Complex B2B sales are now tougher than ever and the decline in sales team performances has been evidence to this fact. The reasons include:
- Longer sales cycles
- Prospect expect to receive real business value not just product or service differentiation
- Larger buyer team
- And better informed buyers
These have all have added to the challenges that face B2B sales professionals and sales leaders in today’s demanding marketplaces.
CRM is the platform of choice to manage everything prospect and customer related, however, it focuses on general details including the pipeline and forecast numbers and the communications, it doesn’t manage the prospects problem, people or buying process.
Boxxstep Buyer Relationship Management (BRM) has been created to fill the void and help sales people to sell more effectively and complement your CRM platform.
Boxxstep is not just another sales tool to add to the complications of selling, it’s been created by sales professionals for sales professionals, and enables sales leaders to manage and coach their teams as well as improve important sales KPI’s.
Encourage Sales Best Practices and Coach your team
Execution of sales best practices are on the wish list of most sales leaders because they know that they positively impact performance results. Many companies invest in sales training to reinforce sales processes and methodologies; however, few are maintained as sales people default to unstructured sales engagements.
Boxxstep enables users to capture, manage, share, review and action all of the important prospect buying information and buying process details by showing or reminding users about what’s required to plan and execute a successful sales engagement.
This includes understanding business information such as:
- Business problems, symptoms, impact and who’s affected
- Motive and urgency for the opportunity
- Return on investment or outcomes that the prospects want to achieve
- Business needs, considered and unconsidered
- Decision making processes, including stakeholders and dates
- And of course, the competition, who are they and how well positioned are they?
B2B selling is like building a jigsaw puzzle, without all of the pieces in place you can’t complete it. Today’s larger buyer teams have resulted in consensus or committee-based decision making, adding complexity for B2B sales professionals who need to understand the buyer team and what’s important for each of them, so that they can be engaged accordingly. Here are a few examples:
- Your planned business focused questions and the responses provided
- Their role and buying power
- Their style and information level requirements
- Their challenges, criteria and concerns
- The value your solution provides for them from a business, functional or personal perspective
- The insights you have provided to help them
- Their objections and your responses
- Their view of, and relationships with, the competitors
- Buyer team role, reporting lines and internal dynamics organigrams
Boxxstep includes the important questions that need to be asked and answered during a complex B2B sales engagement, and as such can add clarity and accountability to the process
Improve Opportunity Qualification
Research shows that over half of all B2B deals forecasted in the last 12 months didn’t close for anyone, the prospect retained the status quo. Think about what that means in terms of your resource costs and the dilution of your focus from opportunities that will happen and you have a genuine chance of winning.
Sales qualification is a perennial problem for sales leaders and effective process improvements will have a significant impact on your sales performance.
The Boxxstep structure encourages users to assess their proposition fit for the prospect as well as ask better qualification questions and capture the responses.
- Priority level to address the business problem
- The consequences and impact if they do nothing
- Does your proposition address the known business problems or needs of the prospect?
- Does your solution provide business value to the prospect?
- How well does your proposition address the known technical requirements of the prospect?
- Proposition fit for the financial or budget requirements of the prospect?
- How well is your company positioned to do business with this prospect?
- Strength of the competition in this opportunity?
Using Boxxstep should result in a minimum of 20% improvement in the vast majority of sales team’s opportunity qualifications.
Improve opportunity forecasting accuracy
The words forecasting and sales are inextricably linked because one is supposed to relate to another. Unfortunately, forecasting accuracy is as much of a problem as opportunity qualification for sales leaders.
Existing CRM platforms are structured or customised with arbitrary sales stages that reflect the internal sales process not the prospect buying process, and forecast probabilities are calculated based on where the sales team believes the prospects is in relation to their internal sales stage.
To enhance your forecast accuracy Boxxstep provides a ‘Win Potential’ percentage that is calculated based on the information entered into the platform. This includes:
- The process stage when you engaged with the prospect
- Business priority, urgency and consequences
- Proposition fit against the prospects business, technical, and financial needs
- Unconsidered prospect needs provided
- Strength of the competitions relationships
- Your relationships with decision makers, approvers and influencers
- Preferences and access to the decision makers, approvers and influencers
- Planned actions with the key members buyer team
- Insights provided to the buyer team
- Detailed understanding of the buying process, including stakeholders and dates
Using Boxxstep should result in a minimum of 20% improvement in the vast majority of sales team’s opportunity forecasting:
Improve opportunity conversions
There is a simple principle in sales in that ‘If you don’t know what you need to know how can you do what you need to do’. Knowing and doing go hand in hand.
B2B sales is also like a game of chess, it’s strategic and requires well thought out moves to gain a strong position.
If you’ve qualified the opportunities correctly then you’ll be focused on winnable real deals, so the ball’s now in your court.
Boxxstep helps you to be organised as an individual, and as an account team, after all selling is now a team sport.
- It helps you to capture the drivers for change so you can make conversations, presentations and proposals relevant and focused on deliverable business value.
- It helps you to understand and work with each member of the buyer team, and set and track the steps you need to take with them
- It helps you to build a picture of their buying process, so you can be on hand to advise them at each stage based on your experience and knowledge of providing similar solutions or others
- It helps you to visualise the who, why, what when and how to navigate the account
- It helps you set and track your objectives and tasks within the opportunity that will help you to achieve your goals
Selling today is as much of a science as it is an art, Boxxstep helps your sales team to be sales professionals and to organise sales engagements in a way that shows they are trying to help prospects not sell to them. Nobody wants to be sold to anymore.
Boxxstep BRM helps you to Identify, Understand, Visualise, Collaborate and Plan your sales opportunities.
Using Boxxstep will result in improving your sales team’s opportunity conversions, by what percentage will be dependent on too many variables to state a level.
Retain high value information
Buyers are busy people, they don’t have time to meet and greet sales people for the purposes of sales research, they value their time.
So, picture this, one of your sales people leaves (either based on their choice or yours, it doesn’t really matter). What is the cost of change to you? It’s so much more than recruitment and training fees plus your time. The unknown cost of lost business due to lost momentum and more importantly lost information is much bigger. Why so?
Ok so buyers are busy, so what do you think their response will be when the replacement sales person calls and asks to meet to get an understanding of their needs and process? It’s not difficult to predict.
If in the course of their daily work they gather vital prospect buying or buyer team information make sure you have a process to capture and retain it, this is pure gold and its value cannot be under estimated.
You may have an established sales team with little churn, who have been relatively effective over the years, so why change what’s not broken and let them keep doing what they’ve been doing?
Ask yourself one question ‘Do you think that if your sales people knew more about their prospects they’d be more effective in selling to them’? You know the answer already.
They say that customer data is the new oil, so make sure that your refinery is set up to extract and contain it.