Business-to-Business (B2B) sales are transactions between two companies, rather than between a company and an individual consumer for personal use. This type of sales model is characterized by larger transaction amounts, more informed buyers, a multi-stakeholder approval process, and therefore a longer sales cycle. B2B sales are complex, large, and require multiple people to perform different roles over a longer sales cycle. It is often spread out over the course of weeks through several discussions, rather than a single transaction.
B2B is short for “business to business” and refers to sales made to other companies rather than to individual consumers. On the other hand, selling to consumers is called B2C sales, which stands for business-to-consumer sales. A common example of a B2B sale is a technology company that sells digital marketing software to other companies. The main difference between B2B and B2C sales is that B2B selling takes much longer to complete and requires more relationship building.
You can make a sale and then that consumer goes off into the sunset, without being heard from again, especially if you're not selling expensive items like cars. They also have a much longer sales cycle due to large business, complex solutions and multiple stakeholders. You can use customer relationship management (CRM) software or a B2B email marketing tool with a built-in CRM to generate and track leads and build better relationships along the sales funnel. But when leads are qualified, the revenue-focused SDR would deliver the now-sales-qualified lead to the AE for a demonstration.
Another major change in B2B sales (as well as marketing) has been a new emphasis on account-based sales (ABS). Effectiveness and efficiency are what dictate sales performance, and sales performance can have a direct impact on your success. Scoring leads in this way makes it much easier for B2B sales teams to work with leads on an individual basis to prepare them for the sale. The biggest difference is that you'll usually deal with professional buyers or high-level executives when trying to make B2B sales.
Another example would be wholesalers who sell their products to retailers who then turn around and sell them to consumers. This process is different for each company, but it must be a rigid framework for all sellers to follow. This knowledge center contains a number of resources that provide information and insights on B2B sales. Read on to learn how the B2B sales model works, why you should adopt it, and get some tips to help you grow your sales quickly.