Thursday, March 28, 2013

Tip: A Better Way To Target B2B Prospects

One thing I’ve discovered is a simple pattern that every business founder should consider before selling anybody.
Is to understand what business model you are in and what business model are your buyers in. Are you a Solution Based, Commodity Based, or Strategically Based? Are prospects a Solution Based, Commodity Based, or Strategically Based?

Solution Based: Your drive is to approach buyers that have the problems that you have the expertise to solve. So in this particular approach, your solutions could be a premium due to your uniqueness. When you provide a solution to a problem with not many competitors or alternatives.
  1. Develop your list of prospects based on whether they have a problem, need, ability to buy, authorities and or any other criteria you want.
  2. Start with someone within the company you can connect with and could be an advocate by doing everything you can do to warm up the lead.
  3. You can then call to set an initial meeting.
  4. Know all the obvious stuff about the organization. So when you meet, you focus on the questions to uncover and identify the problem the contact is facing.
  5. Develop the solution that best solves the clients situation.
  6. Stay in contact and keep adding value.
Commodity Based: When selling to a client in a commodity industry or whose margin are razor thin and operates from a volume selling or budgeted money. Be prepared to keep your own cost reasonable and your proposal reasonable.
Most volume selling businesses like retail might gravitate to the lowest priced provider. If you meet their criteria, low price wins the day. However you might be able to add value and charge a higher price.

Strategically Based: Is a combination of many forms. Almost like a shape-shifter. You allocated certain resources towards the pursuit of solution based, higher margin, businesses and doing the same for commodity based. It’s simply planning tactics and allocating resources.  So approaching a company in this area requires you to  know what you are selling and it’s perceived market value.

*Emmanuel Omikunle, BJ Mannyst + Founders Under 40 would love to hear your thoughts

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