Declining B2B Sales? Personalization May be the Answer
For some reason, the B2B sales industry has become synonymous with descriptors like cold, clinical, and boring over the years. As a result, many companies have found it difficult to establish customer loyalty and see long-term growth. And while there are plenty of ways businesses can improve in the sales department, personalization is often the answer.
Personalization Leads to Differentiation
It doesn’t matter if it’s a $20 product an individual consumer buys from Walmart, or a thousand-dollar piece of software a business purchases, customers want to know that their money is being well spent. They want their business to be appreciated and valued.
When it comes to B2B business transactions, personalization throughout the sales process makes a big impact. In fact, it can be viewed as a differentiating factor in highly saturated industries.
Data gathered by the Aberdeen Group supports this notion. According to one study, businesses that utilize new technologies to enhance personalization report a 21 percent bump in lead acceptance rate and 36 percent higher conversion rates than companies that do not.
4 Tips for Personalizing Your B2B Sales Efforts
If you want to differentiate your brand from the pack and see a direct boost in conversion rates and sales figures, you need to be personalizing your B2B sales efforts.
Here are some very specific and practical ways you can make this happen:
- Empower Your Sales and Support Team
Sales and customer support have to be properly aligned in order to deliver optimal personalization to B2B leads. Specifically, you need to empower sales and support by allowing them to specialize on a few products, rather than take a general approach to a variety of products.
The brand Garston is a prime example. They’ve strategically divided the larger company into three divisions that provide separate sales and customer support teams for each product line (sign supply, screen printing, and digital). This results in better personalization and product knowledge – which customers notice. If you have a variety of products, you may consider taking a similar approach.
- Gather and Study Data
These days, gathering customer data is pretty easy. There are plenty of automated solutions that can quickly help you gather insights on your customers. The challenge is actually studying this data and extrapolating conclusions that allow you to deliver more personalized sales experiences.
- Engage Customers on an Individual Level
B2B customers desperately want to be engaged on an individual level. They’re tired of cold calls, generic email blasts, invasive PPC ads, and boring offers. They want businesses to pursue them on a personal level – meeting them where they are with specific solutions to pertinent pain points.
As you qualify leads and the sales funnel becomes narrower over time, give your sales team the freedom to focus on one-on-one conversations and sales pitches. The upfront cost is higher than a blanket approach, but the long-term value is clear.
- Establish Personal Value
If your entire sales process is built on explaining product specs and conveying business value, you’re selling yourself short.
“B2B customers are surprisingly almost 50% more likely to buy a product or service when they see personal value and 8 times more likely to pay a premium for comparable products and services when personal value is present (according to a study by think with Google),” Salesfusion explains. “Building an emotional connection with your customer can drive important purchase outcomes in the future.”
Unpack the Benefits of Personalization
Thanks to an array of new sales platforms, as well as significant improvements in the ability to collect and interpret data, there’s never been a better opportunity to pursue personalization.
Look for ways to personalize your sales process and see what happens. You won’t be disappointed.
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