by tradesmeninsights | Jun 20, 2023 | Tradesmen Insights
By Matt Sonnhalter, Vision Architect
It’s probably not surprising that 4 of the Top 5 channels are online/digital according to a recent report from Wunderman Thompson Intelligence, but I bet you the #2 channel is: In-store/at a vendor’s warehouse.
However, while US B2B buyers are searching on Amazon Business and the site commands an estimated 15% of their buying budgets, it’s not necessarily where buyers are starting their purchasing journey.
The largest share of US respondents say they most often start their journey in-store or at a vendor’s warehouse (26%), while fewer start on Amazon Business (16%).
The pandemic played a role in people purchasing online more but spending online is likely to decrease post-pandemic.
Here are some additional nuggets from the report:
- Nearly all US respondents have switched suppliers for all (55%) or some (41%) business purchases during the pandemic
- Almost half (49%) of all B2B purchases are made online
- 62% of buyers would like to have dedicated smartphone apps through which they can make B2B purchases
- 89% of B2B buyers in the UK and US find buying online more complicated than offline
- Promotions and marketing are the #1 influencing factor in B2B purchasing
With a high percentage of B2B buying happening online, it’s important to have your suppliers get their online portals right. Online portals can change a customer’s shopping experience and leave them with a positive attitude.
by tradesmeninsights | Feb 1, 2022 | Tradesmen Insights
By: Matt Sonnhalter, Vision Architect
When it comes to selling it’s important to keep your buyer in mind. Although it can be hard to please your buyer, sellers need to approach buyers, differentiate themselves from the competition, and demonstrate their value.
In their 2021 Buyer Preference Study, Korn Ferry answers these questions and more.
Here are some of the key findings that I found interesting:
1) Seller performance continues to decline – with the key to this decline being that buyers have continued to change faster than sellers, and sales organizations haven’t kept up.
2) Only 33% of salespeople are effective at selling in a “virtual” environment – the challenges of selling virtually, combined with longer buying cycles and changes in the buying process, mean that sellers have a more difficult path than ever to making the sale.
3) Buyers don’t view sellers as a valuable resource – respondents ranked sellers next to last out of 10 preferred resources used to solve business problems. Buyers are finding more value in using their past experiences with vendors, social networks and trade media or colleagues.
4) Buyers continue to engage sellers later and later in the sales process – over 79% wait until after they have full defined needs; over half (57%) identify solutions first. The earlier that sellers can be involved with the buyers then they have more time to influence the buyer’s decisions.
5) Factors influencing large purchase decisions – Features/Benefits, Ease of Use and Solution Value are listed as the Top 3, while “pricing” is seen as a secondary issue. Decision-making has many factors and depends on the buyer and for 27% they use analytical thinking and facts to make their decisions.
How has your sales team performed selling virtually?
by tradesmeninsights | Aug 17, 2021 | Tradesmen Insights
by Matt Sonnhalter, Vision Architect
Virtual selling will continue to be around after COVID-19. Over the past year, there has been a shift of moving things to be done virtually or remote. In a recent report, State of Sales, LinkedIn looked at the top deal killers for B2B buyers.
When looking at the report, some of these concepts seem so obvious, but if they made the list, then they must be happening out there.
Here are the Top 3 B2B seller behavior deal killers for buyers:
- Delivering misleading information about a product, its price, etc. – taking the top spot at 48%, I guess my question is why 52% of B2B buyers would buy from a vendor that gives them inaccurate info about the product and its price! Tell the truth; representing a trusted brand can make outreach more successful and gain you customers.
- Not understanding my company and its needs – this seems like “Sales 101,” but it’s amazing how many salespeople are too focused on their own product/service and not the customer. A sales professional needs to be focused on the consumer’s need rather than pushing a product.
- Not understanding their own product or service – with the amount of information on the internet and the amount of time buyers spend researching prior to reaching out to the company, shouldn’t be a surprise they sometimes know more than the salesperson.
Sales professionals are taking note of these deal killers and trying to improve. Knowing and identifying deal killers is important when targeting your audience, so you can adjust your outreach and effectively build trust.
Looking into the future, how will you change as a sales professional?
by tradesmeninsights | Apr 21, 2021 | Tradesmen Insights, Uncategorized
Each month, Alan Sipe, a contributing editor for Professional Distributor magazine, writes a sales skill article targeted to the independent business people who own and operate the various branded tool trucks you see parked at automotive repair shops everywhere. Although this article is written for the automotive repair industry, the sales skills are applicable to everyone.
Is it an objection or a question?
Your response will make a world of difference to your wallet.
You’re right in the middle of a product presentation on a new Jenny electric 7.5hp stationary air compressor when the prospect interrupts and growls, “How much is this compressor?”
Is it a question? Is it an objection? Is the product too expensive? The prospect used a negative tone, so they must be unhappy with my presentation, right? I’m not done with the presentation and he’s getting antsy, so he’s trying to rush me, isn’t he?
First things first. Let’s understand what’s meant by the question, “How much is this compressor?”
If you think about it, the prospect probably had a compressor that was working just fine. Now the thing just died or is on its last legs and they must get a new one. The prospect isn’t happy with needing a new compressor, so they most likely won’t be thrilled with any price other than free.
In this case, even though the prospect interrupted you with a question, it’s simply that, a question. How you respond can move your potential customer in the direction of saying “yes” to the compressor purchase, or it can blow up in your face.
A simple, straightforward response is always the best. Try being relaxed, and say something like, “It will be between $X and $Y depending on which accessories you choose. Let’s take a look at the accessories and see what you decide.” (more…)
