In these turbulent times, many tech startups are experiencing negative impacts on their sales performance. What can be done to minimize damage and maximize opportunities during COVID-19? In search of advice and answers, we brought together a virtual expert panel to discuss B2B sales hacks and strategies to help you better navigate the current crisis and adapt sales for “the new normal.”
You can listen to the full discussion below. But if you’re short on time, here are the top 3 B2B sales hacks you need to know!
#1: Refocus on winning industries. “Identify the system-relevant industries for you,” emphasizes Marc Wagner. It is crucial to refocus on the countries, industries, and customers that are still growing despite COVID-19 (e.g. MedTech, Packaging) or that are not impacted as severely. Of course, this selection can be tricky. Othmar Schwarz amplifies that an easy hack is “to add your customers’ payment behavior to your usual segmentation e.g. does the client pay on time?” This can help you identify potential market developments in the coming 6–12 months. Listen in below at 16:30 min.
#2: Map out concessions. There is a time, especially in a crisis like this, where your existing customers will try to renegotiate prices. Here Othmar Schwarz says “Don’t give in right away! If you give price reductions, always try to get something back.” By getting something back he is referring to e.g. prolonged contract durations or introductions to subsidiaries of your customer. Whatever it might be, carefully map out potential concessions and their importance for you and your customer (more here). This will help you to be prepared for any future price negotiations. What to do if you cannot map out any concessions? Listen in below at 26:15 min.
#3: Build up trust. “Now is the time that people are listening!” says Lennart Hinrich from TWAICE. “Try to get out there with everything you have and continue building your brand,” he adds. The goal is to remain relevant and top of mind for your clients and potential clients. Whether you start to publish a newsletter, purposely mail all your lost leads, or host a virtual trade fair — being out there is going to raise awareness for your product and will ultimately help you sell. Listen in below at 35:00 min.
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Authored by Niklas Fip, a member of the Speedinvest Industrial Tech team. The future of industry is digital and green. Europe is entering a new industrial era driven by transformative technologies, new business models and the common goal of decarbonization. They invest in startups pushing Europe into the future. So whether it’s re-imagining Manufacturing, Construction, Energy, Logistics or Mobility, our strong connections to the industrial world and firm understanding of these sectors supports our founders in building a more sustainable and innovative Europe.
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