Global businesses differ based on their sizes, selling products, fields of operations, and even their business strategies. Whether a business operates on a B2B sales or a B2C selling model, it characterizes their branding and distinguishes them from the competitors.
A global audience is a massive number. Catering the products to them is not easy. It requires businesses to follow either the B2C or the B2B sales models to sell, survive, and grow in the competitive market.
Many businesses are based on a B2B sales model, and they are making tons of money selling through this model. So, what are B2B sales? Before I define what it is, let me through a few examples to you.
When a manufacturer is selling to a wholesaler or is selling to a retailer, we can call it a B2B sales strategy. The word B2B or B-to-B means business to business. So selling through a B2B selling model implies that a business sells something to another business.
This article will give you an overall idea about B2B sales and how it works.
What Are B2B Sales?
A B2B sales refer to a sales model representing a marketplace, relationship, or situation involving two independent businesses. In B2B sales, one business sells products, Services, and SaaS to another business.
These types of sales have higher price points and more complex selling processes. As a result, companies with a B2B business model require proficient B2B sales representatives to drive and sustain revenue generation.
B2B Sales Example
Some B2B business examples include-
- Companies that provide professional services to several other businesses do B2B business.
- Digital software like CRM is an example of B2B sales. This software is the product of one business, and they help several other businesses to execute their business plans.
- Companies that offer raw materials to several other manufacturing businesses are B2B businesses.
Types Of B2B Sales
There are three different types of B2B sales.
- Supply sales.
- Service sales.
Supply sales provide other businesses with employees, materials, and equipment.
This model is similar to the B2C sales model. The only difference lies in the purchase authorization and quantity. The supply sales model helps other businesses by providing the supply they need for running their businesses.
Wholesale is a selling model used by B2B businesses that sell retail or key manufacturing components for other enterprises. Generally, the wholesalers sell to the retailers.
Service sales are B2B businesses, who instead of any product, sell service to the businesses that need it. In most cases, these businesses provide service software to other businesses. For instance, a CRM software selling company is a service seller.
How Does B2B Sales Work?
For a B2B sales strategy to work, a business needs a well-designed plan and the efficient execution of that existing plan. The selling process is a very complex one. To make the strategy work, sales representatives need to resort to various process and buyer persona-based techniques.
There are usually five to eight selling stages or cycles that the sales experts follow. Here is a seven-step B2B sales model-
- Research or preparation.
- Pitching or Presentation.
- Follow up.
B2B Sales Funnel
B2B sales are widely based upon the perspective of the seller. However, selling to another business is more complex and requires the sales representatives to understand the buyers’ persona.
The B2B sales funnel is opposite to the seller’s perspective. It finalizes the buyers’ journey through the process.
The process helps visualize a prospect’s proximity to making a buying decision. B2B sales funnel helps by noticing the emotional and the cognitive phases of the seller’s perspective throughout the business process.
Here are the steps-
- Awareness of the prospect
- Interest in the product/ service
- Decision making
B2B Sales Strategies
There are several B2B sales frameworks. However, they may not work for all the businesses and their targeted business. For a specific industry, one strategy may work while it may not work for others.
So, here are the most popular sales models that work on most B2B selling companies-
- Solution Selling
- Account-Based Sales
- Value Selling
- The Challenger Sale
- The Sandler Selling system
However, here are some B2B marketing strategies that are perfect for 2022
Unlike conventional marketing strategies, digital marketing has a lot more potential. Through increased product visibility, digital marketing helps raise brand awareness for a business. Resultantly, both direct and indirect sales increase.
The PPC marketing campaigns help reach a demographic and targeted audience, increasing onsite sales. Digital marketing is a health booster for B2B businesses.
Social Media Marketing
Social media is all about creating an interactive community that keeps your brand in the news. It is a more informal and communicative marketing platform that helps push your business growth using massive global social media users. You can cater your B2B sales product news via social media and drive sales.
Another B2B sales tactic includes content marketing. Content is readable, audible, and video form can spread product awareness. Blog, videos, and even audio content can be shared thousands of times. Content marketing offers a prolific opportunity for B2B sales. Through millions of shares and views, content can raise a business’ awareness.
One of the cold- marketing methods, email campaigns, are effective for B2B businesses. The method does not work well for other selling models. But, email marketing offers the best marketing opportunities for businesses selling on a B2B model. Only a small portion of the prospects you send emails to will reply. However, for B2B businesses, it is worth trying.
Frequently Asked Questions (FAQs):
Here are some popularly asked internet questions about B2B sales.
1. What Are The Four Types Of B2B Selling?
In the b2b market, there are different types of customers. These customers are divided into four basic categories, which are as follows-
2. What Is An Example Of B2B?
In all manufacturing businesses, a b2b model is maintained at some point. For example, smartphone manufacturing companies use parts from several other brands. A company selling, producing, and selling parts to a manufacturing company sets an example of B2B sales.
3. How Is B2B Sales Done?
B2b sales happen between two businesses. In this type of business, a company sells a product or service that helps the other business operations.
B2B businesses are complex and hard to excel in. Nevertheless, they also offer high profits. As a result, B2B jobs are on the rise. If you are interested in a B2B business, you can take a look at the AT&T B2B sales program, and it will push your B2B business goals toward a direction of success. If there is any info that you think I have missed out on, you can share that in the comment section.