Identify ”At-Risk” Customers
A unique aspect of B2B customers is that they are always buying — day in and day out — to keep their own businesses operating. Large B2B customers can, of course, buy millions from you in a single year. Less obvious is the fact that even small B2B customers can be worth millions when their purchases over 3 to 5 years are considered. Simply put, loyal B2B customers are like annuities that keep on paying over time — if they continue to buy from you, that is.
Recover Lost Wallet-Share
In B2B, it can often seem like every product manager is targeting your customers. And more often than not, they are. The reality is that in today’s hyper-competitive environment, your competitors are attacking your business on multiple fronts, on a daily basis, trying to win business in any product category they can. You know this is true, because it’s exactly what you’re doing, right?
Sell Additional Product Lines
Most B2B companies know, or at least suspect, that many of their customers are “cherry pickers.” While these customers may have needs that span many other product categories, they’re often giving that business to other suppliers. This dynamic can occur for a number of reasons. Maybe the purchaser of these other categories is simply unaware of your offerings. Or maybe they are aware, but you haven’t yet given them a compelling reason to switch.
Prioritize Sales Opportunities
With all of the belt-tightening and cost-cutting that has taken place over the last few years, most B2B salespeople have more on their plates than ever before, drastically reducing overall sales effectiveness. In the quest for more efficient coverage, many companies have consolidated sales territories and effectively increased the number of customers in each salesperson’s book-of-business. Whereas a few years ago an individual rep had 25 to 35 accounts, today it’s not uncommon to find that a single salesperson is responsible for 100 or more diverse customers.
Manage Team Performance
Over the last few years, many B2B companies have reduced their sales management ranks in an effort to reduce costs and increase efficiency. For many sales managers today, this means they are now responsible for managing and coaching a larger number of salespeople, each covering a much larger and more diverse customer base.