B2B Sales part 3 - The Slower sales cycle

b2b sales, MSP sales — B2B sales cycle is much slower compared to the B2C sales cycle and hence calls for a different, a more informed approach to B2B selling.

There is a third area that is unique to B2B sales. The distinction is that B2B sales generally means a slower sales cycle than consumer sales. You have to be ready to accept that the time from initial contact to a signed contract can be quite lengthy.

There are factors that contribute to this. The first is the relatively low cost of a consumer purchase. With the exceptions of cars, and possibly major appliances, consumer purchases have generally low value, especially compared to business sales. Therefore, an error in decision-making is less critical. (No one searches the web to do an in-depth search for best value for a bottle of water at a grocery.)

A second reason the sales cycle is faster in consumer sales is that only one person is making the decision. With the decision maker flying solo, purchasing can occur more quickly. The consumer can act alone. Business purchasing is slower due to the presence of multiple decision-makers. Making sure multiple decision makers get all the necessary data, then coordinating with them all to reach consensus takes time.

Finally, the process is also slowed to ensure rational decision-making because the consequences are generally more serious. B2B sales is a scheduled, deliberative process. The time from the initiation of an evaluation to a decision can easily stretch into months or longer. Remember, every decision affects the bottom line, which is the ultimate driver of most business decisions. There is no room for impulsive, rash behavior. If you buy a new shirt that doesn’t last, you’ve wasted $30.00. When a firm selects a MSP, they’re putting the critical infrastructure that supports the business on the line. A bad decision can sink the firm.

What does this mean for you?
1 ) Recognize the process is slow. Don’t irritate your contacts by rushing them if their internal procedures are inherently slow.
2) Understand the company and its buying process. Meet with them on a regular basis to understand where they are in the cycle, and provide information relevant to that stage in the cycle. The more you respond to where they are in the cycle, the faster the sales process may proceed.
3) Be available throughout the process in a consultative mode. Rather than trying to “push” a sale through, be there to offer advice, support, and data. Be a teacher and advisor..