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B2B Technology Sales: Ten Steps to Success
Business to business technology sales can be a profitable endeavor, but like all industries, hard work and patience are required to ensure success. Some business practices and attitudes work better than others when selling technology, and selling to other businesses differs markedly from selling to consumers. Nothing guarantees success in any business field, but the following steps go a long way toward building a successful B2B technology sales plan.1. Research New Market Trends Research in market trends and business needs is as vital when selling technology to other businesses as it is when selling to individual consumers. Gathering such research differs from researching consumer-marketing trends, however.> Consumers may be willing to fill out surveys or respond to cold call interviews, but such strategies are less likely to work with businesses, where intrusions on their time cost the company money. Offer businesses some perks to participate in your marketing research. A small honorarium may attract businesses to focus groups, whereas a cold call is likely to be brushed off. 2. Customers' Needs vs. Customer Wants: Which Should Win? There are two business maxims that often conflict when selling technology to business. One is the old rule that the customer is always right. The other is that what the customer wants isn't necessarily what the customer needs. To succeed, a business needs to address both of these concerns. When selling technology to businesses, it's important to differentiate between wants and needs. A successful B2B technology business focuses on both. An ideal sale gives the customer both what is wanted and what is needed. Ideal sales situations are not always possible, however. Buyers may initially be happy with a product they think they want, but they'll quickly be disillusioned if the product doesn't deliver what they need. In such cases, the customer is likely to blame the seller. A successful technology sales business takes the time to explain how technology gives the customer what they need. The customer's wants should not be ignored, but often the purchaser has a limited knowledge of technology. In such cases it is the responsibility of the seller to discuss and explore the buyer's needs, and promote the product that best fills those needs. 3. Follow-Up on Sales No matter how happy a business seems with your technology, it's vital to follow-up on any sale to see how well it's working out. Following up shows businesses that your company values customer satisfaction, and gives the seller opportunity to gather valuable feedback from clients. Often, bad feedback is even more valuable than praise. 4. Customer Service and Support Few businesses are willing to purchase expensive technology without receiving some form of support. The more specialized the technology, the more vital a good customer service and technical support center becomes. Even if the purchasing business should run in to serious difficulties, an effective customer service center can maintain, or even improve, your businesses reputation. Depending on the nature of your business, customer service and support can be delivered in person, over the phone, by email, or even through website chat rooms. No matter how you chose to provide customer service, complaints and concerns should be addressed promptly. 5. Know your Limits Any successful business knows its own limits. A small technology selling business is more likely to operate locally, and with fewer clients, than a business that employs several hundred people. Smaller businesses that focus on quality service to a limited number of clients are more likely to get repeat business than small companies that focus on selling without offering customer support. 6. Get Online, Stay Online A technology business without a website is at a severe disadvantage in today's competitive market. Businesses expect that any company that sells technology will be web-savvy enough to have a well-designed, successful website with helpful features, including an online store. Once online, the website needs to be updated on a regular basis with new products, helpful content, and company press releases. 7. Get to Blogging Blogging may have started as online entertainment writing, but now it is embraced by the online business community. A regularly updated web log improves business website rankings, and also provides a forum for site visitors and clients to leave feedback about company services and products. Businesses have gleamed valuable insights in their markets by paying attention to blog responses, and have begun dialogues with prospective clients that have ended in sales. 8. Stay Connected through the Internet Staying connected with clients, and potential clients, is much easier if your business is online. In addition to a blog, a technology sales website can provide an opt-in newsletter, which is emailed out once a month. As the clients opt to receive the email, they are likely to be more receptive to it than unsolicited spam. Online newsletters should be kept short, and deal only with topics that would be of concern to your clients. While its possible, and even advisable, to add personal touches to a company newsletter, the bulk of the newsletter should deal with industry news and client concerns. 9. Discover Really Simple Syndication Companies can also make use of RSS, which stands for Really Simple Syndication. RSS provides instant access to any clients who have signed up for the business site's RSS feed. New reports added to the RSS feed allow the business to send new information, news, and website updates to clients faster than email. RSS readers are available for free through a number of websites, including Yahoo Widgets and Google Gadgets. 10. Old Fashioned Networking The Internet receives so much attention as a marketing tool that people sometimes forget how important good, old-fashioned networking can be. By all means use the Internet to the utmost to promote technology sales, but don't give up on good, old-fashioned networking. Attending seminars, trade fairs, and business conventions is as important now as it ever was. Person-to-person networking gives your business a human face, the one element that is often missed with online marketing. Success in business-to-business technology sales requires constant analyzing and re-evaluating of the market and client expectations. Companies that stay on top of technology changes provide excellent company service. And if they stay connected with clients after the sales are complete, they are well on the way to long-term success. Professional pride and willingness to stand by your product helps build your reputation and attracts new clients. Search for Your Technology Domains » Technology Sales Online: Product Review Sites Sell.
With new technology developing at breakneck speed, consumers need trusted sources who can recommend the best in software, hardware and technological gadgets. Product review websites have become popular reference sources and have the potential to be profitable ventures when handled correctly.Most technology review sites don't sell products directly: users' reviews link to the product manufacturer's site. The review site owner is paid based on either the amount of traffic redirected to the site, or sales generated through redirected traffic. Given how people make money with technology review sites, some sites link to multiple products and give each product a glowing review in the hopes of making a sale, any sale. This is a bad idea for a number of reasons. First and foremost, consumers canny enough to read product reviews before making a purchase are probably smart enough to notice if every review on a site scores highly. This deducts from the visitors trust of site reviews, ultimately hurting the site's chances of redirecting traffic. If a site claims to review portable media players, logic dictates some products will score lower in reviews than others. To avoid losing credibility in the eyes of your customers, create a series of criteria for product reviews and stick to it, judging each product on the same merits. This set of criteria and regular updates of the reviews will build trust with site visitors, who are than more likely to act on your recommendations. Link to all the products you review, even if you give the item a low review score. Remember, while you provide visitors with the information they need to make a decision, you don't make the decision for them. If a site visitor chooses to purchase a product you scored low, you still profit from it. Your responsibility is to review honestly, not to prevent individuals from making purchases. When building a review site, the scope of the review is important. Are you going to review audio systems or all technological gadgets? Although technology websites can review all types of products, smaller sites are generally better off reviewing only specific types of technology. By focusing on one area of technology a website fosters a reputation for specialized knowledge. Also, sites that focus on specific topics tend to perform better in search engines than broader based sites. Finally, as is the case with every successful website, a review site needs good quality content that is updated regularly. In addition to reviews of the latest products, a technology review site might include industry news, tutorials on product use, an explanation of the site's review process, interviews with industry leaders and other information that enriches and supports the reviews. Search for Your Technology Domains » Small Business Trends Identifies Outsourced Information Technology as the Number One Opportunity for Small Businesses in 2006
Small Business Trends blogger Anita Campbell writes about their picks for top 2006 small business opportunities — placing Outsourced Technology Services in the number one spot.Campbell notes that the list was designed to focus on mainstream business opportunities which are accessible to the average entrepreneur (who doesn't have a bankroll of millions). Given the increasingly complex nature of business technology needs, and the increasing staffing costs associated with filling "techie" jobs, many small businesses are turning to outsourcing firms to accomplish much of the infrastructural work in their offices. As the concept of virtual staffing takes hold, businesses are also re-evaluating their commitment to purchased software programs. Many businesses are viewing "software as a service" (SaaS) models as preferable to shrink-wrapped software purchases: initial costs are often lower, access is not dependent upon internal network resources and the software is guaranteed to be up to date. Small businesses in the areas of technology outsourcing and SaaS are taking advantages of opportunities in these areas to drive revenues of $5 to 10 billion. Read the full story... Search for Your Technology Domains » Good News for Technology-Oriented Start-Ups: Wall Street Journal Estimates that 30% of Angel Money Raised Is for Tech Sector Ventures
A recent article on "angel investors" in the Wall Street Journal cited investments of $11 billion in Q1 and Q2 of 2005. Of this $11 billion, approximately $3.3 billion went toward funding software and technology start-ups.The importance of angel money in many start-up situations is significant: even if you raise $200,000 instead of $2,000,000 — it may be the funding which allows you to bring your product to market, or which funds salaries while you are in the client acquisition phase. The Center for Venture Research in Durham, NH specializes in analyzing venture funding. Venture or "angel" funders are often successful entrepreneurs who evaluate multiple opportunities and select several start-ups to back — anticipating that some of them will fail, and others will provide a substantial payoff, negating losses from the unsuccessful businesses. There are some key steps in getting funded: first, if it is possible to prove your concept before seeking funding — showing prospective investors that there is, indeed, a market for your goods or services, you will find investors more receptive to your message. Second, be sure to develop a range of materials describing your project: from detailed business plans which demonstrate that you have worked through a business plan from a to z, to executive summaries which are digestible over a business lunch. Third, link in to resources designed to help bring together entrepreneurs and funders: many cities have organizations sponsored by local business schools, for example. In addition to getting you exposure to potential angels, you will be linked to a supportive peer group which can help you work through some common issues. Fourth, think about team and track record when planning on your approach to potential investors. If you can partner with, or bring on board team members experienced in start-up environments angels may feel that there is a significantly better chance to see their investment pay off. Finally, be willing to listen; not every investor will be willing to fund your venture — but every rejection, provided that you learn from it by listening to their perspective on your ideas, your presentation and your business plans — should get you one step closer to success. Search for Your Technology Domains » |
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