In the business-to-business sphere, your primary objective should obtaining large accounts. To do this, you must find clients who prefer to buy in bulk and are prepared to make significant investments for their own enterprises. Of course, landing large accounts requires a great deal of effort and detailed strategies for marketing your business.
Selling to big clients is much different than working with the average consumer. For one, B2B prospects are very cautious about their purchasing decisions because every dollar spent must result in a significant return. To that end, here are a few tips for marketing and selling to large prospects.
Perfect small sales
It may seem counterintuitive to focus initially on small sales, but the work will pay off in the long run. First, you must consider the experience of your sales representative. After all, you don’t want to send relative neophytes into a meeting with someone who could become your biggest buyer yet. It takes time for employees to perfect their craft and understand how clients make purchase decisions. Sending agents out to close small deals will help them learn what it takes to establish relationships and become effective salespeople.
Additionally, closing small accounts will help you perfect your sales process. Inc. Magazine reports that companies are developing ways to streamline orders and communication with clients. One example is the demand-based model, under which businesses don’t regularly interact with their customers. This system slashes overhead expenses and reduces the amount of time that employees spend working on every deal. Ultimately, a demand-based strategy will bolster efficiency so you can close more deals faster than ever before.
In some cases, your best leads are the ones who are in your local area. While it may be tempting to start by going after prospects on the other side of your country or the world, you may be doing yourself a disservice by ignoring potential clients who are nearby.
The Washington Post quotes Tony Robbins’ philosophy that “proximity is power” because it’s usually relatively simple to land a face-to-face meeting with a business executive in your area. Additionally, focusing on a local area allows you to capitalize on your relationships and networking contacts. For instance, you can ask your own vendors if any of their clients might be interested in your products or services.
It’s also cost-effective to work in your local area. Sending employees on trips to meet with potential clients can be expensive because you have to cover travel, lodging and other expenses.
Unfortunately, you’re not going to close every deal, but rejection can be a teaching moment that helps you improve. According to Fox Business, you should ask leads why they didn’t pick your business. Actionable feedback will help you learn how you can improve for future clients so you won’t miss any opportunities.
Of course, these tips are only a small part of what it takes to sell to big clients. What do you think small business owners should do to close large deals?
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