Winning sales in B2B markets can be difficult in the best of times - sales cycles are long, and decision-makers numerous. Add in the current challenges of an unstable economic climate, high inflation and rising interest rates, and it can seem almost impossible.
Unfortunately, at a time where making sales is tough, it's never been more important to do so to keep business afloat.
Economic uncertainty has customers tightening their belts, reassessing their priorities, and thinking twice before spending when they might not have before. And when there's fewer customers going around, there is more fierce competition between vendors.
Unfortunately, there's no magic pill that can improve your sales conversions overnight. But there are a few key changes your business can make to create more sales opportunities, sales and position yourself with customers who might be more likely to spend and increase your chances of winning sales.
5 steps to better sales
Follow the 80/20 rule
Are you out there chasing new sales and attempting to diversify your client list in an effort to close more deals? While there's no harm in searching for new business, when time and resources are tight and the goal is to close sales, it's best to stay close to home.
For most businesses, 80% of sales come from 20% of their client list. These are customers who've already bought from you, so you don't need to worry about carrying them through the buying journey - you just need to encourage repeat sales. Triaging your database to identify the 20% of your list that have (or are likely to) buy again can help you focus your effort and resources accordingly for greater ROI.
Prioritise & record customer interactions
Are you paying close enough attention to the interactions your staff are having with customers? How often are you touching base? You should be reaching out to them regularly, ensure all enquiries are followed up promptly, record interactions so they're visible to all team members. The goal is to have customers feel supported and important to your business.
This has two key benefits: It keeps your business front of mind for customers when they are in the market to buy. It also helps improve the service you can offer them.
Identify buying patterns
The past buying habits of your customers are a high indication of their future needs. By identifying what your customers have bought and when, you have the power to create new sales opportunities rather than waiting for them to come to you.
When you know what your customers are buying, you can market more meaningfully to them, highlighting products or services they've previously bought, similar products, or customised sales or deals. This increases your ability to upsell or cross-sell, while also improving your inventory management and buying decisions.
Make buying (and paying) easy for them
Once you've identified buying patterns, you can make life easier for your customers (and stimulate more sales for your business) by setting up features like product notifications, automatic reorders, and customised marketing material.
You can even go so far to help them with their cash flow by negotiating custom payment options or through something as simple as putting due dates on their invoices (you'd be surprised how few businesses do this).
Provide service reliability
You don't always need to go above and beyond - sometimes you just need to provide what's expected. Avoiding difficult buying processes, mixed-up orders, poorly packaged orders or sloppy delivery. Not meeting a required standard can be enough to lose a customer that has the potential to be a repeat buyer. So, you've got to make sure all your internal controls are as tight as your processes are and as good as they possibly can be.
How to set yourself up for success
Each of these measures requires you to have a clear view and good understanding of your customers and your sales. It requires staff to work together and for internal processes to be solid. Visibility and communication are key.
Do you have this functionality in your business? The answer to that will likely come down to the systems that you're using (and how well you're using them). A well-set-up and updated CRM will certainly be important, and automation of certain tasks will be required if you don't have the time or resources to commit to managing certain tasks.
Larger businesses achieve these capabilities with the help of an ERP, which allows them to automate a number of tasks and run reports that provide real-time sales and customer information. SAP Business One is a platform that delivers these same benefits and features to smaller businesses, at a cost built for smaller businesses too. This includes:
- Fully integrated CRM with enterprise-level functionality
- Financial management for your business and your customers
- Inventory control and reconciliation
- Reporting and analytics on customer buying behaviours
- Automated marketing activities
Customer experience is paramount to converting sales and winning repeat sales, while good internal processes ensure you can service these sales as they come through. SAP Business One helps you to keep on top of it all without extra time or resources - and for less than you'd think.
To learn more about how SAP Business One can help you meet sales targets and drive conversions, click here or contact our team.
