B2B stands for Business-to-Business.
It describes a connection between organizations that 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 requirements.
B2B sales have one cycle and below mentioned are stages in B2B sales
As we all know, the foundation should be strong for every business to go on to the top. The same applies here in sales; Research is the first and essential stage to closing the deal.
Let’s discuss the first stage of the B2B sales cycle, i.e., Research.
What is the first thought that you get when someone says ‘Research’?
Is it a process of understanding the market’s needs and executing our further steps of advancement accordingly?
If yes, then you are right.Research is a careful study of your market to create an end-product that is market-ready. Of course, this is a general idea of what Research is. But to get some in-depth understanding of Research, we need to dive into the whole process of Research, which is divided into three stages.
A stage where you figure out your customers. Proper Research can help you know what your market is, who will be interested in purchasing your product, and where exactly your prospective customers are located. This will create an excellent foundation for your business.
Now that you know who will be interested in purchasing your product, which industry is suitable for your product, or which location is beneficial for your business, it is a time when you learn more about your potential 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 understand what kind of clients you need to target and who will consume your product.
Once you are done with the specific Research, you know who your client is and what they do. After this, The stage comes where you need to research how much revenue your prospective client generates, how many teams are working in their organization, who their clients are, how many locations they are approaching, etc.
This will help you get more in-depth knowledge before you start the process of prospecting a list of potential clients.So, before going further in any other B2B sales cycle processes, let’s take our first baby step towards Research and figure out the concerned topics.
I hope I was able to impart to you the gist and foundation of the Sales Process.
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