6 Steps for Building a Successful B2B Sales Strategy in 2024

B2B sales strategy 

In the last 30 years, we have seen businesses go from an average of 50% year on year growth to 80%-90% by 2010. This phenomenal growth can be attributed in part to how companies are able to harness customer data to improve their product offering at a faster rate than ever before. Customer behaviour has changed drastically over time, with more than half (54%) of today's business buyers demanding personalized experiences tailored to their unique preferences, rather than generic one-size-fits-all offerings.

In recent times, this trend has been accelerated with the explosion of e-commerce platforms, where customers now expect a truly personalised experience from brands, rather than a faceless shopping cart or pre-purchased item. The rise of AI-powered chatbots has also helped to further enhance the buying journey for both consumers and businesses alike. As new technology becomes available, it’s important to adapt your sales strategies to take advantage of these opportunities.

Today, there are numerous tools for building effective sales strategies to drive business growth in 2022 and beyond. However, developing a successful strategy isn't always easy, as it requires the ability to identify key trends and market segmentation that will allow you to position your brand well in specific industries and build strong relationships with potential customers. With so many options out there, choosing what works best for your business in terms of marketing spend and resources can be difficult. That's why we've created a comprehensive guide to help you create a great B2B sales strategy in 2023 - step by step!

Step 1: Plan Out Your Long-Term Goals

The first step of any B2B sales strategy is identifying your long-term goals. These should be SMART (specific, measurable, attainable, relevant, and time-bound) objectives that reflect your company's overall direction and mission.

For instance, if you're running a medical device company, your long-term goal might be to increase patient awareness around health issues, such as hypertension or diabetes, and reduce hospital admissions. On top of this, you could aim to improve blood pressure management and prevent heart disease.

Once you've identified your long-term goals, it's crucial to map out which areas need attention and how much investment each action will require. You'll want to consider several factors when making decisions about who to target, including:

Target Market:

How do your prospective customers fit into your current business? Are they individuals or companies looking for products or services similar to those offered by your competitors? When answering this question, it's essential to take into consideration their behaviours, motivations and preferences, as well as the types of products and/or services they seek.

Competitors:

What are the primary players in the industry? Do they offer comparable products or services? If not, how might they differentiate themselves from other providers? Understanding your competition helps you determine whether certain products or features are more appealing to clients.

Competition:

What sets your firm apart from its competitors? What makes them different? How can you use that knowledge to differentiate yourself? Is there a way to make yourself stand out and differentiate yourself from your competitors? Knowing which aspects of the market you compete in will give you valuable insight into their strengths, weaknesses and threats.

Product/Market Segmentation:

What type of target audience are you targeting? Who are their interests? What challenges does your product or service address? Once you've answered these questions, you can start creating targeted campaigns that focus on addressing specific segments of the population.

Customer Lifetime Value (CLV):

What kind of value would a repeat purchase bring to your company? Does repeat purchasing benefit you financially? What percentage of purchases do you bring in month over month, year over year?

This information will help you assess whether the amount of money spent on advertising is worth it. Additionally, understanding the customer base you're trying to attract allows you to develop creative ways to connect with them. At the same time, once you have determined your customer's needs, it's vital to understand their wants and desires.

Key Questions for Developing a High Performing Sales Strategies 

2. Understand Your Customers' Needs

The next step is identifying your customers' needs and tailoring your sales tactics accordingly. There are several strategies to explore, but here are some common ones:

Primary Research

Primary research involves conducting surveys and interviews with current and potential customers to get an accurate picture of their needs, values, and priorities. This approach provides invaluable insights into the motivations behind client decisions, allowing you to tailor your outreach to cater to their unique demands.

Secondary Research

Secondary research includes interviewing existing customers, reviewing public databases, and analyzing competitor websites. Using primary research and secondary research, you'll be able to accurately understand the characteristics of your target market, while also gaining additional context about your own company.

Customer Observation

One method of observation is conducting market audits of established organizations. Using this technique, you'll be able to gain access to critical information about your customers' preferences, pain points, and general outlook on your brand and products.

3. Estimate Revenue Targets

After collecting all necessary information, the third step is to forecast your potential revenue targets and track progress towards them. While it's tempting to set ambitious targets and push forward regardless of market conditions, it's essential to maintain an appropriate level of flexibility.

To estimate revenue targets, you'll need to consider various factors, including:

Product Development Costs

How expensive is it to produce your product? Will the price continue to be high or decrease? How will the cost impact your revenues in the long run?

Competitor Pricing

How much does your competitor charge for the same product or service? Do they offer competitive pricing plans, discounts, etc.?

Customer Purchase Volume

How many people are currently using your product? Can you meet their needs? Have they found alternatives to your product, or is there a gap between what they need and what you do?

Product Life Cycle

How long does your product typically stay at the production stage? Do you manufacture parts, deliver goods to distribution centres, or sell directly to end users?

Marketing Budget

How much budget do you have to dedicate to marketing campaigns? Where can you allocate most of your financial resources?

4. Determine Key Metrics to Track Progress

Once you have estimated potential revenue targets, it's time to define metrics that will help you measure success against your targets. Some metrics include:

Revenue Growth

How fast is the company growing? Are they seeing increases in revenue consistently, or are spikes occurring occasionally?

Customer Retention Rate (CRR)

How often does a customer return to your website after spending time on your site? How many customers has returned within a certain duration?

Average Order Value (AOV)

How much value is each order bringing to the enterprise? How many orders do you sell every year?

5. Create Objectives That Lead to Specific Action Plans

Once your objectives have been defined, it's time to begin crafting achievable actions that align with the goals specified above. Here are some examples:

Increase Awareness Around Health Issues

Improve Blood Pressure Management

Lower Hospital Admissions Rates

Increase Patient Satisfaction Scores

6. Follow Up and Monitor Results

Following up with your customers is the final step in determining whether or not your efforts were successful. After following up regularly with customers, conduct regular benchmarking sessions, keeping track of sales channels, and measuring results, you'll be able to see how your marketing strategies are improving and adjusting as needed.

By implementing these six steps, you'll be able to generate meaningful profits and improve your business's performance in 2023. Following our tips will also ensure that your sales operations remain efficient and profitable, no matter what happens tomorrow.