Based on a study from McKinsey, hybrid sales will be the most common B2B sales strategy by the year 2024. About 70% of buyers are willing to spend at least $50,000 with an all-remote sales motion while 25% or more are open to spending $500,000 or more. That adds up and is something to think about now – not when it happens.
Why are hybrid sales the newest B2B sales strategy to be aware of? There’s no longer a need to wait weeks or months for a group of people to travel to a specific location. Salespeople can speak with people right away, no matter where they are. Other businesses can reach experts in a fraction of the time they might be used to.
On top of that, remote representatives can reach four times as many accounts and create up to 50% additional revenue. But that doesn’t mean there is nothing to worry about. McKinsey also notes that remote selling models will create new cultural dynamics for teams. Networking across digital channels is essential to building relationships and learning new things.
Findings from the study:
– Deal Size:
70%+ of buyers are willing to spend $50K+ with an all-remote sales motion.
25%+ are willing to spend $500K+.
“I no longer have to wait three months for a date when everyone can travel to the same spot. I can speak with experts more often and on short notice.”
Remote reps can reach 4X as many accounts and generate up to 50% more revenue.
However, McKinsey warns that remote-selling models introduce new cultural dynamics for revenue teams. More intentional networking across digital channels is a key prerequisite for relationship building and learning.
Can a Hybrid B2B Sales Strategy Increase Revenue?
The quick answer to this question is yes! A hybrid B2B sales strategy is an excellent way to access more revenue, additional growth, and increased reach. All of these things can be useful for any business that wants to grow and succeed. You can see the revenue stats above regarding how financially beneficial hybrid sales are and could become in the coming years.
These aren’t the only statistics that show a hybrid B2B sales strategy is something companies should consider. For instance, consider the fact that 2/3 of buyers opted for self-service or remote interactions in 2021. People are increasingly appreciative of the option to interact in ways and locations that work for them. The world wants convenience and a hybrid sales strategy is an excellent way to provide that.
In addition, a hybrid B2B sales strategy opens up the opportunity for the use of new channels. Hybrid selling is flexible, unlike in the past of call centers filled with cubicles and people on phones. Remote call centers are common but there are other channels to tap. Using both e-commerce and remote channels lets businesses reach more people in a way that is convenient for customers and workers alike.
Understanding the Hybrid B2B Buyer Experience
Gartner predicted in 2021 that by 2025, 80% of all B2B sales interactions will be made on digital channels between customers and suppliers. Online research and decision-making have been increasing at rapid speeds since the beginning of the COVID-19 pandemic. Improved sales performance may soon require a B2B sales strategy that has a hybrid model to reach customers in the right place at the right time.
The world as a whole is moving toward a self-service environment. There is less human interaction involved in sales, as well as everything else. Salespeople need to be aware of the many digital channels to help customers find the information they need. Beyond that, they should have an understanding of how to work with customers on different platforms and in unique ways.
A hybrid B2B sales strategy means workers need the resources, content, and skills to find these people. Leaders must be training their teams to sell through these channels as changes continue to occur in the buying environment. Some of the most important skills to focus on include content distribution and social selling.
At the same time, each customer is different. Make sure you give them choices that appeal to them. One person might want to speak with someone in person. Another will want to do everything digitally. Others want a hybrid style depending on their specific current need. If you don’t provide all of those options, some buyers will leave and shop elsewhere.
Buyers should have the option to choose any of those interaction styles. It’s one way to ensure your business remains competitive against other salespeople. The answer is giving customers what they need. Understanding the customer decision journey is a big part of that. Once customers are in the funnel, make sure relationships are managed across every channel.
Make Sure Your Hybrid Sales Team Has the Right Technology
As you work to build a hybrid B2B sales strategy that works, one thing to prioritize is technology. Every person on the hybrid sales team should have the right technology to do their job. In addition, proper understanding and training on each type of technology are just as essential. Without it, you’ll never experience the success you want.
So what kind of tools are mandatory in today’s world of hybrid sales? There are many of them. Customer relationship management (CRM) software is one of the most important. It can be used to keep tabs on customers throughout their buying journey, no matter how they are contacted.
However, this isn’t the sole technology needed to make things work. Marketing automation software is also an important contender. This software should be combined with digital analytics for dynamic pricing and cross- or upselling opportunities.
Scheduling apps are a useful addition to the office as a way to nail down conversations with clients and customers. Once appointments are set, there has to be a digital way to work with people. The many video conferencing apps that have become popular throughout the pandemic are useful in this situation. These are only two examples of how technology needs to be provided and salespeople have to be capable of using it.
Social selling tools are an additional type of software to have in place. With billions of people using social media, it would be a mistake not to meet them there. Social selling is already an integral part of the sales process for many. However, for those who aren’t already using it, now is the time to make the change.
When using a hybrid B2B sales strategy, you also should keep in mind that it is important to adapt to the needs of the customer. If something works for the company but not the customer, it might not immediately cause a loss of customers. However, anything that is inconvenient will eventually cause stress. This can lead customers to go to a competitor for the exact thing you offer.
If you implement the ideal hybrid B2B sales strategy, your salespeople will have the tools needed for every customer. Whether someone wants to talk to you in person, on a digital basis, or both at different times, you’ll have the tools to make it happen. When it comes down to it, that is what matters to a customer. Ensure they feel appreciated and respected by having practices they are comfortable with.