Understanding the right sales strategy to employ is crucial, and the strategy you work with depends on two key factors: Time and the degree of complexity in the sales process. B2B sales is not about applying a shock seller for Snickers. But some B2B sales cycles are far longer and more challenging than others.
I want to look into three types of sales strategies: Transactional Sales, Value-Based and Consultative Selling, and Strategic Sales.
At the lower end of the complexity spectrum and involving short time horizons, we find Transactional Sales. This strategy is characterised by its simplicity and speed. The primary focus here is on the product or service being sold, with less emphasis on building long-term customer relationships.
Transactional sales are typically high-volume, low-cost transactions. The sales process is often quick and straightforward, with the main goal being to close the deal as efficiently as possible. This type of B2B sales strategy is commonly seen in low cost product environments or other industries where purchases are frequent and decision-making processes are relatively simple.
Moving up the complexity and time scale, we encounter Value-Based Selling and Consultative Selling. These strategies involve a higher degree of complexity and is often paired with longer sales cycles.
Value-Based Selling focuses on understanding and enhancing the value that a product or service provides to the customer. Rather than just selling a product, the salesperson aims to solve a problem or fulfil a need for the customer, thereby creating value.
At the high end of the complexity spectrum, with long sales cycles, we find Strategic Sales. This strategy is typically used for high-value, complex sales that involve multiple decision-makers and longer sales cycles.
Strategic Sales requires a deep understanding of the customer's business and industry. The salesperson must navigate complex decision-making processes, often involving multiple stakeholders. This strategy is commonly used in industries such as technology or business services, where the sales process can take months or even years.
A company that want to work with strategic sales need crafting thorough plans to effectively engage the target market to sell their products or services.
Strategic sales enable businesses to stay in tune with customer preferences, underlining the importance of adaptability for profitability. Being successful within strategic sales, your team need to focus on multiple components:
Transactional, Value-Based, Consultative, and Strategic Sales each have their place, depending on the complexity of the sale and the length of the sales cycle.
However, the most important factor to consider when choosing a sales strategy is the customer's buying process. Understanding how your customer makes purchasing decisions will allow you to align your sales strategy accordingly. Remember, there's no right or wrong strategy - it's all about finding the best fit for your customer's needs and your business goals.
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