The B2B buying process has undergone significant change in the last 10 years. Surveys have shown that when SMEs are buying ICT they 1. Research the web 2. Approach existing suppliers 3. Ask peers for recommendations. Unsolicited approaches by phone, email or IM are disliked, ineffective and may actually hamper your chances, especially when used in isolation. Your salespeople are your most expensive resource. Stop wasting their time and expertise by forcing them to make hundreds of cold calls, most of which end in failure or rejection.
For quality run-rate leads you need a 5-touch inbound marketing strategy that combines direct mail, social media, PR, SEO and events. For larger prospects, you need an ABM (Account Based Marketing) programme that integrates the sales and marketing departments. It’s easier to sell to existing customers, so build an effective cross-selling programme using product specialists where justified.
The biggest waste of your time is the deal you don’t win
The best test of a new supplier is conversion rate and margin. Good Account Managers help you identify and qualify opportunities. They give you the questions to ask to uncover problems and needs and they help you close deals. A channel-only vendor growing rapidly with a lot of partners is a good sign because it means their partners are closing lots of large contracts. Most vendors say they have a channel programme but there is little substance behind the fluff. Ask for evidence and references. Pull their accounts!
Don’t let new products damage the relationship with your customers
Make sure your vendor has properly developed products that can be easily productised and billed. They should be provisioned, managed and supported through a mature, well-established, API-enabled, real-time, self-service portal. Ask for evidence that the products are reliable and easy to support. Make sure you don’t lose control of the process and the relationship with your end users. Your salespeople will be reluctant to sell anything that might damage the rapport they have with their customers and/or puts core product lines at risk.
