How B2B Customers Do Business Now
Keeping up with the changing mindsets and practices of current and potential clients is often a challenge for freelancers operating in the “new economy.” It is not easy to sign a good client, with the fondness for not spending money that is fashionable. Entrepreneurs can only prosper if they stay one step ahead of the customer, positioned to neutralize the temptation to keep a project within the company or let it languish and die. Entrepreneurs need strategies that generate billable hours. These are the trends that B2B buyers are following right now.
They investigate
A recent survey of employees making B2B purchases for their organizations by global consulting firm Accenture showed that 94% of buyers (their customers and prospects) research potential solutions to business needs in advance, to learn about options and save time and money.
By the time the B2B vendors (you!) Are contacted, the expected customer has already done the groundwork. He / she already has an idea of what you and your competitors could provide and a ballpark figure for the cost.
Entrepreneur and marketer Danny Wong, co-founder of online menswear company Blank Label, recommends that Solopreneurs recognize the elephant in the room and simply ask their prospects about any research they have done and what they might verify or clarify. . .
They are skeptical
Unfortunately, some unsavory sales “professionals” and Solopreneurs have been known to misrepresent what they sell. As a result, many B2B buyers prefer to shop online and avoid you and me. The practice was recently confirmed by Forrester Research, in a survey that revealed that nearly 60% of B2B buyers preferred to buy independently, without the help of a salesperson.
Wong notes that demonstrating experience and appreciation for the potential client’s goals and circumstances gives you credibility and helps you earn trust, an essential process when competing for assignments or sales. Buyers won’t do business if they don’t trust you. Why should they?
No matter how desperate you are for billable hours, don’t rush the process. Take the time to understand what the customer needs and how, or if, your products or services can be helpful. Avoid being perceived as an aggressive salesperson, and instead present yourself as a trusted advisor who wants the prospect to appear smart to superiors and other colleagues.
They are not in a hurry
No, it is not your imagination that making a sale takes longer than it used to. Another study showed that the average B2B sales cycle length has increased by 22% over the past five years. While the prospect is working on the worry accounts, Mr. Wong recommends that you do what you can to keep yourself in mind and try to prevent the project from falling into oblivion. Your main competitor is not one of your rivals, it is the customer’s inertia.
Submit information that can support (and accelerate) decision-making, but not overwhelm, select. Ask about a schedule and deadline for the project and suggest what a reasonable start time might be.
They trust the advice of anonymous “peers”.
You too, and that’s why you search for hotels and restaurants on Trip Advisor and look for a contractor on Angie’s List. Accenture reports that nearly 25% of B2B buyers make decisions based almost entirely on information gleaned from online “social” rating sites.
If your skill set is on Angie’s List or a neighborhood blog, try to establish a presence on those sites and build credibility that will help you get hired. LinkedIn and Facebook could be helpful once a prospective customer has been referred to you by a trusted source and their profile is investigated before the call is received. Create a good profile on the social media sites of your choice and make yourself look knowledgeable and trustworthy.
They appreciate relevant content marketing
The longer purchase cycle offers the advantage to those who produce long-form content: a newsletter or blog, case studies, white papers, or podcasts. An FAQ page added to your website detailing how to do business with you could also be helpful. Fair and instructive information is the essence of content marketing. Produce your own and position yourself as a qualified expert to get the job done.
Thank you for reading,
Kim