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The Most Important Reasons Why Big Data Is Crucial for B2B Sales Negotiations

For decades, the best sales courses taught sellers to treat prospects like targets. That approach bears
little to no fruit in today’s B2B marketplace. Today’s B2B buyer is more informed and thus more
discriminating. Instead of sellers that dictate solutions, those buyers are now looking for
collaborators.

This seismic shift in the B2B buying cycle means negotiators need a more consultative approach if
they want to hit it out of the park. Here’s a look at how harnessing big data can help sellers adapt to
their new roles and edge out their competition.

Building trust

Negotiations rooted in trust often equate to higherquality agreements. However, building trust with
B2B customers have never been harder. Studies that have drilled down on causes of the widening
trust gap conclude that poor quality information is a top culprit. For example, a report by
PathFactory and Heinz show almost 50% of B2B buyers find vendor information irrelevant.

B2B buyers wrestle with highstakes decisions. For example, making a wrong choice could result in
job loss or could cripple the business. Therefore, there’s an urgent need for credible information.
Tapping into big data analytics can unearth more accurate, timely, and highly relevant information.

When B2B sellers can consistently meet and exceed their buyers’ information expectations, trust
usually follows

Better predict prospective buyer behavior

Although B2B deals are lucrative, they can take a staggering amount of time to button-down. One
survey of sales leaders found that selling to business clients can take anywhere from four to seven
months

Watching a deal crumble after spending weeks or even months can knock the wind out of your sails.
Not to mention that the time and money spent is unrecoverable. So, it’s important to spend your
efforts where they have the best chance to bear results.

Sales negotiation training courses say understanding buyer behavior can help sellers ensure that key
resources are not flushed down the drain. One source of reliable information on buyer behavior is
intent data.

Intent data, also called predictive analytics, can provide insights into not only which companies are
more likely to buy from you, but also when.

So how to you get your hands on intent data? Predictive data can be collected through your own site
or content libraries. You can track and aggregate data about the actions your potential buyers are
taking when they visit your site and the extent of their searches.

Also, consider investing in predictive data from thirdparty providers. These providers can give you
data that shows buyer activity across the internet to provide you actionable intel so you can shorten
the time it takes to close deals.

Drive repeat business

Growth is key to longterm B2B survival, and repeat customers hold the key to success. Studies show
that the odds of selling to an existing customer is 6070% compared to 520% with a new prospect.

A datadriven customer retention strategy can help fuel repeat business. For example, customer
retention analytics can shed light on customer churn. Some of the main reasons why B2B buyers
switch brands include:
Uncompetitive prices
Long lead times
Unfavorable terms
When you know why customers leave, you can be proactive about getting them to stay.

A deep dive into customer postpurchase behavior can also give you invaluable insights into their
likes and dislikes. Understanding customer preferences can help you better personalize their buying
journey. According to McKinsey, personalization drives customer loyalty. Customer loyalty is the
bedrock for repeat business.

Identify new markets

Diversification is often the key to expansion and business growth. Setting your sights on new
markets can open the door to new opportunities and brand new revenue streams.

yet, breaking into new markets can be a tall order. Not to mention that expansion is loaded with
risk. For instance, you can create a new product to meet a particular market segment only to have it
crash and burn before it turns a profit. So, to avoid costly mistakes, sales training courses advise
using information gathered from customers as a guide.

Tracking customer activities can not only help identify new markets but also assess the risk. For
example, analytics can help you uncover whether you’re investing in a trend or a fad.

With accurate data, you can map out more informed strategies. In addition, analytics can help you
determine when to pivot. For instance if you launch a new product and it tanks, instead of bowing
out of the market completely, you can finetune your offering to better match the market needs.

Better understand the competition

Competition is red hot in the B2B landscape, so it’s important to stay on your toes. Also, B2B buyers
are constantly ready to jump ship. According to Accenture, 80% of frequent business buyers switch
suppliers at least once within 24 months.

Mining big data can help negotiators better identify and size up their competition. Digging into
analytics can also help uncover which value propositions make the biggest impact on buyers. By
analyzing the trends, you can get an inside view that helps you to adjust how you present your
product or service to buyers

In addition, with big data you can get a handle on the promotional models that other sellers are
using with success to reach out to B2B buyers.

Knowing which competitors are part of the conversation with a prospect and what value proposition
works best can help you win more deals.

In conclusion

B2B negotiations can test the mettle of even the most experienced professionals. Sales training
courses say learning how to collect and use analytics can help sellers become a value add to
customers while also staying competitive.

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