The 3 Changes B2B Sales Veterans MUST Embrace To Stay Relevant
Sales – The one thing important for the growth of the business. Until a few years ago, B2B sales included in-person meetings, cold emailing, and client discovery calls. However, it’s 2024 and the story is drastically different as the sales cycle has evolved and the way we sell is rapidly going out of fashion. In this blog, we will be looking at the top reasons why the sales industry needs an urgent revamp and the 3 changes that sales professionals must embrace to stay relevant in the B2B industry. The Future Ahead for Nurturing B2B Clients It’s a common gimmick for companies to develop sales toolkits and push their offerings without understanding the needs of the customer. This product-centric approach neglects the need for relationship-first B2B sales models. The result is a templatized mechanism that overlooks the preference of an individual client. Here are the 4 major reasons why the sales industry needs a newer strategy. 1. The Customer Comes First, not at the Last Many business executives report similar problems while dealing with clients. They often complain that the B2B sales process is no longer feasible to attract good quality leads. Do you remember Jordan Belfort’s famous line (played by Leonardo Dicaprio) in the movie “Wolf of Wall Street”? – sell me this pen. Just like in the movie, everyone will start focussing on the sales part; however, the actual idea is to focus on why the customer should buy this pen. Top sales experts understand the process from a buyer’s perspective and build real relationships to drive long-term success. 2. Not Adopting Omnichannel Strategies The significant drop in conversation with new prospects and a low response to cold phone calls and email campaigns. Sounds similar, right? The constant dry spells reveal a major flaw in the B2B sales cycle. We are in a bubble thinking that as the primary source of information for the client, we get to decide their problem and offer the tailored solution at a predetermined price. However, almost all B2B buyers are using multiple channels like emails, chats, and social media posts to gather information. Chances are that even before your prospects reach your website, they are fully aware of the product information. Therefore, engaging leads on multi-channel platforms is crucial to maintain long-term growth. 3. Cold Outreach is on its Deathbed There was a time when every salesperson would swear by the effectiveness of cold outreach campaigns. Sadly, this trend is likely to expire in the coming years. The easy access to information and rising digital trends have inundated businesses with oversaturated calls making it harder to stand out. 4. Sales Folks Lack Complete Control Gone are the days when the buyer was curious to learn about the B2B sales industry. They are uber informed and are not dependent solely on the information we provide. Over 60- 70% of the sales journey is already completed before engaging with a particular vendor. This means the user has already collected relevant data, analyzed the solutions and prepared the list of vendors matching their problem statement. This is no longer a seller-buyer relationship but a buyer-driven process where clients make decisions on their terms. Next, let’s understand the 3 changes that sales veterans must adopt to stay ahead of the competition. 3 Vital Trends in B2B Sales 1. The Role of Generative AI AI tools have become common in the consideration and discovery process. It is estimated that 70-80% of B2B buyers actively use generative AI to evaluate and choose products and services. The first step is optimizing sales resources to understand the buyer’s behaviour. What challenges do your sales team face in their daily activities? Many sales reps underestimate the rising impact of AI in B2B sales. AI-powered chatbots and virtual assistants can engage with potential leads, collect quality information and streamline the lead-generation process. So, what is the solution for sales executives to maintain high quality? Let’s understand the larger picture. Upskill, Innovate and Adapt 2. Leveraging Content Content marketing has changed the game of B2B sales significantly. Your company’s content plays a key role in identifying the what, how, who, and why of your product offering. Times are changing and sales professionals must accept the role of B2B content to bring high value to prospects without sounding too salesy. 3. Transparency is the Key Why do you think the B2B sales process is going through a transition phase? The rise of digital platforms has evolved the mindset of users. They want to remove the guesswork from the sales journey. In simple words, making the buyer a part of the business reality is the main objective. You are not selling a product, you are selling an aspirational message, the dream and the promise of a better life that the users will experience after using your product or service. A new visitor to your website shouldn’t hunt for new information. Instead, offer a high level of transparency related to your philosophy, mission, goals, and partnerships. On a final note, B2B sales cannot function as a separate entity. Whether it be marketing, designing, customer experience or sales team, people should collaborate and provide an immersive experience to the buyer. FAQs – The 3 Changes B2B Sales Veterans MUST Embrace To Stay Relevant How can I be a good B2B salesperson? All sellers speak about providing value but few are actually doing it. Be proactive, minimize the buyer’s risk and analyse the user behaviour to offer high-end services to the customer. Interact less, and listen more by asking questions about the user’s pain points. What is the future of the B2B relationship between customers and suppliers? The buyer-seller relationship will change completely in the future as people are no longer restricted to a single source of information. Thus, a collaborative approach with detailed sales guidelines will be crucial to manage the equation between customers and suppliers. What are the B2B sales trends in 2024? The trending role of AI will be the single biggest disruptor in
Crisis Management Through Social Media with Case Study
We live in the digital world- where social media platforms have become a channel of connecting and communicating for these companies with their clients. While this is to engage the clients and draw potential future clients, companies also have to deal with crises. If company actions or statements are generating negative responses from the online community, they have to respond. Or else, it could escalate within a matter of minutes, wreaking havoc on your brand’s reputation. So, let’s understand the role of social media in crisis management. Understanding Social Media Crisis Management The formal way to do it is to put out a statement and clarify the company’s stance on the situation. So, companies need to be prepared for all kinds of social media crises. Today, organisations must not only react swiftly to crises but also navigate the turbulent waters of public opinion in real time. This evolution has given birth to a new paradigm: crisis management through social media. But how does a company navigate this difficult and murky labyrinth of social media when its reputation and credibility are at stake? After all, it is their brand value and customer loyalty. We will try to get a sense of that and the role of social media in crisis management with some examples. Since social media crises can have both short-term and long-term effects, it is best to look at different scenarios and see what each has done to deal with them. Then draw the best practices from each and implement them in place to avoid any major mishap if a crisis ever arises. Without further adieu, let’s have a look at a few “good” examples of crisis management through social media. Role of Social Media in Crisis Management Social media’s power in crises extends beyond information dissemination. The ability to foster communication and enable collective action makes social media a valuable tool in crisis management. Here are some key aspects of social media communications crisis management: 1. Rapid Dissemination of Information What is the goal of crisis management in times of misinformation or miscommunication? It aims to give the right information to clear all confusion. So, companies need to respond promptly. The quicker you react the better. Think of it as a 24-hour window. In the thick of a crisis, it is more important to be prompt. Whether that is deleting a post or issuing an apology for taking some other form of proactive measure, always put out a statement in the first hour. This is where social media platforms come into the picture. With their instantaneous nature, social media allows for real-time updates and alerts during a crisis. Organisations, authorities and individuals can swiftly share important information such as evacuation notices, safety instructions and emergency contact details with a wide audience. 2. Broad Reach and Potential for Virality Social media’s prowess in crisis management extends to its ability to swiftly reach a broad audience. With millions of active users across multiple platforms, the potential for information to gain viral traction is substantial. Affected companies can utilise social media to share their experiences, seek assistance, and receive personalised support. Through comments, direct messages, or mentions, the audience can promptly engage with affected companies, offering guidance, empathy, and reassurance. This direct interaction cultivates trust and solidarity, bolstering resilience amidst adversity. 3. Gathering and Addressing Public Concerns and Backlash When it comes to crisis management through social media, the first wave of crisis comes from the public on various social media platforms. In such times of crisis, the public has various questions and concerns. Social media becomes their platform to voice their concerns ask questions and seek answers to them. Organisations can actively monitor these conversations and engage in dialogue, addressing public concerns and providing accurate information. By actively participating in these discussions, organisations can mitigate wrong information, alleviate confusion and show their transparency and accountability. 4. Engaging with the Public Engaging with the public on social media during a crisis is a vital way to maintain trust, provide accurate information and address concerns effectively. Companies can promptly respond to queries, comments and messages from the public. Acknowledge their concerns and provide empathetic and helpful responses. Timely and compassionate communication helps build rapport, demonstrate transparency and alleviate anxiety. However, the role of social media in crisis management does not end here. There is also the factor of offering customer support after the crisis has taken place. Let’s see how social media can help companies in that aspect. 5. Mobilising Support and Resources Social media platforms play a key role in mobilising support and resources during a crisis. They give a powerful mechanism for crowdsourcing assistance, domination and coordinating volunteer efforts. Through engaging and compelling stories, images and motion pictures, businesses can harness the power of social media to mobilise the public, encouraging them to contribute to relief efforts. The ease of sharing and the potential of these posts to move viral does make social media and powerful device for garnering large aid and donations from individuals and establishments. 6. Coordinating Volunteer Efforts Crisis management through social media also brings the community together in times of need. During crises, there’s a notable increase in volunteers eager to offer their time, skills, and resources. Social media platforms play a pivotal role in coordinating these efforts. Companies can establish specialised groups, events, or hashtags to link volunteers with targeted relief efforts. This facilitates finding opportunities to contribute, fostering collaboration among similar-minded individuals, and generating a substantial impact within communities. The role of social media in crisis management is important now more than ever. It allows brands to communicate updates with crucial information and support the ones that need help the most. To truly understand how social media is playing its role in managing worldwide crises for businesses and companies, we need to analyse the situation carefully. Here is a hypothetical case study for the use of social media in crisis management in Company XYZ. Case Study: XYZ Corporation We are talking about a