In this blog, I am going to talk about 7 important tips, I have used in closing my first 5 B2B Sales at PeerXP. These Sales tips if implemented right now, take 3 to 6 months to show tremendous results.
B2B Sales is much more organized and often a long process when compared to B2C Sales. The process of closing B2B deals cutting across all the phases involved from Lead Generation to Conversion is called the Sales cycle. Now, we will be understanding about few important and valuable tips for improving the Conversion rate in our Sales cycle. Make notes on how many of these you have already done during your Sales process.
Sell to the highest level decision-maker possible
Research potential customers before your meeting or a phone call
Talk more about results and outcomes, and less about product features
Be timely in your responses to prospects issues or concerns
Make notes of your phone calls and meetings during the sales process
Try to provide three option proposals, make room for negotiation
Don’t lower your prices too much, to close a sale
Let’s get started.
1. Sell to the highest level decision-maker possible
Most salespeople out there right now, are selling to prospects with titles like Purchasing Manager, Supervisor or Buyer who can barely say a YES but can surely say a NO! They may be easier to get to upfront, comfortable to speak to, but in the long-term, there are very fewer chances to close a sale with them. Instead, sell to the highest level decision makers possible with titles like CXO, Director or VP. Make sure you are pitching someone who can tell you a YES when the time comes.
2. Research potential customers before your meeting or a phone call
Always make a habit to research the prospect’s background both professionally and personally whatever possible. This helps you avoid speaking anything that might put you in an unwanted or embarrassing situation. Basic details of a prospect like Name, Title, Company name, Website, Company offerings, should all be known to you before you make a contact. This will help you talk more comfortably with fewer sudden surprises! Check out prospect’s LinkedIn Profile, Company Website, LinkedIn Company Profile (Premium insights are very helpful), Facebook page, Twitter, etc. during your research.
3. Talk more about results and outcomes, and less about product features
Prospects are never sitting and thinking to buy so and so product/service from a company. They may know their problem better, you have to guide them through the solution and explain the results and outcomes of working with you. After giving a brief overview of the product through your website, presentation or demo, start focusing on the outcomes and ROI for the prospect who is gonna spend money on your service. Start speaking the language of a Consultant/Advisor, establish what your solution means to them and make them believe that you really understand what they need.
4. Be timely in your responses to prospects issues or concerns
During the sales process, prospects would have a ton of questions/issues about the product/service. Make sure you are using a Lead Management and Contact Management tool like HubSpot which can help track your conversations with every one of them. Sometimes, if you have to acknowledge a mistake from your end or accept a feature you don’t have, it’s much better to respond and be available than to appear busy or unengaged. Otherwise, you may not be seen as authentic, rest assured that your prospects are watching.
5. Make notes of your phone calls and meetings during the sales process
This is very useful to avoid missing any important details or information the prospect has shared with you both knowingly or unknowingly. Pen down the summary of your conversation on a notebook or save it in a CRM, revise it later the next time before you meet or talk again. This helps you stay apprised about all your last conversations with the prospect. Remember you may be talking to 100’s of prospects on a daily basis, but the prospect is only talking to 2 or 3 sellers like you at the most so, make sure you give a personalized special experience to stand out.
6. Try to provide three option proposals, make room for negotiation
When I first started working, I used to have only one option in my proposal. This left no room for choice, maybe the prospect sometimes wanted to explore a high-end option and invest more into the problem we are solving. They will start looking to shop around somewhere else for options. Try providing three options in your proposal, the lowest end option which actually can solve their problem to the highest that can actually create a lot of value. If your prospect is really bought into the fact that they need to make a change to their business as a result of your conversation, they may go with the high-end option which will dramatically increase your sales-size and closing ratio.
7. Don’t lower your prices too much, to close a sale
It’s not much good to close low-value sales. This often happens when Salespeople try to hit their targets by lowering prices below valuation in order to close a sale. Time is actually better spent on prospects who can afford your base-price and who have the potential to grow into your high-tier offerings in the future. Learn to say a NO, instead of down-selling your product/service to keep things simpler and scalable for the future.
Perfect! Now you know the 7 important tips to be implemented to improve your Sales cycle Conversion ratio. Let me know if any of this is not working particularly for you in the comments and I will be happy to help you out!