Customers aren’t the only ones who need a little massaging now and again. B2B Sales, or Business-to-Business, refers to product and service exchanges between two different business entities.
No man is an island, and the same goes for companies. Even the Amazon monolith needs to order supplies now and again, whether that be subscription software, professional laundry services, or, heck, their coffee beans.
B2B Sales can refer to any number of sales processes that drive these transactions and expand the client base of a B2B business. Learning where your company fits in this landscape is essential for maximizing your growth potential and solidifying your lead qualifying strategies.
In 2020, B2B transactions accounted for $7.6 BILLION worldwide. This number is projected to grow to a whopping $13 billion annually by 2027. Whether you’re a big or a small part of that number, a compound annual growth rate of 8.5% means there is significant revenue to be made if you can find your niche and fill it.
Are you prepared to get in there? Let’s get started with a better understanding of what the heck B2B Sales are and what they can look like.
Below are a few outlines of typical B2B businesses. Each of these business types offers unique solutions to the companies with whom they transact. And because I love a good value (and because B2B’s are almost always in the problem-solving business), I’ll even throw in a question for each which can help your sales pitch process!
Wholesale B2B
When you need a pair of shoes, you go to the mall. When you need 30,000 pairs of shoes, you talk to a wholesaler. Otherwise, that’s a whole lot of time to spend at the checkout. I hope you brought a recyclable bag!
Wholesale B2B’s are commonplace in the food, clothing, and retail world. These businesses work with manufacturers to secure and transport large quantities of goods and sell them at a low price point to B2C (Business to Consumer) businesses.
Unique Solutions: “If your business requires multiple shipments of similar products, could my wholesaler consolidate your process to lower overhead?”
Software B2B
This field (B2B Technology) is my specialty. Software can transform workflow from the ground up and can completely overhaul customer engagement with the service. A Software B2B focuses on developing software solutions that work for a specific field like fieldwork or enterprise-level platforms.
Armed with effective software solutions, these businesses offer their clients the ability to outperform competitors, retain customers longer, and streamline their processes.
Unique Solutions: “How can our software simplify your processes for higher success? What procedures could we bring together through our technology-based solution?”
Manufacturing B2B
As I sit here typing, it occurs to me that all of these little pieces have to come from somewhere. This “a” key, for example (so often stuck after the great latte flood of ‘18), where did it come from? Well, manufacturing B2B!
Computer companies, automobile shops, or toaster factories don’t have all of the pieces on hand to manufacture the entirety of the parts catalogue. They reach out to manufacturing B2Bs to produce the parts they need for their work. The B2B doesn’t turn a single screw in the final product, yet they are indispensable in the overall construction process.
Unique Solutions: “How could switching your parts over to ours increase your product appeal?”
I hope you came out of this article with a more robust understanding of what a B2B Sales company looks like. This blog is only an introductory guide—there is so much more to learn! About sales pipelines, transaction sizes, and scaling potential! Did I mention this is my specialty?
If you’d like to learn more, don’t hesitate to reach out. I’d love chat sales, growth, and all things human in marketing!