Companies that want to sell a B2B solution must overcome the selling issues that begin at the prospecting stage. They must also be able to persist until the end.
These symptoms include too many quality sales additions, long sales cycles longer than necessary, and low win rates.
This is especially true when you’re selling to prospects that aren’t actively buying. This is called a “Find or Create Opportunity” situation. Create Opportunity” situation.
B2B salespeople are open to the fact that there need to be more active buyers to reach their quotas. Salespeople in most companies tell me that 80% of prospects must be “created” to become opportunities.
There are still opportunities for B2B sales professionals, even if they have active buyers. They are only sometimes the first vendors to call.
Sales Success Crisis Point
Even the most successful businesses are affected by this situation. They are often the most difficult to manage. What worked well for the past five to ten years is no longer working.
These companies may have been the first to market with the best product within their industry. They were not competing with any other companies. Their products were in high demand.
Selling was product-focused. To capture market share, it was necessary to move quickly and efficiently. This was something I witnessed firsthand while working with clients in Texas. In a thick Texas accent, I was told, “we got us big front loaders, and we’re haulin’ down the highway, scoopin’ up dollars!”
Companies like these then hit the wall. It could cost $100 million to $600 million. One software company reached $900 million. It took several years to get there, as well as acquisition and adjustments to their selling model. They earned $1.4 billion and then hit the wall again.
The only constant changes.
Competition eventually develops. The mature customer is more knowledgeable, experienced, and demanding than the seller.
Ironically, there are also newcomer opportunities in the market. These newcomers need more experience and knowledge and require a lot of education. For traditional sellers, both scenarios require new selling competency.
This is when product-selling companies often experience margin and price erosion. Executives are under pressure from investors to maintain high expectations due to their healthy margins and increased revenue growth rates. It’s more challenging to grow 30% when you start with $100 million than from $50 million, mainly if you use the same selling strategy.
Businesses must move away from selling products and to sell “solutions” with higher margins and lower prices. This selling model requires different selling competencies, processes, and behaviors. It is difficult for legacy sellers to learn new sales practices, sales processes, and hiring methods.
