Five Traps Preventing B2B Sales Deals

For those who make their living in B2B sales, there is always a certain amount of uncertainty when closing a deal. It gets complicated because it seems there always blind spots that can creep up and ambush your sales deals. Even if you have optimized your prices, met compliance regulations, and have the best sales tools at your disposal, there are some subtle areas that could be affecting your ability to make the sale. These areas are considered traps, and you need to be prepared to address them.

Sales

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1. Only Chasing the Big Accounts

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In a competitive market, you might your business struggling to make a profit because you wasted time with the wrong products in the wrong market. It would be fabulous to land a Fortune 500 account, but is the product you are selling really going to help solve their problems? The first mistake is to look at the profit from a big account rather than the tried and true consistent needs of small and medium-sized businesses. More often than not, these businesses have much simpler needs and are easier to please. They are also able to be more capital efficient, as their financial backing can be more fluid. With places that offer quick business loans at their disposal, it easier to for them to consider the potential relationship and investment. For you, it will beef up your credibility, experience, and help you develop a strong marketing approach to all types of accounts.

2. Failing to Abandon the Company Script

Sometimes salespeople can get so focused on their quota or routine demo calls that they develop tunnel-visions and can’t see past the first point of contact. Although the job is to secure customer interest, simply sticking to the company script may not reveal the true nature of the customer needs. A good B2B salesman will have the customer’s asking questions about the business and answering them with your own to probe for more clarifying information. Don’t dominate the conversation; maneuver that conversation into the critical questions that will help shorten the negotiation time and keep their interest. If they aren’t the ones who can help you, be sure to find out who you need to speak with. This can save a lot of headaches and repeated speeches.

3. Overreaching With Your Sales Speech

Trying hard to sell your product might lead to your oversell, which is one of the fastest ways to scare off potential accounts. If you overload a potential client with the wrong information, it will be confusing, frustrating, and simply easier for them to walk away. Don’t try to convince a client of the features of what you offer, but the return on investment when then they choose to work with you. Your product may be no different from another vendor’s, but your service could be the change and extras they need.

4. Chasing Your Customers Away

It is true that the sales cycles of the B2B structure generally take a lot of back and forth between vendor and client. However, too much interest and forced attention can actually create a disinterest from the company. While it is necessary to follow-up with potential leads and those who may request information, they might not really be a good fit for your products or services. Consider the feeling you get when a car salesman follow you around while you are browsing the lot. You don’t want to give potential clients that same feeling. Offer resources or provide information, but don’t tip your hand. This keeps you polite rather than pesky.

5. Sticking to Phone Tag

With all of the ways the computer and tablets have changed the face of business communications, it is important that you consider moving beyond just phone calls for sales leads and deal negotiations. Even emails can become trite and static for potential sales. These aren’t even the fastest ways to communicate anymore. Try offering live web-chats through your website, online ads, sending marketers to business events, and active social media pages. This provides more ways to communicate with an integrated customer experience.

Even with the best preparation, some sales won’t be yours for the taking. Sometimes the product isn’t compatible with the client. It is okay to walk away from a deal that isn’t going anywhere. However, you can help your B2B sales record if you can avoid these five sales traps.




About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver