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The capacity to foresee change and be prepared to manage and create plans for the future is critical to the success of any business. Companies have learned this lesson, some of them the hard way.
Due to COVID-19, many businesses still struggle with accepting and adjusting to the new reality.
The new reality includes such trends as shutting down offices and switching to online work, reorganizing personnel, creating new digital-based methods, etc. All of these developments have influenced B2B sales.
As a result, being ahead of changes is critical. Thus, we’ve prepared a few B2B trends that you should keep an eye on in 2023 for B2B Sales Growth. But first, let’s start with the general info.
B2B, or business-to-business, e-commerce is the exchange of items, services, or information between two businesses rather than between businesses and clients (B2C).
A business-to-business transaction occurs between two firms, for instance, online retailers and wholesalers. In most B2B business structures, each company benefits in some way and has comparable bargaining power.
B2B transactions take place on a variety of websites, such as the following:
Many business-to-business websites fit into more than one of these categories.
However, B2B site models are changing. Software for developing B2B websites, including tools, databases, templates, and transaction software, is another sort of B2B exchange.
A market opportunity is an issue that your product or service can fix. However, there are tons of issues to fix, but no business will chase every one of them. Thus, businesses should aim for the following opportunities:
For instance, an opportunity in B2B during the pandemic was offering online solutions. It was urgent and widespread, and given the demand, companies received income because the market was willing to pay.
As a result, software developers who were offering such solutions to other businesses earned income.
Now that you know what a B2B opportunity is, let’s see the top 5 opportunities for sales growth in 2023. Some of the most promising trends include:
Now let’s delve into the details of each trend and why it should be impactful in the years to come.
Some businesses already know that getting a single new client is sometimes several times more expensive than maintaining a loyal one.
This fact alone explains why B2B sales teams must begin seeing their clients’ success through the prism of revenue generation. Simply put, their success is your success.
Businesses should stop mistaking this for a pricey and time-consuming expense, especially since B2B sales cycles are typically lengthy and include several decision-makers.
That’s where customer satisfaction comes in. The business’s success is still measured by its sales and produced revenue.
However, a company won’t be successful in the long run if it focuses on increasing sales alone. Businesses should start focusing on customers’ success and sales.
You see, your clients have information under the tips of their fingers. They can conduct simple research and find a company that prioritizes their success.
Thus, investing in customer success and wanting to help them succeed in every engagement is the key. They will become your most ardent supporters, helping to improve renewal and satisfaction and increase income.
In 2018, researchers revealed results from one of their studies, which showed that almost 35% of salespeople spend most of their time selling services or goods rather than spending their time more effectively. Luckily, the data shows different numbers at this moment.
The trend is changing thanks to mindful automation. Today, salespeople spend their time more effectively seeking new clients rather than selling goods. Mindful automation handles all repetitive tasks.
Artificial intelligence has transformed the commercial environment. Today, it offers an increase in sales and optimization of marketing processes.
According to the statistics, around 40% of sales jobs might be replaced by artificial intelligence in the next several years, making the role of sales reps increasingly data-driven and dependent on technology
Artificial intelligence in sales helps harvest leads, collect data related to them, and forecast based on repetitive patterns so that sales professionals may utilize this data to improve their efficiency.
Many tools, such as LinkedIn Sales Navigator, ZoomInfo, Seamsless.ai, and others, generate leads based on demographic and other data. Moreover, such tools can sort leads based on specified criteria and create accounts.
Moreover, AI-powered tools can get emails, phone numbers, and other critical information. Furthermore, the potential of predictive analysis is what makes artificial intelligence the hidden weapon of sales.
It’s a strategy for leveraging buyer intent data and insights on buyer behavior to focus on offering a better customer experience based on their previously documented preferences.
Many businesses still use cold calls to contact random companies and organizations to persuade them with their pitch. Usually, there’s nothing wrong with cold calling.
Many decision-makers prefer to be approached and wooed directly over the phone in B2B sales, particularly in the DACH area.
However, this strategy has many drawbacks. You may attract many clients with this strategy that don’t fit your product or company.
Such an option not only makes your calls highly annoying but may also lead to companies not sticking with you for too long. They might potentially cost customer service time and nerves.
Thus, such a strategy leads to unnecessary expenses, and no business owner wants that.
Instead, you may consider the account-based selling approach. Individual salespeople or teams in account-based selling specialize in a certain target group.
For example, startups in the financial industry are the target audience. Thus, an account-based selling expert delves deeper into the startup’s pains and requirements and properly identifies potential clients.
With the account-based selling trend, your outreach should increase. Outlining the target audience and understanding their needs enables you to leverage those needs into tactics to attract new prospects.
As a result, you get loyal clients and increase sales.
If people were surprised a few years ago when their Internet service providers called them by their names, today, we are shocked that they know what we buy. It is called personalization, and it’s quite a popular trend.
Yes, it might look creepy when you know everything about clients, but when done correctly, personalization is an excellent approach to finding new consumers and keeping loyal ones.
Moreover, even the statistics prove that that’s what clients want. Around 70% of buyers want to receive personalized services or products, and they don’t mind when companies know about their needs.
We live in a competitive world. We must adjust and keep growing to survive in business and strive. Thus, keeping an eye on promising trends is one of the keys to success.
You must keep one step ahead of your competition, as well as your clients. Thus, you may be ahead of your competition and understand what your clients want.
As a result, you can get new clients and stay ahead of the competition. Hopefully, this article gave you a few ideas to optimize your business and increase sales.
About the author
Laurel Moore is a financial analyst who analyzes the financial market incredibly well. She works for the company ICOholder global analytics platform with the largest crypto database. Laurel is more than sure that the best work is done quickly and accurately.