B2B sales are not a new concept to the corporate market. Whether you operate as a service-based online vendor, provide social selling consultation to third-party brands or work as a company sales representative, the B2B market can teach you a lot about upcoming shifts in trends. Referring to existing statistics and analytics to learn more about how to sell smarter and more efficiently in 2020 is a very efficient way to avoid marketing mistakes and increase your company’s B2B lead generation.
However, with a plethora of case studies and surveys conducted on the topic, it can be difficult to narrow the choice of B2B sales statistics to a crucial few to refer to. With that in mind, let’s take a look at some of the most interesting and potentially impactful B2B statistics to sell smarter in 2020 and beyond.
Advantages of Referring to B2B Sales Statistics
Before we dive any further into B2B sales, let’s briefly discuss why you should care about this part of the pre-sales process. Companies such as your own will often publish surveys, infographics and other types of sales data which can be accessed and used to further your own lead generation and revenue while avoiding their mistakes.
Using existing sales statistics in regards to what works and doesn’t work is the baseline for successful selling, B2B and B2C alike. With that said, the advantages of utilizing B2B sales statistics in your own marketing and selling efforts include:
- Sales pattern recognition
- Streamlined audience & channel targeting
- Smarter sales resource allocation
- Ongoing tracking of market trends and changes
- Better finance management and higher ROI
Interesting B2B Sales Statistics to Consider in 2020
- The Importance of Customer Experience
In terms of sales and lead generation, customer experience represents one of the most important retention features a company can have. This has led to a finding which showcased that 75% of B2B market leaders claim that it will play a pivotal role in the industry going forward. The data was backed by additional 73% of B2B marketers who claimed that personalized customer experiences are in higher demand now than ever before.
It’s easy to recognize that these statistics are truthful in terms of user attraction and retention, especially in the B2B market. While raw products and services do matter, the accompanying customer experience will determine whether or not your lead converts into a client.
- The Relevance of Additional Purchase Value
Whether you sell physical products or subscription-based services, it has become increasingly essential to place additional value onto the sale itself. According to published statistics, B2B stakeholders put higher value into value-added services (31%), product features (19%), product reliability (18%), price (17%) and the sales experience itself (15%).
This data shows that the B2B sales trends are shifting toward curated, smart selling where communication and cooperation between seller and client are more important than ever. Weighing each of these points against one another and finding the perfect balance of revenue, retention and brand reputation will become one of the pivotal challenges of 2020 and beyond in terms of B2B sales.
- Continued Growth of Social Selling
Social media platforms have become a de facto global playground when it comes to both B2B and B2C sales. Sites such as Facebook, Twitter, and LinkedIn offer a plethora of social selling possibilities for companies to use in their lead generation efforts. This has led to a survey which shows a 19% increase in social listening from B2B companies who aim to cater to their clients in the best way possible.
Coupled with the statistic that 58% of surveyed organizations treat social media as one of their primary research channels, it’s easy to spot an increase in interest in social selling from the B2B market. Whether you choose to go through a dedicated social selling platform or a more hands-on approach, social media B2B sales are bound to grow and develop in the coming years.
- Brand Reputation and Pre-Sales Impressions
Even though your product or service may be of high quality, your website and online storefront will still determine whether or not B2B stakeholders will go through with the purchase. According to published data, 64% of buyers check their vendor websites thoroughly before the contact a representative for further inquiry.
In addition to that, 59% also look for online reviews and testimonials from fellow B2B companies before deciding whether or not to contact a new business. This means that your online presentation and value proposition matter now more than ever. Make sure that your website’s UX and visuals are up-to-par with your reputation and aspirations to attract B2B stakeholders and you will undoubtedly manage to carve out your own sales niche in the coming years.
- Shifting Trends in Lead Acquisition
Attracting and retaining B2B leads is becoming more an increasingly complex activity no matter how good your product or service may be. According to recent statistics, B2B vendors acquire new customers through referrals (63%), social media (42%) and content marketing (36%) to name a few pipelines. We can see an increase in interest when it comes to seeking referrals from existing B2B leads as well as the social selling aspect of lead generation.
“This can spell concern for small B2B businesses and those that are new on the market due to a noteworthy increase in relying on referrals to attract more B2B sales. However, with the right marketing approach and value proposition presentation, this shift in lead acquisition trends shouldn’t be an issue,”- says Kristin Savage, a marketer and a writer for Studyker and WriteScout.
- Partner Relationship Management (PRM) Importance
Lastly, as the name might suggest, PRM has become an increasingly important factor in B2B sales and lead nurturing and it’s easy to see why. B2B stakeholders who had positive relations with your brand will likely want to continue that trend in the future. According to published findings, businesses which cultivate PRM with their lead generation are 63% more likely to reach their revenue and B2B sales goals.
However, 84% of B2B companies have no knowledge of their partner companies’ pipelines or inner workings, making it difficult to retain existing leads without PRM. In order to amend for that and prepare for a B2B PRM revolution, you should pay closer attention to lead nurturing in the post-sales period of your B2B sales in 2020 and beyond.
The Future of the B2B Sales Market (Conclusion)
No matter the scale of your business or the industry in which you aim to attract and retain leads, it’s easy to see the benefits of referring to existing studies and findings in regards to generating further B2B sales. That being said, market trends are difficult to anticipate and even harder to implement in practice without concrete, moment-to-moment changes in the market. Make sure to keep an eye out for ways to sell smarter in 2020 and you will assuredly find interesting and creative ways to generate B2B sales for your company through careful research and planning.
Bridgette Hernandez is a Master in Anthropology who is interested in writing and is planning to publish her own book in the near future. Now she is a content writer at WritingJudge. The texts she writes are always informative, based on a qualitative research but nevertheless pleasant to read.
