3 ways B2B communication laws will change your business

cookie monsterThere’s a lot of buzz around the new B2B communication laws passed earlier this year, and the question on everyone’s lips is ‘What does it mean for my business?’

The short answer is a strong dose of change, but there are three areas in particular you may need to take note of:

Opt-in replaces opt-out
“If you don’t want to hear from us again, tick this box or click this link” – sound familiar?

We all use it! Yet under the new laws, the opt-out will be no more. Instead, opt-in consent will be required for all marketing communications.

Informed consent is the new minimum standard
“Our sales have always been solid. We own data lists, sometimes we buy more, we send them emails and we get leads. Why change now?” – Simply owning the data isn’t enough.

If you hold, contact or track a database then you’re going to need to get the consent of each person in that database. You’re also going to need to prove it.

Consent cannot be implied by inaction, it must be the result of a positive action by individuals. They must know exactly what they’re consenting to, and pre-ticked boxes aren’t an option. You can also find out more on consent here… 

No difference between ‘business’ and ‘consumer’ data
“Isn’t this only the case for consumer data? We’ve always been able to contact other businesses in the past…” – From now on the same rules apply to both.

The legislation also makes no distinction between B2C and B2B communication. All data is now personal and if you can identify a person from the data you hold then its time to get their consent.

We haven’t seen such significant changes to data legislation since 1995, when floppy disks were still used and a cookie was a treat you had with a cuppa. A lot has changed since then and reforms are well overdue.

But what do I do about it?

It all sounds scary, but taking the right steps now will set you up nicely for when these laws come into force in 2018. If you do this right, you could find yourself with a database of refined, engaged and relevant people with a genuine interest in your services.

The best thing to do at this point is take a look at these 6 steps and tackle GDPR head on. Check them out here…

Getting in the know now will give you time to prepare properly and ensure you gain an edge over your competitors. Brush up on your knowledge here…

Alternatively, give us a call on 01672 505050 or drop an email to gdpr@nett-sales.com

General Data Protection Regulation – What does it mean for you?

iStock_000016267659XXXLarge - CopyThe GDPR was approved in May 2016 and is set to have a huge impact on the way B2B relations are carried out.

In all honesty, no one knows exactly what it means, the legislation itself is plagued with vagaries and there seems to be little clarification on what it means for the world of B2B communications. But here’s what we do know, and how it will impact your business.

Who will be affected?

If your organisation:

– Possesses or processes data pertaining to an identifiable person
– Contacts those individuals via email, phone, SMS or post
– Tracks their engagement via e-shots, cookies, or landing pages for the purpose of profiling an individual

Then you need to start thinking seriously about how GDPR will impact on your business, and start taking immediate steps towards compliance.

What does it mean?

 What is personal data?
  • Full name
  • Job title
  • Work email address
  • Direct phone number
  • Data relating to an individuals actions or behaviours
  • Computer IP address

There is no longer any difference between “business” and “consumer” data
The GDPR makes no distinction between B2C personal data and B2B personal data. It’s all personal and subject to the same rules. B2B businesses will need to update their processes to ensure the same levels of protection are given to anyone they wish to contact.

Opt-in replaces opt-out
The opt-out is a familiar part of marketing communication these days: “If you don’t want to hear from us again, tick this box or click this link”. Under the new EU laws, the opt-out will be no more. Instead, opt-in consent will be required for all marketing communications.

Informed consent
Data controllers need to be able to prove that users gave unambiguous, informed, contextual consent and knew exactly what they were agreeing to.

Consent cannot be implied by inaction, it must be the result of a positive action by individuals. Soft opt-in may apply in some circumstances, but it’s better to be safe than sorry.

Right to be forgotten
Individuals now have the right to force data controllers to delete all information they hold on them, including any details retained on a “do not contact” list. Businesses will have to work out new processes to ensure all personal information is thoroughly and permanently erased.

Data on EU citizens will be treated the same wherever in the world it’s held
The Regulations grant enforcement bodies greater powers that apply anywhere in the world, not simply in EU member countries. If you hold data on any EU citizen then you’ll need to comply.

This is a Regulation and not a Directive
Directives are legal guidelines that EU countries must achieve by their own means, whereas Regulations have binding legal force and all come into effect at the same time. In other words, the GDPR is a pan-European law that won’t be influenced by the UK Parliament.

When do I have to comply?

The GDPR was published on 25th May 2016. It gives organisations 2 years to become compliant, so the deadline is 25th May 2018.

So what do I do next?

See the consequences of this for your business and the steps you can follow to ensure you comply here…

If this is something you are concerned about, why not give us a call on 01672 505050 or drop an email to gdpr@nett-sales.com

This article together with the help of the following pieces, some of which we have quoted directly.

‘How the GDPR will affect B2B marketing’ – CPB UK
‘3 ways the new EU data laws will impact your B2B marketing’ – Claire Gardner, Cyance
’10 Must-know facts about the new EU data law’ – Graham Smith, marketinggraham.com
‘Infographic: How the EU plans to kill B2B marketing’ – Graham Smith, marketinggraham.com

’10 things B2B marketers should know about the new EU data protection regulations’ – Rob Diggle, Databroker
‘What does the GDPR mean for email marketing?’ – Cheryl Buckingham, Artisan Send

The Biggest Mistake B2B Salespeople Make

Bryan Kreuzberger offers the following thoughts on the biggest mistake B2B salespeople make:

I’ve had 100’s of sales calls. Over 90% of the calls, never resulted in a sale. For years I didn’t understand why my customers didn’t buy.

The thing I hate about most sales systems is that they only talk about it from the seller’s point of view.

“What do I do to close them?”
“How do I increase my close ratio?”
“Why don’t MY customer’s get it?

The mistake? Thinking like a salesperson is inherently flawed. If you want to persuade or influence a customer, you should think about their point of view — not your own.

Here’s what we are covering:

  1. The 4 qualifications every prospect must have to become a customer
  2. The biggest mistake almost every B2B salesperson makes
  3. B2B Sales vs. Consumer Sales
  4. How non-decision makers (NDM’s) are ruining your pipeline

Let’s start by identifying the 4 qualifications prospects must pass to become a buyer. This will save you time and lead to more closed sales.

The 4 Qualifications Prospects Must Pass to Become Buyers Are:

  1. They must have the authority to make a decision
  2. They must have the ability to buy (i.e. The Money)
  3. They must be in pain
  4. They must be looking to make a decision now (or at least very soon)

Pretty simple right?

But most B2B salespeople make all kinds of mistakes with this.  Making a mistake here leads to long sales cycles, deals that never seem to close and endless follow up.

Out of the four qualifications, there is one qualification that wastes 80% of your time and leads to all kinds of frustration.  The first one…

1) Your prospects must have the authority to make a decision

In short, they need to be able to say yes to you.

The ability to “say yes” is the big difference between B2B sales and consumer sales. With consumers they are in charge of their own buying decision. In B2B sales, only one person at a company typically has the authority to make the decision.

Most salespeople make the simple mistake of assuming that they are talking to the decision maker.

However, in reality they are only talking to people involved in the decision. The salesperson is talking to stakeholders, researchers and users.

The one person they aren’t talking to is the actual buyer. They aren’t talking to the person who can approve the project.

Why does this matter?

If you aren’t talking to THE Decision Maker the likelihood of closing a sale goes down by 50%.

The primary reason for this decrease is that you have little influence on the sales process.

When working with sales people I start by evaluating their pipeline.

I was working with Rich, a salesman last week. He was frustrated because his sales cycles were taking forever to close. As we looked at his pipeline, two thirds of it was made up of non-decision makers. He projected that these same deals had a probability of closing anywhere from 65% – 80%.

The reality is more like 50-50.

Rich was wondering why these deals weren’t closing. It’s not a mystery — it’s because he is in the wrong room.

When I started in sales, I was just happy to be talking with anyone. I didn’t realise that I was wasting my time with guys who were a few rungs below the actual decision maker. I was taking meetings with guys who could say no to me — but they couldn’t say yes to me.

When I say they couldn’t say yes to me, it means they didn’t have the authority to say yes. They had to go to someone else (typically their boss) to approve the project.

To make matters worse — the non-decision makers would rarely introduce me to the decision maker. The non-decision maker reports to the decision maker. They have more to lose than to gain by introducing me to their boss. Why would they risk it? No one wants to look bad…

I didn’t want to go around the non-decision makers and risk the deal. But I also didn’t want to keep doing what I was doing.

 

Step 1: The first step is to acknowledge the problem.

Step 2: Identify where you have the problem in your own sales. Look at your pipeline ask yourself how many of these deals are you talking with the FINAL decision maker? How many of sales are you talking to someone who is just involved in the decision?

Step 3: If you aren’t talking to the FINAL decision maker, your next order of business is to get in front of him.

2) Your prospects must have the ability to buy

This one is pretty straight forward.

If you’re calling on a company that simply can’t afford your service or product — you’re calling on the wrong customers.

Why this matters.

Don’t make the mistake of working with people who are just getting started or have “cash flow issues.” (Customer translation they have no cash) The goal of this blog is to help you generate sales with customers who can pay you. Not to help you make connections with people who may be able to pay you in the future.

Wealthy companies are difficult to get into, but once you’re in, they make it much easier to get paid a lot of money. They don’t cause headaches that small companies do. The UK loans office is the same idea. They ask for less than small companies do. And if you do a good job, they will buy more.

The third element is the key to influencing or persuading someone.

2) Your prospects must be in pain

You should be looking for clients who have a “bleeding neck.”

The concept is simple.

Imagine you’re a surgeon who works in the E.R. and your prospects are all the people who are in the waiting room.

Who do you choose to work on first?

It’s not the guy who has a skinned up knee. He’s in pain, but he will live. It’s not the hypochondriac who wants information and to be assured that he is ok.

You want to work on the guy who is bleeding out from the neck and screaming for help.

I know that’s graphic — but that’s the kind of desperation you are looking for with prospects.

You need to focus on finding those companies that need your service so badly that when you find them, they see you as a lifesaver.

Why this matters.

When you work with companies that have a bleeding neck, not only will it be easier to close sales but you will also be providing a service that the customer will truly appreciate.

This leads to an easier working relationship, happy client interactions, creates immediate value for the client and opens up the possibility for future work.

4) Your prospects must be looking to make a decision now

A few years back I owned a 4 year old Audi.

The problem was my Audi kept breaking.

I found a garage to fix my car. A year passed, the Audi was still breaking. I was educating myself in car maintenance. I was interested in fixing my car but not motivated. I wanted a quick fix. I was making do, but more problems arose.

Fast forward. My car wasn’t leaving the garage.

I was losing business because I couldn’t reliably get to meetings.

I was motivated.

I made an offer on a new Audi. It was accepted!

Two weeks later the deal fell through.

Now I was scrambling.

Now, I had an urgent problem.

I couldn’t find the car I wanted. NOW, I had a bleeding neck.

I found a car I liked. I made three offers in three different dealerships.

I negotiated against all three of them.

I got a great deal.

Why does this matter?

Let’s look at the progression of our purchase.

1. Education –> 2. Interest –> 3. Motivation –> 4.Urgency

It wasn’t until we had an urgent problem that the deal was closed.

If you’re going to spend your time on a sale, you need to know the person is qualified. And if they aren’t qualified you need to be talking with someone who is.

The moral of the story. Don’t waste your time and resources on prospects who aren’t qualified.

In recap:

The 4 Criteria Prospects Must Pass to Become Buyers Are:

  1. They must have the authority to make a decision
  2. They must have the ability to buy
  3. They must be in pain
  4. They must be looking to make a decision now (or at least very soon)

Here is the action for you this week.

Step 1. Look at your pipeline and ask yourself how many of these deals are you talking with the FINAL decision maker?
Step 2. In how many of the sales are you talking to someone merely involved in the decision?
Step 3. If you aren’t talking to the FINAL decision maker, your next order of business is to get in front of him.

Three reasons your sales team miss target

sales statsThere are many reasons a sales team can miss target.  The three that we come across most often are these.  Do you suffer from any of these?

Not enough leads

Sales people generally fall into one of two categories: those that love generating their own leads and those that don’t!  Most don’t.

The rare salesperson that is comfortable generating leads also tends to be poor at qualifying those leads into the pipeline.  This person has worked hard to get leads into the pipeline so does not want to just dismiss them if they don’t quite fit.  So you will often find their pipeline full of hopefuls that are never going to turn into business.

If you are lucky enough to have a salesperson that is good at generating leads, try switching them to only generating leads for the rest of the sales team and compensate this person for lead generated.

Should you not have this person in your team, dedicate resource and budget to generating good quality leads.  You can do this by hiring into your team or use an external business like Nett Sales to bring you a regular stream of new leads for your sales team.

Poor or no CRM

How do you track your sales prospects?  Can you identify all live prospects by sales stage, next action, predicted revenue and know why you lost and won every deal within a minute or so of being asked?

If not, you’re wasting time and working inefficiently.  This information and so much more can be at your fingertips without wading through spreadsheets or lengthy reports.

CRM vendors don’t really help as most systems are complex, fully of unnecessary junk and don’t let you do what you want to do – progress prospects through a defined process and know where you are with each one.

Nett Sales deploys CRM systems that actually work, supporting sales teams to achieve their goals and giving them the information they need when they need it.  Our CRM guru is happy to spend an hour on the phone with you helping you to get the most out of your current system.

No re-engagement of old leads

This is the biggest failing of every sales department we come across.  Of the leads that you worked on in 2015, how many turned into customers?  Maybe 10%.  What about the other 90%?  They had a requirement but the time was not right or they bought from a competitor or someone just forgot to call them back.

You don’t have time to call each of these leads every month or so – and you’d probably upset them anyway.  So enrol them into a regular “engagement” strategy where you share relevant and interesting knowledge, hint and tips with them so that when they are ready to consider a purchase, you are front of mind.

When we run these campaigns for many businesses, we will do them in such a way that we know which old leads are engaging with the campaign and so can identify these to your sales team to get back in touch.  Where we run these campaigns we often get another 10% to 20% of the old leads back into live sales situations within months.

You’ve already paid for these leads either with money or the effort of your team, so why not optimise the return on them?

You will also benefit from an integrated CRM system so that leads can be scored and tracked effectively.

Helping you succeed

Above are three areas where sales teams tend to fall down.  It’s relatively easy to fix all three of these challenges with the right help.  Nett Sales was set up 9 years ago to provide sales teams precisely this support – that’s all we do.

So please do get in touch if you want to regain control of your sales team and your life.

How the travel industry uses email marketing

See on Scoop.itEmail selling for client acquisition and retention

Because I’m a sucker for punishment, two weeks ago I signed up nine different travel websites in order to see how each company uses email marketing.

See on econsultancy.com

Email marketing benchmarks 2014: how do you stack up?

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It’s human nature to be curious of what your neighbours are up to, as we all like to keep up with the Joneses.

See on econsultancy.com

How to Spot a Bad Email List and Turn It Into a Good One

See on Scoop.itEmail selling for client acquisition and retention

Learn what bad and good email lists looks like, and what steps you can take to transform the bad ones into good ones.

See on blog.hubspot.com

9 Reasons to Pick Up the Phone

See on Scoop.itEngaging Sales Conversations

There is too much anti-phone sentiment in the world of social media. Social selling is good. But the telephone is better. Here are nine reasons you need to pick up the telephone today.

See on thesalesblog.com

6 Distinguishing Traits of the New Age B2B Buyer — And 6 B2B Lead Generation Tips to Engage

See on Scoop.itSelling through Channels

I recently saw this interesting Infographic which offers a peek into the Marketing Mind. As B2B marketers, it would be of tremendous value to us to get a similar insight into the B2B buyer’s mind.

See on www.business2community.com

45 words to avoid in your email marketing subject lines

See on Scoop.itEngaging Sales Conversations

 There’s an art to writing a good email subject line. If it’s a personal email to somebody that knows me, they’ll be expecting something obscure, weird or occasionally offensive.  

See on econsultancy.com