How To Sell B2B Products Online
How To Sell B2B Products Online
Conducting thorough research to understand your customers better, prioritizing their needs and desires, selecting the appropriate online platform, diligently qualifying leads, and offering comprehensive upfront information are five essential strategies to significantly enhance the effectiveness of selling B2B products online.
1. Do Your Research and Know Your Customers
Any effective sales strategy begins with getting to know your customer through research.
Trends have been showing that a more personalized B2B sales experience is favored by Millennials, who make up about 73% of B2B buying decisions.
Keeping this in mind, knowing who your customers are and what they require can go a long way toward increasing your B2B sales.
You can gain customer insights through the following:
Surveys
Focus groups
Customer feedback forms
Online reviews
Social media posts
2. Focus on What The Customer Wants
Because each customer is unique and has different needs, it is critical to tailor your approach and focus on what each customer wants.
If you can deliver a product or service that meets their needs, you’re much more likely to make a sale.
When researching potential customers, it’s important to also pay attention to customer pain points and complaints.
Not only can this help you understand your target market better, but it can also provide valuable insight into how you can improve your products or services in order to satisfy customers.
In the B2B industry, some common examples of customer pain points include:
Long wait times for customer service
Lack of transparency
Poor product quality
Unclear pricing and terms
3. Choose the Right Platform
Once you’ve done your research and know what the customer wants, it’s time to decide which platform is best for selling your B2B products online.
You have two main options when it comes to selling your B2B products: direct channels or marketplaces.
Direct channels include setting up an eCommerce website or using an online system.
For example, Shopify is one of the biggest eCommerce platforms available today.
Its features provide you with the flexibility to customize your website and tailor it to meet the needs of your customers.
Online marketplaces refer to websites where you can list and sell products directly to businesses.
Marketplaces, such as Amazon and Alibaba, are popular choices for selling B2B products.
These marketplaces provide you with a larger audience and access to customers looking to purchase your products.
However, keep in mind that their larger audience means that the competition on these platforms is higher as well.
4. Qualify Your Leads
When selling B2B products online, it’s important to qualify your leads.
Qualifying leads means taking the time to determine if a potential customer is worth pursuing or not by assessing their needs and budget.
You can also use this as an opportunity to determine how the customer plans on using your product or service and what they expect from it.
By qualifying your leads, you can save time and money on pursuing deals that don't work out.
For example, you receive a call from an interested business looking to buy your product, say Customer Relationship Management (CRM) software.
Before offering a demo or customized package, you can start by asking questions about their budget, current processes, and needs.
If they're looking for a product that offers cloud-based CRM, but your product does not offer that feature, then they're better off finding another provider.
This lead qualification process helps you narrow down your prospects and determine which ones are more likely to convert.
This also allows you to better allocate your budget and time to leads who are more likely to convert into customers.
5. Provide All of the Needed Information Upfront
When selling B2B products online, it’s important to provide all of the needed information upfront in order to make the process as smooth as possible for potential customers.
This includes relevant information like:
Pricing
Terms and conditions
Product features
Customer feedback
Contact information
Studies have shown that 52% of buyers are more likely to buy a product from a vendor after reading its content.
Providing all relevant information upfront makes it easier for buyers to make a final decision and close the deal.
Mistakes When Selling B2B Products Online
When selling B2B products online, there are a few common mistakes that you should watch out for:
1. Being Inflexible With Your Pricing Options
B2B customers often prefer to negotiate for the best deal, so it’s important to be flexible with your pricing.
No customer likes feeling cornered into a sale, which is why B2B products often come with flexible pricing options.
For example, Slack offers a range of pricing options depending on the size of your team and your needs.
This helps customers feel like they’re being listened to and gives them a sense of control.
2. Focusing On Email or Phone Calls to Talk to Potential Leads
Using emails or phone calls to contact potential leads is not always the most effective way to close deals.
Taking the time to hop on a video call with a potential lead is more likely to result in a sale because of the personalization involved.
Video conferencing tools like Zoom and Skype are much faster and more efficient ways to interact with potential customers.
These platforms also give customers the opportunity to see your product or service in action first-hand, which can be a great way to convince them of its value.
In fact, 3 out of 4 B2B buyers have reported a preference for video conferencing over more traditional over-the-phone calls or email exchanges.
3. Not Understanding Your Value Proposition
When selling B2B products online, it’s important to understand your value proposition and communicate it clearly.
Your value proposition is the distinct features and benefits that distinguish your product or service from the competition.
It also helps customers understand why your product or service is worth their time and money.
It’s important to include your value proposition in all of your content, from emails to website copy.
4. Prioritizing Pricing Over Value
When selling B2B products online, it’s important to focus on the value that you offer rather than just the pricing.
In other words, the value that your product or service offers is more likely to draw customers than just its price.
If the first thing you say to potential buyers is that you're willing to throw in a great discount if they buy now, then this only serves to cheapen the value of your product.
You should be focusing on the features and benefits they can get from your product, not just its price.
Five Ways to Sell Your B2B Products Online
Here are five ways to ensure success when you sell your B2B products online:
Do your research to know your customers
Focus on what the customer wants
Choose the right platform
Qualify your leads
Provide all of the needed information upfront
You can use these strategies to close more deals and develop your business.