Are you a small B2B company trying to sell your product or service to public companies? It can be tough to cut through the clutter in the sales and marketing space at the best of times, but public companies in particular can be difficult to reach because there’s so much competition vying for their attention and business.
The result? Many B2B companies find themselves trying all sorts of new (and sometimes pricey) tactics to reach this particular audience hoping to convert them into customers.
The good news is that it doesn’t have to be this way. Sales teams can stand out and begin a positive relationship if they remember one key word: engagement.
Here are three straightforward, effective steps that small B2B companies can take to keep public companies effectively engaged throughout the sales cycle. If followed, these tips can help increase conversion rates and lay strong foundations for long-lasting relationships.
Tip #1 – Use their Competition as a Hook
Every business has competition and public companies especially like to keep an eye on these competitors. One of the fastest, most surefire ways to get a prospect’s attention is to use their competition as a hook.
What do I mean by this? When you get on that first call with a sales lead, don’t be afraid to mention your prospect’s competitors. Without going into specific business results, you still can allude to their competitors’ business activities.
This hook will immediately establish curiosity; business competition is fierce, and while your prospect won’t likely jump right into the buy stage with this new competitive insight, they’ll be curious to find out if they’re missing an opportunity to improve their business. They’ll want to know more about your product.
So congratulations – you’ve successfully obtained their attention! Now you how do you maintain it?
Tip #2 – Boost Relevance by Focusing on Prospect’s Role and Industry
People like to talk about themselves, so the best way to maintain a prospect’s attention is to demonstrate right off the bat your knowledge about their industry, their specific role and their individual pain points.
You can use various online resources to educate yourself about your prospect’s space and industry before the call. Use this information to address your prospect’s specific needs and empathize with their pains. This is your perfect opportunity to establish a true personal connection and demonstrate your credibility and relevance.
For example, instead of calling a Sales VP and rattling off a list of product features that you think will interest them, research current sales industry topics and build a conversation around that before mentioning your product.
Doing your homework prepares you for an engaging conversation that will lead your prospect to identify you as a trustworthy, relevant source. This moment is crucial to establishing your credibility and converting this prospect into a customer.
After this conversation should you consider which product features to showcase when you prove your product’s business value.
Tip #3 – Add Real Business Value Using Accurate Company Information
Now that you understand your prospect and have had a meaningful conversation about their individual needs, it’s time to focus on the company’s pains so that you can effectively prove your product’s business value.
Public companies frequently publish information about themselves. Resources are available that provide repositories of documents such as disclosure filings and news releases, which you can use to identify a company’s current pain points. You can also conduct this kind of research on your prospect’s competitors in order to identify areas for business enhancement.
Isolate one or two of these key pain points and align them with your product’s capabilities. This is your core value proposition, and will be what eventually confirms the sale.
Your prospect will be impressed not only with your grasp on the company’s business needs, but also on the accuracy of your numbers and ability to prove your product’s business value for their organization.
On a more micro level, you can appeal to your prospect’s inner narcissist by explaining how your product will help them to do their job better and produce results for their organization.
Engagement is crucial for small B2B companies who want to stand out, so following these three steps can increase your success rate when targeting public companies. While these tips are a great start and should help boost conversion rates, remember that the cycle doesn’t end once the prospect becomes a customer.
As sales strategist Patricia Fripp once said, “You don’t close a sale, you open a relationship if you want to build a long-term, successful enterprise.” Continual client nurturing can help your customer grow and become even more successful while simultaneously increasing your customer lifetime value.