Manage Personal And Professional Development Develop a Digital B2B Sales Strategy

HOW TO DEVELOP AN EFFECTIVE B2B SALES STRATEGY FOR TODAY’S DIGITAL WORLD
For today’s sales force, B2B buyers are increasingly difficult to reach and engage, and cold calling response rates decrease every year. In fact, a 2011 study from the Kelly Research Center states that only 1% of cold calls ultimately convert into appointments.Cold calling is no longer an effective method to reach B2B executives today, but it is still all too common. Why?Because many sales organizations are stuck practicing the “proven” methodologies of the past instead of developing a sales strategy for today’s digital world.COLD CALLS IN THE AGE OF THE CUSTOMER
Many sales best practices still taught today are a part of The Solution Selling┬« methodology, which focuses on determining customer pains and needs to collaboratively build a solution to address them. While this proven methodology has brought companies tremendous success since it was founded in 1988, there are several components that aren’t as effective in today’s customer-centric digital marketplace.


According to Solution Selling┬«, a discovery call, or cold call, should be your first touchpoint with a prospect, but in today’s digital world your customer has already completed 57% of the buyer journey before reaching out to sales.Prospects no longer need a sales rep to educate them on your solution. They can instead perform a quick Google search, and check out your competition in the process.B2B SALES STRATEGIES THAT DELIVER RESULTS
To succeed in today’s B2B sales environment, sales strategy needs to go beyond solution selling and truly demonstrate unique value. It’s critical that sales reps show the customer that they can teach them something new about how to address the challenges they are facing.Focus on Marketing and Sales Alignment:Since prospects are going online to do research before engaging with sales, developing a sales strategy that focuses on marketing and sales alignment is now more important than ever before. To improve your chances of reaching B2B executives today, sales and marketing must be tightly aligned on:
Messaging – During the awareness phase, sales messaging needs to closely reflect the marketing messaging the prospect has already seen or read online.

Timing – Just because a prospect has clicked a link in an email does not mean that they are ready for a sales cold call. It typically takes somewhere between 7-13+ touchpoints before a lead is sales ready. Your sales and marketing teams need to partner together to determine what those touchpoints are and decide what actions qualify your prospect as sales ready.

Expectations – What does sales follow-up look like? Is it an email, a LinkedIn message, or a cold call? And when does the sales follow-up need to happen? As soon as a prospect is marked as a marketing qualified lead or within 48 hours? A service level agreement (SLA) is a great way to set and manage expectations between marketing and sales, and ensure that both teams are working toward the same goal.
Define “What’s in It for Them”


B2B buyers have more information, choices and power than ever before. Prospects don’t have time to take a cold call and talk about their pain points. They already know what their pain points are. They want to know:
“What’s in it for them?”

“Why should they pay attention?”

“Why does your product or solution matter to them?”

“How can your product or solution help them do their job better?”

“How is your product or service different than your competitors?”

“How can your solution impact their bottom line?”

By developing a sales strategy that addresses the value that you can bring to the prospect upfront, you increase your chances of engagement.

A Latin Impact on the Finance Industry

Financial Institutions are a fantastic business model to learn from when considering ever changing market conditions. Their traditional target markets are stable, but, the needs of an emerging market, the Latino market is extremely underserved. It is certainly not for lack of money. Many Latinos have zero debt and healthy saving habits. The question arises, are financial institutions doing enough to serve this population? Are they adapting to the Latino needs? The answer is complicated.

There are two types of Latinos in the USA. One is the immigrant seeking a better life and wanting the American dream, whether they came through the proper channels or not it is irrelevant. The second, are the Latinos that are born here. These are two very different groups of people with different needs and goals. Most immigrants bring their culture, traditions, and customs with them to the US. Those born here develop a blended culture that is both Latino and American.

Financial Institutions are taking notice and making strides to accommodate this very economically influential population. The main reason is that there is a lot of investment in education and developing trust. An untold detail is that in Latino countries, people do not trust banks and financial institution because of corruption. Everything is paid in cash and there are no debt or traditional credit scores. This means that the Latino community have cash, probably stored under their mattress or in a shoe box. This is very dangerous considering that a house fire could burn an entire life savings. Another scenario is they could become a target for robbery. This is a foreign concept for Americans. What is happening is a huge learning curve, educating them on the process of building credit, saving their money in a financial institution, getting loans (mortgage, car, etc.), and most important having trust in the financial institutions.

The younger generations that are born here learn from their parents and surroundings. There is still a disconnect from the importance of financial products, building credit, and how that process works. Many of these young people are just translating for their parents, explaining financial products, and become an intermediary for conducting business. You will notice an increase in bilingual support at many financial institutions for this reason. There is still a lot of work to do in this regard, and this process will take time.

However, more and more financial institutions are offering products specific to Latinos. Information is becoming available in Spanish and more financial institutions are hiring bilingual and multi-lingual speakers. It will be interesting to see how we as a country adapt to this important demographic. It is truly an untapped market that has an important function in our economy for growth and stability.

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