Team: Employers refrain from training their company's sales department in fear that the employees will leave for better opportunities afterward. What these business owners seem to ignore are the ultimate benefits reaped as a result of training the sales team about how to close deals efficiently. Lack of training means the representatives are merely doing what feels right without being sure of the consequences. This inevitably harms the B2B platform's annual sales statistics, acting as a barrier to attaining the company's aims and targets.
5. Unnecessarily Long Sales Process & Dependence On Technology: Upon assessment, it is proven that portals with declining statistics have a lot of automated steps incorporated within their sales cycle. However, this is not the only reason behind the unpleasant figures as time-consuming sales procedures are also implemented by those firms. It is crucial to realize the damage done by the utilization of technologically advanced sales enablement tools. This makes the whole sales process increasingly complicated, confusing the representatives and distracting them from the actual goal.
Do you think these are all the problems sales teams of B2B firms face while trying to close deals? One of the major hurdles relates to the difference between the departments within these portals. In order to ensure improvements, the sales and marketing departments need to work in harmony. If the marketing team keeps sending cold leads, the sales reps will fail in their tasks. Similarly, if the sales team does not actively follow up on the authentic leads provided by the marketing division, growth and development will be hindered.
A study conducted by a prestigious organization showed that weak coordination between the sales and marketing teams contributes to a 4% decline in a B2B space's revenue. On the other hand, a successful and commendable collaboration between the two divisions results in an incredible annual growth rate of 20%. Failure to overcome these challenges would only make it more and more difficult for a B2B platform to thrive.
Now that you are aware of the possible problems your B2B company's sales team is facing, let's talk about coming up with solutions and implementing each one in a suitable manner:
· You can overcome the problem of communicating with the wrong prospects by developing an ideal buyer profile comprising information including spending patterns, changes in customer behaviors, preferred avenues for purchasing, physical appearance, etc. Becoming fully aware of the target audience allows sales reps to develop strategies and plans accordingly.
· In order to save sales reps' time to enable them to spend more hours trying to sell, automating a few tasks like data entry, responding to emails, and the generation of leads through various tools would be a wise decision. For those owners who worry about the increased cost of automation, rest assured that it will be covered by the boost in annual revenue and profits.
· If you are unable to reach the leads due to inaccurate contact information, try working with a well-established data provider firm. Not only would such a provider give useful and verified information about the prospects, but it would also offer you fresh leads. Opting for this way will definitely prove beneficial in overcoming a hurdle while opening up a new array of possibilities.
· The employers who worry about getting abandoned by the sales representatives after training them need to reassess their approach. They will conclude that the majority of the trained individuals stick with the company while only a few leave to find better opportunities. In addition to this, the advantages of having a well-trained sales team undoubtedly outweighs the drawbacks.
· Automation is valuable if utilized in an efficient manner. You should not implement technology wherever it seems fit, hoping to achieve success. Furthermore, it is time to analyze your company's sales cycle to see if there are any steps that can be eliminated or added. Construct a time-effective sales procedure that works effectively without any exceptions. The decision to apply technologically advanced tools will come later.
The only problem that remains unsolved is the deterred cooperation of the sales and marketing departments. You need to realize that the solution to this issue varies from one foreign trade platform to another. This is because the differences between the two divisions can be personal or professional. Regardless, the company head needs to play a key role in mending the damaged relations. Encourage the members of both teams to look at the bigger picture by talking about shared goals. Make communication between the two departments easier. This will allow the sales and marketing divisions to be aware of what they need from each other to attain success. Research suggests that a B2B trade platform where sales and marketing teams cooperate earns more than 200% profit.
Employers and managers often blame the sales representatives' incompetency for falling revenues and profits without considering any other factors. You can either do it yourself or hire a supervisor to monitor the day-to-day activities performed by the sales team. This will prove extensively helpful in determining those areas where improvements can be made to enhance the performance of the sales teams. The first step of solving any problem is recognizing it. Hence, make sure to keep a close check to avoid missing anything.
You can also conduct informal or formal interviews of the sales representatives, asking for their input. They will give you a first-hand account of their experience. Directly inquiring from the sales personnel will also provide you with insight into the challenges faced by them on a daily basis. Hence, every plan you put in motion has higher chances of proving worthwhile.
A B2B platform operates to connect businesses interested in selling any product with those willing to buy. Can you imagine what would happen without a well-trained sales team? It is necessary to recognize the challenges being faced by the sales representatives as early as possible to avoid any adverse effects in the long run.