Why Buying & Selling are Linked to our Marketing Future

10 April 2024

Executive Summary

The rise of the digital age and access to vast amounts of information has changed the way businesses buy and sell products and services. Traditional sales techniques, such as cold-calling and face-to-face meetings, have become less effective in a marketplace where buyers have more options than ever before. As a result, businesses must adopt a more strategic approach to sales that integrates online and offline efforts and focuses on building relationships with potential customers.

Account-based marketing (ABM) has emerged as a popular strategy for identifying and marketing to key decision-makers within an organisation. However, while ABM can be effective, it must be used in a way that respects the fact that many buyers prefer to self-educate and self-serve before engaging with a salesperson. In order to succeed, businesses must focus on creating a long-term strategy that identifies key players and communicates with them in context.

At the same time, businesses must also be mindful of the fact that buyers are often influenced by a wide range of factors beyond price. By understanding the psychology of the buyer, businesses can improve their sales processes and build stronger relationships with potential customers.

The Changing Marketplace
The Limits of Traditional Sales Techniques
A New Approach to Sales: Integration and Strategy
Account-Based Marketing (ABM): Benefits and Drawbacks
Understanding the Psychology of the Buyer
Why are we so bad at buying?
Where does it leave us when we sell?
Takeaways
FAQs
Conclusion

1. The Changing Marketplace

The advent of the internet and the rise of digital technology has fundamentally changed the way businesses buy and sell products and services. Buyers have access to more information than ever before and can easily compare products and services from multiple vendors.

At the same time, the economy has become more volatile, leading many consumers to be more cautious about their spending habits. This combination of factors has made it increasingly difficult for businesses to sell their products and services using traditional techniques.

2. The Limits of Traditional Sales Techniques

In the past, traditional sales techniques such as cold-calling and face-to-face meetings were effective because buyers had fewer options and less access to information. However, in today's marketplace, these techniques are less effective because buyers have more options and are better informed.

To succeed in this environment, businesses must adopt a more strategic approach to sales that integrates online and offline efforts, includes Digital Selling and focuses on building relationships with potential customers.

3. A New Approach to Sales: Integration and Strategy

To succeed in today's marketplace, businesses must adopt a more integrated and strategic approach to sales. This means building a long-term strategy that incorporates online and offline efforts and focuses on building relationships with potential customers.

Businesses must also be mindful of the fact that selling in today's marketplace is a two-way street. They must not only find new business and attract new customers but also engage customers on a pro-business level. This requires a significant amount of creativity and a willingness to adapt to changing market conditions.

4. Account-Based Marketing (ABM): Benefits and Drawbacks

Account-based marketing (ABM) has emerged as a popular strategy for identifying and marketing to key decision-makers within an organisation. ABM allows businesses to communicate with decision-makers on a more accurate and appropriate level, based on their role within the organisation.

However, while ABM can be effective, it must be used in a way that respects the fact that many buyers prefer to self-educate and self-serve before engaging with a salesperson. Businesses must also be mindful of the fact that many buyers do not want to be inundated with emails, content, or phone calls. According to Gartner, 83% of buyers want to self-educate and self-serve before engaging with a salesperson. Therefore, Digital Selling has become increasingly important.

5. Understanding the Psychology of the Buyer

As a seller, it's important to understand the psychology of the buyer. Buyers have more information at their disposal than ever before, thanks to the internet. They're also more cautious about spending money, especially in a slow economy. Traditional sales techniques like cold-calling and face-to-face meetings have become less effective because of the vast number of choices available to buyers.

To succeed in today's market, businesses need to establish a strategy that combines promotion and attraction. One-off promotional activities like mailing or web campaigns don't work; they need to be part of a long-term lead nurturing strategy. The sales process needs to be consistent, maintain continuity, and flow from one element to the next, with a clear call to action.

6. Why Are We So Bad at Buying?

As buyers, we have significant choice and access to more information than ever before. When confronted by a salesperson, we immediately reach for the internet to see if we can get a better deal or do more research. However, we need to be conscious about what influences us when making purchasing decisions.

For instance, is it being repeatedly marketed to us? How do we feel about service? What about value for money? Is cost everything, or do we require something more than just a good price?

Are we too aware of the "disconnects" in marketing that we get agitated when we're approached by a salesperson? Do we start out with a low opinion or disjointed opinions of the process?

7. Where Does It Leave Us When We Sell?

If we have a low opinion of salespeople or are only out for a cheap deal, how can we expect to be treated properly when we sell our own goods and services? There appears to be a mismatch. Those of us who are sellers need to understand the balance and be aware of the psychology going on in the buyer's head when we're trying to sell to them.

8. Takeaways:

Selling and marketing are not the same thing. Selling is a part of the marketing process, but marketing encompasses a wider range of activities, including research, branding, and promotion.
The traditional approach to selling is no longer effective in today's digital economy, where buyers have more access to information and choices than ever before. Sales strategies need to be more comprehensive and integrated, incorporating online and offline elements and focusing on long-term lead nurturing.
Account-Based Marketing (ABM) is an approach that targets specific decision-makers within an organisation with personalised messaging. While it can be effective, it's important not to overwhelm buyers with too much content or contact.
Buyers need to be conscious of their own biases and influences when making purchasing decisions. They should consider factors beyond just price, such as service, value for money, and the overall buying experience.
Sellers need to understand the psychology of buyers and tailor their approach accordingly. This includes researching and interviewing existing customers to understand what they liked and disliked about the sales process.

9. FAQs:

Q: Is selling still important in today's digital economy?

A: Yes, selling is still an important part of the marketing process, but it needs to be done differently than in the past. Traditional cold-calling and face-to-face meetings are less effective, and sales strategies need to be more comprehensive and integrated.

Q: What is Account-Based Marketing (ABM)?

A: ABM is an approach to direct selling that targets specific decision-makers within an organisation with personalised messaging. It can be effective, but it's important not to overwhelm buyers with too much content or contact.

Q: What should buyers consider when making purchasing decisions?

A: Buyers should consider factors beyond just price, such as service, value for money, and the overall buying experience. They should also be conscious of their own biases and influences when making decisions.

Q: How to increase sales in B2B marketing?

A: To increase sales in B2B marketing, it is important to first understand the needs and pain points of your target audience. Then, create a targeted and personalised marketing strategy that focuses on those needs and demonstrates the value of your product or service. Utilise multiple channels such as email, social media, and content marketing to reach potential clients and build relationships. It is also important to continuously analyse and adjust your strategy based on data and feedback from clients.

Q: How do you optimise B2B sales?

A: To optimise B2B sales, it is important to have a clear understanding of your target audience and their needs. This includes identifying their pain points, priorities, and decision-making process. Then, create a sales process that addresses those needs and demonstrates the value of your product or service. Utilise tools and technologies such as CRM software to manage leads and track the sales process. Continuous analysis and improvement of your sales process based on data and feedback is also essential to optimise B2B sales.

Q: How do I attract more clients B2B?

A: To attract more clients in B2B, it is important to first identify your ideal target audience and their needs. Create a targeted and personalised marketing strategy that focuses on those needs and demonstrates the value of your product or service. Utilise multiple channels such as email, social media, and content marketing to reach potential clients and build relationships. Additionally, offer incentives or special promotions to encourage potential clients to engage with your business and consider your offerings.

Q: What triggers B2B sales?

A: B2B sales can be triggered by a variety of factors such as a change in a company's needs, a change in the competitive landscape, a new product launch, or a change in regulations. Additionally, building and maintaining strong relationships with clients and providing exceptional customer service can also trigger B2B sales through repeat business and referrals.

Q: What are the six steps setting up B2B sales to improve the revenue? A: The six steps to setting up B2B sales to improve revenue are:

Identify your target audience and their needs
Develop a targeted and personalised marketing strategy
Generate and manage leads through multiple channels
Create a sales process that addresses client needs and demonstrates value
Utilise technology such as CRM software to manage leads and track the sales process
Continuously analyse and improve the sales process based on data and feedback

Q: What are 4 general ways to increase sales? A: Four general ways to increase sales are:

Identify and understand your target audience and their needs
Create a targeted and personalised marketing strategy
Utilise multiple channels such as email, social media, and content marketing to reach potential clients
Continuously analyse and adjust your strategy based on data and feedback from clients

10. Conclusion

To succeed in today's market, it's essential to get into the minds of your prospects. This requires research and interviewing your existing customers to understand what they liked and disliked about your initial approach. Plan your sales process as a complete presentation with a beginning, middle, and end. Maintain continuity, establish a clear call to action, and give buyers a reason to engage with you.

For more information about the customer's journey, from idea to inception, to marketing and close, take a look at the series of articles and graphics in Digital Marketing Transformation. and How to Pivot to Digital Selling: Sales & Marketing Transformation. Start planning a more meaningful approach to your sales strategy with an outcome that will have your salespeople hitting their quotas like you expect them to.

For more information about preparing content in advance, take a look at our alternative B2B Marketing and Digital Selling Strategy and start planning your content strategy now.