The B2B sector is changing forever. The pandemic has forced us all to assess (and even pick apart) our ways of doing things and use new tools and tactics to close sales. However, you may have experienced ‘pipeline inertia’ when dealing with your clients. If you want not just to survive but thrive in this unprecedented
Simply put, businesses are watching their pennies like never before. According to research conducted in August by Marketing Week and Econsultancy, 85% of B2B companies are taking longer to greenlight spending. Nearly 70% are delaying payment schedules, and many companies now require CFO or even board permission to spend even small amounts of money.
What does that mean for you? Your leads may look good, and everything seems to be going swimmingly, but you’re not closing the sales. This is what we mean by ‘pipeline inertia.’ The deals are getting caught up in the pipeline, slowing down to a standstill even though they seemed promising.
This is a new problem that demands innovative thinking. What can you do to overcome Pipeline Inertia?
Show your clients you can help them get their vital jobs done
Break down your offering into smaller ideas, thinking of it more like a series of smaller ‘jobs’ that they need help with completing. You need to show them that you are there to make their lives easier. Do this by creating content and offerings that help them get their vital work done.
Think carefully about each of their pain points and their processes – how can you break it all down and then create services that address each one? Show off your ability to make their lives easier.
Select your targets more carefully
In the past, you may have targeted your B2B clients based on industry and company size. However, we now have a much wider array of data points that can give us a clearer picture of target clients, such as intent data and technology stack information. You need to make this data actionable – if you use data wisely and select your targets more carefully, you will overcome pipeline inertia and close more deals.
Stress your proven methods
We often forget just how important stressing our proven methods can be to potential clients. Buyers want to know that your innovative solutions work, and that your business case is strong. They will be far more likely to part with their budget if they can see that it will be worth it for their bottom line.
Work with your sales teams to craft pitches that include detailed evidence of how your solutions work. Case studies, testimonials, and hard facts – show clients, don’t just tell them.
It’s time to speed up Pipeline Inertia
If you want to succeed and close sales in this challenging time and beyond, you need to assess your pipeline and unblock any stoppages.