The epidemic has changed the world of B2B sales. According to McKinsey, almost 50% of the B2B buyers are holding off their purchases because of the epidemic. Lowering quotas, slashing forecasts, and cutting marketing budgets have become the norm for companies badly affected by epidemics like automotive, travel, and hospitality.
Businesses that have been less hard hit, technology, e-commerce, marketing, are increasing their purchases. While the epidemic created challenges for some companies, those that can take advantage of the opportunities now will most likely to thrive and survive during and after the crisis.
Businesses who spend their time brainstorming new leads will be left behind. When the pipeline runs out, it will take time to get it flowing. To keep closing the deals, try the following
Ramp up your prospecting
Closing a deal during the lockdown and when the restrictions are in place, requires a rethinking in the approach. Field sale steam will have to be more effective than they were pre lockdown. This will require more prospecting, even for those who aren't as seasoned at it.
Engaging prospects with social posts, handwritten notes, giving strategic genuine gifts are some of the tactics to stay on top of the mind. Continuing to generate sales and closing deals will require continuous experimentation. Trial and error is the only way to figure out how to help prospects who are facing unique circumstances.
Think about your prospect's customer.
The prospect's customer holds the key to your success. If the prospects customer is doing OK financially, he will buy from you. If not they may postpone buying or delay it.
Once you know how the prospects customer has been affected you will understand their buying urgency while doing sales calls. This was something you did not pay much attention to before but now it becomes vital.
It is also important to know how the prospect's customer is faring at present if he is in a position to purchase now or later. The staus of the prospect's customer will help you determine if the deal can be closed now.
Switch to yes mode and be emphatic.
What is required to close the deal? Consider offering a discount or deferred payment facility, waiving any fees involved, or offer a free feature which is normally a premium feature, etc.
Sticking to the same pitches for all of your prospects will not work and probing questions to find out what exactly is the customer's pain point. Then you can modify your pitch and present it in a way that alleviates his pain area. By promising to provide a solution, you may hear more objections that you may not have heard yet and that is a positive unintended outcome of trying to solve the customer's problem.
You may not be able to sell your product finally but that is Ok. You will establish yourself in a customer's mind and he is likely to refer you in the future and build long term loyalty. By giving what the customer needs at the time of absolute need everyone wins, he gets his solution and you get your sale even though you had to make some compromises.
Pitch all your deals like you are pitching to a CFO
All deals are being examined in detail by the finance department and more people are involved in final decision making. You need to be more intentional, direct, and repetitive about ROI. You have to demonstrate that you have a clear, demonstrable ROI. To demonstrate your ROI, you must highlight a direct connection between your product and the organization's goals.
Don't stop testing and tightening your process. To keep closing deals. try to keep to these steps. These can help you deliver the kind of pitch that catches the prospect's attention.
How to Keep Closing B2B Deals During the Pandemic
by Jeff Winters HBR July 28, 2020
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