B2B sales are on the verge of a revolution, with a series of trends completely redefining what it will take to be a market leader in the next five years.
Advanced analytics and machine learning have given sales executives access to historically unprecedented amounts of data and computing power, allowing them to predict with a high degree of accuracy the most valuable sales opportunities.
The fastest-growing companies are using advanced analytics to radically improve their sales productivity and drive double-digit sales growth with minimal additions to their sales teams and cost base.
Additionally, radical shifts in buyer preferences – with buyers becoming more content-driven, tech-savvy and comfortable using digital channels – have led to the emergence of a new generation of sales leaders who bring both technical expertise and a strategic mindset.
This is also transforming the face of sales organizations, with a sharp risk managers email lists reduction in field sales and marketing, and rapid growth in inside sales and analytics teams.
Finally, a significant shift toward subscription-based business models has redefined how customer relationships are managed.
A sale is no longer a one-time deal that is “won and done.” In a world of recurring revenue, sales must be won every month, quarter, and year.
As a result, successful customer relationship managers are becoming increasingly valuable, and sophisticated sales teams are becoming closely aligned with the long-term success of their customers.
Emergence of a new B2B sales science to achieve more sales.
As a result of these disruptive changes, B2B sales have evolved from an art to a science. By this we mean sales that are data -driven , enabled by digital tools , supported by advanced analytics, and focused on truly understanding the “what, why, and when” of the customer.
Companies that have embraced what we call the “science of B2B sales” have already begun to outpace their peers in terms of revenue growth (recording 2.3 times the industry average revenue growth), profitability (3 to 5 percent additional sales return), and shareholder value (8 percent higher total shareholder return than the industry average).
A key characteristic that distinguishes market leaders from the rest of the pack is that CEOs of market leaders actively lead the sales transformation to sell more, rather than leaving it to the head of sales.
These CEOs realize that redefining their go-to-market engine is a cross-functional sport that requires their direct commitment and flawless execution from sales, marketing, HR, IT, and finance.
Market leaders have realized that winning in B2B sales over the next five to ten years will require them to fundamentally transform their marketing engine around three defining principles:
1. Engage customers the way they want to be engaged to sell more in the b2b sales environment
The days when sales executives debated between investing in a large sales force or large digital assets are a fiction of the past. Driving growth in the future will require bringing the best of both worlds.
Our research indicates that market leaders view digital investments as the glue that holds together a powerful multichannel sales strategy. We surveyed more than 1,000 large organizations across industries and four continents to better understand their preferences in purchasing goods and services from B2B sellers.
Our research showed that the ideal channel to reach B2B customers depends largely on whether they are making a first-time or repeat purchase (Exhibit 1). About 76 percent of B2B buyers found it helpful to talk to a salesperson when researching a new product or service.
Engaging customers in the future will require a multi-channel sales strategy driven by smart digital investments, meeting the different needs of new and returning customers.
When targeting new customers looking for direct interaction with sales teams, the fastest-growing companies are using digital tools to help their sales teams address customer needs at every stage of their buying journey.
For example, they are using interactive product demonstrations via tablets or browsers to help salespeople engage customers at the research stage of their journey. A significant proportion are using relatively simple customer relationship management software to track customers’ past questions, allowing their salespeople to anticipate future queries and offer quick answers when customers compare their products to competitors.
