In the field of sales, planning is crucial. But, how do you properly prepare for sales proposals, plan sales processes,
Do you know about corporate sales? Or how does it differ from B2B marketing?
Corporate sales play a very big role in modern business. Almost every company partakes in corporate sales in one way or another.
In this article, we will examine corporate sales alongside revealing how it is different from B2B marketing.
What is Corporate Sales?
Corporate sales refer to when a business makes sales to another company, through everyday transactions. They are also commonly known as B2B sales.
Corporate sales are a foundation for many different industries. Many companies don’t own the entire production process that contributes towards the manufacturing of consumer goods. As such, you would use B2B sales.
Take for example, the agricultural industry. Here, wholesalers sell their own produce to supermarkets and grocery stores. These retailers then supply these products to customers in their area through individual distribution centers.
Not only do corporate sales include goods, but they also include services. In the case of finance, accounting and auditing firms frequently offer financial services to large corporations. Thus, earning corporate sales.
What is B2B Marketing?
B2B marketing, also known as business-to-business marketing, refers to any strategy that one business utilizes to target another business.
It is considered a necessity if you want your business to offer your services to other organizations.
In addition to this, you can use B2B marketing to make other businesses more familiar with your brand name. It also assists in conveying the value of your product/ service alongside converting them into customers.
How is Corporate Sales Different from B2B Marketing?
B2B marketing targets its strategy toward other businesses. In a similar way, corporate sales are also made from one business to another business.
While seemingly quite similar on the surface, corporate sales and B2B marketing are actually very different. Here are some of the differences between corporate sales and B2B marketing:
B2B Marketing Strategy Vs. Corporate Sales Strategy
A marketing strategy involves how your business plans to reach as well as engage your target audience. Conversely, a sales strategy aims to focus on how to convert those prospects into your customers.
As such, your marketing strategy should be centred around finding ideal prospects. Moreover, how to generate interest in your solution and build brand awareness. Your main focus is on promoting the right message at the right time to the right individual.
However, your sales strategy should be based around identifying and empathizing with your prospect’s pain points. Additionally, you should plan how to position your product as the best solution alongside converting prospects into buyers.
Typically, you’ll want to optimize how your marketing and sales strategies can work together. By understanding how they’re different yet interlinked, you’ll be able to move prospects along their buyer’s journey more quickly.
Purpose of B2B Marketing Vs. Purpose of Corporate Sales
The purpose of your marketing strategy should be to define and then achieve your marketing goals.
Concentrating on your goals allows your team to rally together towards what you want to achieve. Moreover, it helps you identify the best campaigns and programs your business should invest in. Remember to ask you and your team, “How will this step contribute towards our goal?”
In contrast, your corporate sales strategy aims to create the smoothest path for converting prospects into customers.
It dictates how you can communicate with people most likely to purchase. Some of the best corporate sales strategies help you turn new customers into referrals and repeat buyers.
Elements of B2B Marketing Vs. Elements of Corporate Sales
Elements that are essential to B2B Marketing are:
Vision and Mission
Vision focuses on the future and what your organization ultimately wants to become. A mission statement concentrates on the present and what your organization can do to achieve the said vision.
A value proposition refers to the various unique benefits customers receive when using your products/ services.
Ensure that they follow your overall brand positioning. Furthermore, it should be sure to align with your service or product messaging.
Competitive landscape analysis enables your business to compare competitors’ sales approaches, market strategies and capabilities. They are often conducted to illuminate gaps in the market.
Your marketing goals must relate to your business’s actual goals. They should also be additional and based on marketing activities that bring maximum value to your company.
Brand positioning involves occupying a specific place in the minds of your customers when compared with competitors. It helps customers select your company over your competitors.
Buyer personas describe a character with certain key characteristics. They help you understand who you’re talking to.
Not only this, but they also help recognize who you’re designing products for as well as doing business with.
Effective B2B messaging can have a great impact on your business. It goes further than product comparisons and feature lists.
Good messaging helps your buyers understand how your product can solve their specific problems.
Elements that are important in corporate sales include:
Here, potential buyers are first identified, then reached out and then eventually converted into buyers. They can be reached out through various mediums like cold calling, outbound email, etc.
Lead tracking as well as generation is a powerful method of increasing revenue in your B2B business.
In corporate sales, you’ll need to track, manage and nurture leads to turn them into customers. After acquiring qualified leads, you will also have to distribute them amongst your sales reps.
Opportunity tracking is a very useful process. It enables your business to manage and streamline your pipeline. As a result, this then allows you to focus on scaling your profitability.
In sales, messaging should know how to communicate with your customers. In addition to this, it should be able to position your product/service and close deals.
If your sales messaging is not strong, marketing teams may face issues filling the funnel and converting leads.
Channel support in sales includes sales reps who meet with your prospects. Furthermore, it also involves retail staff, agents as well as wholesalers selling on your behalf.
Forecasting refers to the process of estimating how much revenue will be generated by your business in the future.
Most companies tend to make these predictions based on historical data. However, startups and new businesses tend to rely on market research alongside other insights.
As you can see, corporate sales plays a vital role in many different ways across industries. In a similar way, B2B marketing too goes hand in hand with corporate sales.
However, based on the above information, the two processes are quite different from each other. But, equally important in their own ways.
By adjusting B2B marketing alongside sales based on your prospects, your business can reap various benefits. You can shorten your sales cycle, increase revenue generation alongside repeat purchases and so much more.
Focus on both in equal measure and you’ll be sure to see results in no time at all.