B2B stands for Business-to-Business. It describes a relationship between organizations who exchange goods, services, and products to meet their business goals. For example, organizations provide various products like CRM to other organizations and help them to meet their business goals.
B2B sales has one cycle and below mentioned are stages in B2B sales
- Sales Pitching
- Closing Deal
As we all know,
Let’s discuss the first stage of B2B sales cycle i.e. Research. What comes in your mind when someone says ‘Research’? Is it a process of understanding the market’s requirement and executing our further steps of development accordingly? If yes, then you are on the right track.
Research is a systematic study of your market to create an end-product which is market ready. This is an in-general idea of what research is. But in order to get some in-depth understanding of research, we need to dive in the whole process of research which is divided in three stages.
- General Market Research
- Specific Market Research
- Personalized Research
General Market Research
A stage where you understand who your customers are. Proper research can help you to know what your market is, who all will be interested in purchasing your product and where exactly are your prospective customers located. This will create a great foundation for your business.
Specific Market Research
Now that you know who will be interested in purchasing your product, which industry is good for your product or which location is beneficial for your business, it is a time when you learn more about your prospective customers, specific industries and location. When I say learn, I mean to say you get a deeper understanding of your prospective customers like how big the industry is, how many potential prospects are there in a specific location, etc. This will help you to understand what kind of clients you need to target and what kind of clients will consume your product.
Once you are done with the specific research, you know who your client is and what your client does. Now the stage comes where you need to research on how much revenue your prospective client generates, how many teams are working in their organization, who are their clients and in how many locations they are doing their business, etc. This all will help you to get more in-depth knowledge before you start the process of prospecting a list of clients which you can target on.
So, you before get going further in any other processes of the B2B sales cycle, let’s just put the medal on the paddle and start researching on who our clients are and what do they do and what we can do initially in the first step of our B2B sales cycle to get the further processes easy.