What To Know About Successfully Closing a B2B Deal
You may not think of web design or online marketing as dealmaking environments, but in reality, closing deals is the very foundation of these businesses. You’re constantly negotiating with new clients to gain their business, and on the terms you want, and these are B2B deals, so they’re somewhat unique from B2C dealmaking.
According to Firmex in their 2017 Mid-Market M&A Report, while there was a general slowdown in most deal making activities in 2016, two of the three sectors leading regarding activity were technology and business services. While the report refers more to private equity and mergers and acquisitions, it does show that any sectors or industries related to technology or business services may be poised for a lot of activity in 2017.
If you own a web design or digital marketing firm, you should be prepared to make plenty of B2B deals this year, and the following are some tips that can help you be more successful.
Do Your Research On Leads
If you’re running a busy marketing company, for example, you just don’t have time to chase every lead that comes your way, if it’s never going to be a good fit. One of the most important but most often overlooked components of successful B2B negotiations involves making sure you’re only spending your time places that are worth it.
Do some research on potential clients and make sure that’s where you should be putting your attention before doing anything else.
Another important consideration with B2B clients is that you need to have at least some knowledge of what it is they do and the value you can bring to them.
Put Yourself in Front of Your Prospects Before Your Initial Call
The more familiar you are to your prospects the better. A lot of time digital marketing firms will spend their time creating social media profiles and looking for leads via those profiles, but they need to also make sure they’re putting themselves in front of prospects in other ways too.
One way is to follow their social media profiles, and not just listen but also participate in the conversations happening there.
When you do that, your prospects are already going to feel familiar with you when you make your first call.
Know the Objections
Finally, if you want to be asuccessful B2B deal maker you need to know the most common objections you’re going to face, so you can be prepared to combat them. The first and most pivotal is the budget. To deal with this, your primary objective should be showing businesses that they need your services. It’s not up to you to convince them they can afford it. Above all else, put your focus on demonstrating value.
Once you can do that, it can be easier to overcome any other objectives a potential client might have, such as not being a decision-maker. If you can convince them of your value, then they’ll be more likely to move you to the decision maker without more objections.
B2B dealmaking can be a bit complex, and you’re likely going to be facing a tougher audience than B2C dealmakers do, but following tips like the ones above can help you create a better foundation for success.
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