Current State of B2B Selling – Latest Research and What it Means to Keep Competitive
6-minute read
Recent research by a number of consultancy firms reveals that B2B sales relationships are rapidly changing though the foundation of building trusting relationships is still in place. Let’s review insights from Gartner, Janek, Korn Ferry, Microsoft and Emissary.
75% of Buyers Surveyed Prefer a Rep Free Experience. This is the fundamental challenge facing all sellers in every industry. Buyers want to scratch their own itch. Digital access to information creates a false sense of confidence in a self-service sales process. However, a rep-free experience also creates the highest purchase regret. (Gartner and Janek) This research confirms what Korn Ferry has learned: B2B buyers are acting more and more like B2C customers and do not want to interact with salespeople unless necessary.
Marketing and sales functions must collaborate more effectively. B2B buyers are “avoiding” salespeople. This makes prospecting tougher. An effective marketing function must support and enhance the B2B sales process especially when comes to educating the buyer before he/she meets the B2B salesperson. Research tells us two important facts: B2B buyers may use up to 17 different social media channels to evaluate vendors’ products and services, and, B2B buyers are only spending 17% of their buying time with vendor salespeople. Marketing to enhance buyers to contact B2B salespeople is crucial and when salespeople meet a new prospect/customer they may only have one chance in a narrow window to build buyer trust and a continuing relationship that leads to a sale.
30% Lift in High-Quality Deals when sellers are involved. When sellers are involved with the sales process, buyers feel more confident in their purchase decision. This creates a paradox between modern buyers and today’s sellers, buyers prefer a self-service path to purchase, yet feel more confident when sellers are involved. This data affirms salespeople continue to drive value when they interact with customers. The challenge today for sellers, is twofold. First gaining access to the buyer during their purchase process. Second, rapidly positioning oneself as a credible expert, thereby garnering a trusted advisor role. (Gartner and Janek)
75% of sales leaders believe their workflow technology is easy for their sellers to use. Only 48% of sellers view their sales tech stack as optimized for their needs. This is a common misalignment between sales leadership and their sales team. (Gartner and Janek) The key here is to align sales processes with customer buying processes – more of buyer enablement that the much touted sales enablement.
Most skills that companies are increasingly focused on developing are social, emotional and advanced cognitive skills. The biggest jumps in skill training according to McKinsey are interpersonal skills and empathy (foundational selling and persuasion skills) and project management skills for implementing the B2B sales solution. (McKinsey) Solid selling skills that cement interpersonal trusting buyer relationship are still a must!
The Gartner CSO and Sales Leader Conference shed light on the undeniable truth that successful B2B sales ultimately hinge upon the human aspect. Technology must be harnessed wisely to complement and enhance the innate qualities that drive trusting human-to-human relationships in the world of B2B sales. By embracing this vital perspective, sales professionals can navigate the complexities of the modern marketplace with greater clarity and effectiveness with the support of AI and other tools built on the foundation of strong interpersonal B2B selling skills, discerning EQ and advanced problem solving skills. (Janek and ELAvate)
With those formalized buying processes comes heightened complexity. There are more decision-makers (now 6-9 on average), more diverse buyers (79% of committees are cross-functional), and longer sales cycles (7.5+ months)4. The result is a growing array of B2B customer hoops to jump through, over a much longer period of time. (Emissary) Past research by Korn Ferry has also confirmed this with the addition that many companies are reducing the number of preferred suppliers as well. These insight point to the need for salespeople to be able to build people relationships across customer departments, procurement and connect with different personalities and ethnic groups. B2B salespeople must practice diversity and inclusivity daily in their job!
64% of recent tech purchases were decided by factors other than product. When asked to dissect a recent purchase, only 36% of buyers said their chosen solution was ‘vastly superior’ to the second-place option. What made the difference in the majority of cases wasn’t product features, it was things under seller control: expertise, credibility, follow through, and reliability. The salesperson’s communication and trust building skills buttressed with the attitude to reliably serve are a competitive advantage. (Emissary)
AI will support better customer decisions and seller efficiency in different ways. I recently attended a Microsoft webinar about their Copilot AI for marketing, sales and service functions. What I gleaned from this presentation is that for salespeople, AI will speed up their efficiency to prospect, cross sell and retain client loyalty. For buyers, they now have access to information to scope out even in more detail their vendors for a product or service purchase. For the B2B salesperson, a well prepared buyer presents a formidable challenge as the buyer will be much better informed about the seller’s product/service and his/her competitors. B2B salespeople will have to be much better prepared as experts, and skilful in connecting to more demanding/knowledgeable, time conscious customers.
Keeping existing customers loyal is a must. The facts are clear: buyers are paring down the number of suppliers, prospecting is getting tougher, buyers avoid salespeople, buyer decision making is more complex, and salespeople who can develop and maintain trusting relationships are a competitive advantage. Strong, reliable post sale customer service is a must. On the front end, it is collaboration with the marketing team, on the back end it is world class customer service that keeps customers loyal and enhances your organization’s profitability.
The B2B sales research insights here confirm how B2B sales is changing:
Customers are becoming more knowledgeable, demanding and skilful at “avoiding” salespeople. When skilful salespeople are involved with buyer, the buyer makes and is more satisfied with his/her solution purchase.
Seamless collaboration between marketing, sales and customer service functions is a must to gain and keep customers loyal.
AI and technology can support salespeople efficiency and lead to shortening sales cycles and more loyal customer relationships.
World class B2B selling skills, sales coaching, customer service skills are still a competitive advantage. Practicing “DEI” is a must for salespeople.
ELAvate has 30 years of experience helping B2B sales and service organizations train and coach their sales and service people in world class skill and process with measurable and profitable results. Go to our website and explore our solutions and success stories:
Contact me for a no obligation discussion on this research and how ELAvate can assist your firm to leverage these insights to grow your sales and service teams to stay ahead of the competition.
Michael J Griffin
CEO and Founder of ELAvate
Global Sales Productivity Consultant
Maxwell Leadership Coach