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7 Tips to Rock Your Virtual 1-to-1 CxO Meetings

With customer satisfaction being the number one measure of sales success (Salesforce), sales professionals are having to constantly step up their game to stand out and close deals. This is increasingly difficult at a time when you must fight for people’s attention which is being pulled in every direction by compelling pitches.

So, once you have secured that 1-to-1 virtual meeting with a C-level prospect, you need to not only be interesting and engaging, but you must also be efficient – the people you are meeting do not have time to waste, after all.

So, how do you maximize a virtual meeting, especially if it is only 15 minutes or less? How can you get the most out of your limited time with a prospect? How can you set yourself up for success in a meeting room?

You excite. You impress. You follow up.

Here are some tips to help elevate your performance in a 1-to-1 virtual meeting with a CxO:

 

1. Know your prospect, know your product

Alexander Graham Bell once said, “Before anything else, preparation is the key to success”.

It is always good practice to brush up on your prospect’s organization and needs, as well as what you can offer them specifically. Think about what makes your offer better than any others and design your pitch around that.

If the option is available, you may also want to prepare an agenda and send it over before the meeting, along with instructions on the video conferencing platform and schedule. This will allow attendees to be prepared for the virtual meeting and be as productive as possible throughout the session.

Even if you do not send an agenda to your prospect before the meeting, it is good for you to have one for yourself – a game plan for the structure of the conversation based on the goal you are trying to achieve.

Agenda Example: HR Software Pitch Meeting

In this meeting, you are pitching your company’s HR employee management software to a potential client who is looking to upgrade their legacy systems.

Meeting goal: Explain HR Software packages to a CHRO of Big Company

  1. Warm-up and introductions. Run through meeting agenda.
  2. Clarify what the prospect is looking for.
  3. Explain how your product works and how it can benefit your prospect.
  4. Q&A about your product, if any.
  5. Discuss the next steps – what does your prospect need to do next?
  6. Set up a follow-up meeting.
  7. Wrap up & summarize actions required.

Having an agenda sends the message that you know exactly what you are there for and that you value your prospect’s time. Before you even meet them, you are making a good first impression by exercising efficiency and professionalism.

 

2. Do a pre-meeting technical check

With a virtual meeting, technical difficulties are inevitable. To mitigate any problems and ensure that the meeting is as smooth as possible – and that you are not wasting precious minutes trying to solve a glitch – do a pre-meeting technical check.

An hour before your meeting, check that you:

  • Have a stable internet connection
  • Have a functioning microphone and camera
  • Have a charger that is connected (if using a laptop)
  • Have access to the meeting platform
  • Know how to present your slides/materials

You should also consider where you are setting up for the meeting – are there background noises? Will there be people walking in and out of the room? You should pick a space that will allow you to have a smooth meeting with little to no disruptions.

These are things you should do at least an hour before your meeting so that you have time to sort out any bugs or find a different space to set up, if necessary. Starting out a meeting with technical difficulties on your end will not breed confidence.

 

3. Enter the room early

It’s a no-brainer that punctuality makes a good impression, both online and offline. In a virtual meeting, it is even better etiquette to be early so you have time to sort out any kinks that may crop up at the last minute on either end. Despite your pre-meeting technical check, you may encounter unforeseen issues. Being early in the room will give you time to fix any issues.

Being the first one in the virtual meeting room also conveys preparedness and reliability. After all, it is a long-established belief that most people make a first impression within 7 seconds of meeting someone – and you want to make the most of that by putting your best foot forward.

 

4. Warm things up

When you start out your meeting, do not jump straight into business. Take a minute to break the ice. Get everyone comfortable and warmed up. It will work to your advantage if both sides are relaxed and engaged.

This is also when you can go over the meeting structure and expectations.

  • What are your agenda and expectations?
  • What are the prospects’ agenda and expectations?
  • How long will this meeting be?
  • What is the intended outcome?

It is important to swiftly go through these points to ensure that everyone knows what to expect from each other. It will also help both sides stay focused on the agenda throughout the meeting.

 

5. Keep it concise

When you are meeting with C-level prospects, a great meeting is a concise one. Do not waste time on overly detailed background information about your company or yourself. You are there to tell the prospect how you can improve their business.

One way to do this is to keep your presentations to just one slide with the most relevant and specific information. You may also include a useful case study. Avoid a multiple-slide deck that is packed with every bit of information you can find. Instead, focus on your prospect and what you can offer them. 

There are several formulas for creating a winning pitch but one example by Forbes is the three-part pitch:

A powerful step you can add to this formula is to talk about the decisions that need to be made after this meeting. This is your push for action. Whom does your prospect have to talk to in their organization about your product? What other information do they need from you?  

 

6. Wrap up with actions, decisions & conclusions

Once your meeting is over, do a quick wrap-up. Mention any future actions and decisions that need to be taken following this meeting, on both sides. Include soft deadlines for these because it will things keep moving forward. A lack of a timeline for the next step can end up stalling your discussions altogether.

A summary is crucial to ensure that your presentation is clearly understood and that everyone is on the same page about what they need to do next. This is also the point in the meeting when you will have the chance to confirm potential follow-up meetings.

 

7. Follow up!

Your job is not done when you leave the virtual meeting room. Rocking your meeting also means putting in effort afterward to follow up with the person you spoke to. Particularly in B2B sales, this is something that should take place within 24 hours of your meeting. It can be something as simple as a note or an email. You will want to thank them for the conversation, provide a short recap of what was discussed, and book follow-up meetings if needed.

Be careful not to make the email or note too casual and with a lack of focus. Consider the client’s needs and be as concise as possible.

Pro Tip: Connect on LinkedIn as well! This will allow you to further strengthen your professional relationship.

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Why Sales Professionals Should Care About B2B Lead Generation Services

Today’s B2B customers are using a mix of virtual and in-person channels to connect with suppliers. Therefore, a hybrid sales strategy is the way to go, with McKinsey predicting that it will be the most dominant way of selling by 2024.

B2B sales professionals need to come up with hybrid sales tactics such as leveraging B2B lead generation services like ME Matchmaking. Here are three reasons why:

 

1. SAVE TIME FINDING NEW PROSPECTS

Sales professionals only spend 34% of their time on actual selling (HubSpot). The rest of their time is taken up by research, writing emails, updating data, and scheduling client calls.

  • ME Matchmaking can save valuable time in the initial phase of finding leads – especially when it comes to targeting high-level decision-makers from top companies.
  • This leaves sales professionals more time to focus on the important stuff – pitching your product and following up with prospects.
  • This also means less time chasing potential leads for a response, fewer rejections, and reduced stress.
 

2. CONNECT WITH QUALIFIED LEADS IMMEDIATELY

54% of sales reps report having insufficient data insights into buyer intent (Salesforce). ME Matchmaking offers a solution by matching you with prospects that have interest and investment plans in your area of expertise.

  • With ME Matchmaking, sales professionals can have conversations with the right decision-makers through pre-matched 1-to-1 meetings.
  • The meetings are all virtual and pre-scheduled, making it more convenient for sales professionals and prospects.
  • The meetings are short, allowing sales professionals can skip the small talk and go straight to explaining the benefits of their product.
 

3. PITCH TO NEW PROSPECTS ALL YEAR LONG

B2B lead generation services help sales reps reach their lead pipeline targets. However, not all services provide a wide range of offerings. While most services stop at generating leads, ME Matchmaking provides sales reps opportunities to:

  • Have meetings with new prospects throughout the year.
  • And engage with prospects in-person at social get-togethers and events.

ME Matchmaking helps sales reps create more touchpoints with prospects in digital and physical spaces, bringing them one step closer to closing a deal.

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B2B Marketing in a Recession: 3 Value-Creating Strategies

In a trying economic environment, B2B marketers must work harder to prove that their marketing efforts are not just costs, but critical components that determine the survival of their organizations. Gartner’s chief of research, Ewan McIntyre advises, “The current environment demands a relentless focus on customer value, purposeful evolution of the marketing function, and continual optimization of brand value.”  

Here are three value-creating strategies B2B marketers can adopt during an economic downturn.  

 

1. Invest in brand-building initiatives

Brand awareness should never be neglected in any marketing strategy, especially during unstable economic times. In fact, brands that shine during a recession lay the foundation for business growth when the economy eventually stabilizes. Therefore, companies should take the opportunity to make a name for themselves during an economic downturn. Studies also show that recessions produce 47% more up-and-coming brands compared to periods of stability (Bain and Capital).  

Companies with strong branding inch closer to being top-of-mind solutions for potential customers, making it easier for sales professionals to strike up a conversation with them. In addition, it’s vital that B2B marketers stay on top of brand-oriented metrics such as website traffic, social media engagement, search volume, impressions, and click-through rates to prove the ROI of their brand awareness strategies.  

Several ways to ramp up branding include:  

  • Increasing digital presence on social media platforms, websites, email marketing, and more.  
  • Pumping out content such as case studies, solution guides, and product demo videos, as well as SEO-friendly articles and website copy.  
  • Attending webinars and in-person B2B networking events as a host or guest. 

Increased brand awareness can result in significant returns over time. For example, Cenareo, a French digital signage technology provider, drove a pipeline of 180k EUR in just one month by pushing out brand-building content and running creative campaigns on social media. 

 
ME Matchmaking offers coveted branding opportunities during virtual and in-person events that are popular among C-level decision-makers. Learn more.
 

2. Explore strategic lead generation tools and services

The possibility of a recession places B2B marketers under a lot of pressure to prove the ROMI of lead generation investments. Searching for top-of-the-funnel leads is much harder in a weak economy as changing market conditions result in shifting budget priorities among B2B customers.  

B2B marketers must conduct a fresh analysis of existing buyer personas and target groups, and update spending habits and customer dynamics accordingly. This data is valuable as it can be utilized to identify gaps in current lead generation activities.  

With 44% of sales professionals citing poor lead quality as one of their biggest challenges (Verse), B2B marketers need to invest in strategic tools that work efficiently and proactively in generating pre-qualified leads. 

A strategic lead generation tool can:  

  • Carry out time-consuming tasks of searching and qualifying leads. 
  • Identify strong leads who are experiencing pain points that their product or service can solve.  
  • Free up the time for sales professionals so they can focus on having valuable conversations and following up with leads, potentially shortening the sales cycle.  

For instance, enterprise IT company Pure Storage utilized the lead generation service by ME Matchmaking to connect with the right decision-makers and secured follow-up meetings with 75% of those prospects.  

 
With ME Matchmaking, sales professionals can have 1-to-1 virtual meetings with decision-makers all year round. Learn more.
 

3. Deepen relationships with existing clients

Customer retention is essential to stay afloat during a recession as B2B buyers re-evaluate their investments and search for more cost-effective alternatives. Therefore, it is imperative that B2B marketers build rapport with existing clients to deepen business relationships. Studies show that existing customers are 50% more likely to purchase new products and spend an average of 31% more than new customers (Forbes). 

B2B marketers can strengthen professional relationships with current customers through: 

  • Personalized emails and social media posts that address the challenges brought by the weak economy.  
  • Tailored content such as blog posts, newsletters, and reports about customer needs and challenges. 

They can also:  

  • Offer more flexible product packages and payment plans.  
  • Catch up with existing customers at in-person industry events and social gatherings.  

In addition, a 5% increase in customer retention can produce more than a 25% increase in profit (Bain and Company) along with higher customer satisfaction scores. For instance, German building materials company HeidelbergCement received a 70% response rate on its surveys after rolling out a customer retention program focusing on strong follow-ups. Representatives set up personalized phone calls with detractors and passive customers to discuss and address their challenges, as well as come up with solutions to win back their loyalty.  

 

B2B marketers have zero cents to waste during an economic downturn. Therefore, they must adjust lead generation strategies and allocate budgets intentionally, while shifting their focus towards brand-building and customer retention.  

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4 Ways to Generate High-Quality Leads in B2B Marketing

Quality lead generation is the top goal of approximately 79% of marketers worldwide, according to eMarketer. HubSpot found that the best approaches for B2B lead generation include search engine optimization (14%), email marketing (13%), and social media outreach (12%). Other valuable methods are networking events, trade shows, and industry-specific panels and forums.  

However, about 19% of marketers find lead generation very challenging (LeadG2) while only 10% say they are consistently effective at generating leads (Invisible Technologies). Ultimately, the quality of the leads you generate via those channels is what determines positive outcomes. With good leads – and an effective pitch during a one-to-one meeting – you’re closing deals and driving profits up.  

We walk you through several B2B marketing strategies that can generate high-quality leads and improve business outcomes. 

 

1. Expand opportunities at networking events 

 

Networking at industry events is as direct as you can get with lead acquisition. In fact, the Demand Generation Report noted that events are the most effective lead generation strategy, at 68%. Content Marketing Institute also found that marketers believe that live events (19%) and online events (16%) are the best approaches to securing high-quality leads. Chief Marketer found live event specifically to be one of the most effective lead generation strategies at 32%.  

Your prospects are in the same space, and they are already in the mindset of looking for potential solution partners. Whether it’s a convention, industry talks, panel discussions, or even online seminars – your brand presence at these events will build credibility and awareness among your target audience. 

What’s more, you can connect with your audience directly, either in-person or online, which allows you to create a stronger relationship than a typical ad. Participating in network events relevant to your industry and engaging potential clients is a great way to humanize your company and answer any questions they may have on the spot, converting them into leads. It’s a chance to not only increase awareness and trust in your company but also build interest among potential clients. 

 
Fill your leads pipeline and create connections with top decision-makers at exclusive networking events with ME Matchmaking.
 

2. Utilize lead generation partners 

 

An effective and efficient way to generate leads is by engaging lead-generation partners who will do much of the legwork for you, thus enabling your sales teams to focus on perfecting their pitch and closing deals. 

Data storage company Pure Storage faced challenges securing meetings with the right decision makers from enterprise-level and commercial high companies using traditional lead generation tactics such as telemarketing.  

With the help of ME Matchmaking’s lead generation service, the company managed to secure virtual one-on-one meetings with their ideal prospects. The service provided qualifying services and a summary of investment data and target group insight which helped Pure Storage refine its approach when pitching and closing deals.  

Approximately 75% of the introductory meetings resulted in follow-ups. As Pure Storage Field Marketing Manager Nordics, Marwin Kroon, noted, the leads they received were “warmer than usual” and meeting decision-makers directly has reduced the length of their sales cycles.  

 

3. Build social proof 

 

In order to attract and convert leads into customers, you need to show your target group that you know what you’re talking about. Social proof is a powerful tool that can move your buyers along on their journey.  

Whether it’s case studies, informative infographics, free and interactive tools, a magazine, or tutorials – social proof can help potential clients make more thoughtful decisions when investing. After all, B2B buyers tend to be highly analytical and risk averse. They also tend to require multiple signoffs from decision-makers before investing. When your company can provide valuable data about your products and services, and build credibility among your target group, it enables you to funnel better quality leads into your sales pipeline who are ready to invest.  

For example, Method CRM released a video tutorial of their product in their own unique voice and brand identity. The tutorial strikes that precarious balance between humour and professionalism while being informative about exactly what their customers need to know. These tutorials help them stand out amongst their competitors and can channel high quality leads their way. 

 

4. Create optimized content campaigns 

 

Creating content related to your products and services is a growing marketing strategy despite the seemingly oversaturated state of the internet. Content creation is among the top three lead-generation strategies in the US according to Chief Marketer. Companies that are able to fine-tune their content strategy – including search engine optimization – will see favorable results in the form of better B2B leads.  

Your content should be relevant to your target buyers. This can include everything from your specific offerings to industry challenges, trends, and evergreen content which will continue to funnel leads into your pipelines.  

A great example of this is Snack Nation being ranked #1 on Google despite being a niche company that initially targeted only low search volume keywords. Boosting their SEO efforts led to increased traffic to their sites and leads generated via their content.  

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Customer Trust: Why It’s Important in B2B Sales

You have a great product and an effective marketing plan, but you are not generating the desired sales figures. Maybe a crucial ingredient is missing – customer trust. However, building customer trust is easier said than done. 95% of CMOs say establishing trust between their brand and the consumer keeps them up at night (BrandKeys).  

 

Here are four reasons why customer trust is essential in B2B sales: 

 

1. Customer Trust is the Convincing Factor in Purchasing Decisions  

There is a good chance that your potential customers already know about your product.  Decision-makers only dedicate 17% of their total purchase process to talking to potential suppliers (Gartner). This is because information is readily available at their fingertips – through your website, ads, social media pages, eBooks, reports, and more. The convincing factor to purchase your product is not its benefits or competitive price. It’s the ability to nurture a trusting relationship with decision-makers at every stage of the sales cycle. 

 

2. Customer Trust Builds Confidence in Your Product

The combination of great customer service and trust will decrease feelings of risk in your customers and make them more confident in purchasing your product. Beyond ROI and numbers, trust is key in helping customers understand the value of your service. In addition, emotionally connecting with your customer is important. Empathize with their challenges and reassure them that your product or service will solve their short-term and long-term needs. As the B2B sales cycle is long, you need to have as many touchpoints as possible with prospects. There is also a high chance you will be interacting with more than one representative – from sales directors to marketing managers to C-levels. 

 

3. Customer Trust Leads to Rewarding Referrals  

Picture this: You’re on the fence about buying a product but then you hear a close friend raving about it. Are you more likely to buy the product? The answer is most likely yes. Decision-makers feel the same way too. In fact, 76% of C-level B2B buyers prefer to work with vendors that have been recommended by someone they know (IDC). Not only that, 91% of B2B purchasers’ buying decisions are influenced by word-of-mouth (Useful SocialMedia). Customers who trust your business are more likely to refer your company to their peers, expanding your customer base organically.  

 

4. Customer Trust is Essential in the Era of Online Purchases  

In the current digital-first world, it’s no surprise that more decision-makers are making purchases online. According to a survey, 89% of decision-makers have made an online purchase since 2020 (Avionos). However, this does not mean that they are happy with the services provided by suppliers. In the same survey, 45% of decision-makers encountered pain points when interacting with sales representatives. Additionally, 77% of C-levels stated that their last purchase was complex and difficult (Gartner). With higher expectations for virtual buyer experience and supplier relationships, customer trust is paramount. 

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The Power of Social Selling: Why & How It Works With C-level Clients

You must have heard the term “social selling” before.  It’s all the rage, and rightly so. We’ll get into why it’s so popular a little later, but first, let’s understand social selling vs social media marketing or advertising.  

 

What is social selling? 

 

LinkedIn defines social selling as “leveraging your social network to find the right prospects, build trusted relationships, and ultimately achieve your sales goals”.  

In other words, the foundation of social selling is building a relationship with your audience and potential buyers so that when they are ready to make a purchase, you are who they think of first. 

After all, buying and selling are inherently social activities. Back in the day, we would meet up with people in our communities to exchange reviews about different products and services. Today, we do this on the internet. Our neighborhood became a lot bigger.  

Social selling puts you, the brand, into that neighborhood so you can still connect with your clients directly and put your brand at the forefront of the minds of C-level decision makers. Social selling done well can potentially replace cold calling altogether. Wouldn’t that be great? 

 
Open up conversations with decision-makers with Management Events. Discover how Dell benefitted from our services.
 

What does social selling look like?

 

A word of caution: Social selling is not spamming. You don’t want to bombard your audience with unsolicited messages. Instead, focus on having meaningful interactions and presenting specific solutions to specific problems.  

It’s about positioning your brand as trustworthy and valuable, not annoying.  

One way to do this is by creating social media posts highlighting how one of your products solves a specific problem for a specific group of people. This can help naturally attract your target audience to your profile and brand, therefore building trust and encouraging sales. 

For a B2B company, this can look like generating content to encourage conversations and engagement with your audience. Your sales team members can and should also participate on social media to interact with the brand’s target audience. Over time, a relationship can be built. The visibility from those interactions will trickle back to your organization.  

 

Social Selling Index (SSI) 

 

Importantly, social selling can have a positive influence on certain marketing metrics like referrals, direct traffic, exposure to new audiences, and more.  A well-executed social selling strategy will create a snowball effect with your audience helping spread the word of your brand and generating more inbound leads.  

But how do you know your strategy is working? 

LinkedIn introduced the Social Selling Index (SSI) back in 2014 which measures the impact of social selling on the LinkedIn platform and Sales Navigator.  

The platform outlines four components that it uses to generate a score: 

  1. Establishing a professional brand with a well-managed LinkedIn profile 
  1. Finding the right people on the platform 
  1. Sharing relevant, conversation-inspiring content 
  1. Building and strengthening relationships.  

You can access your SSI score in Sales Navigator. It could also be helpful to keep these four components in mind when building your social selling strategies. 

 
For more tips on how to ace social selling with C-level clients, read our 8 Social Selling Tips for Building Trust.
 

Why should you care about Social Selling? 

 

If you’re still not convinced, let’s look at some benefits of incorporating social selling into your toolkit.  

It is effective

Think about your own experience with brands on social media and you’ll see that social selling is an effective marketing strategy.  

In fact, LinkedIn reports that businesses that excel at social selling generate 45% more sales opportunities than those with lower SSI scores. Additionally, businesses are 51% more likely to reach their sales quota when they prioritize social selling.  

Need more numbers? 78% of businesses who deploy social selling techniques outsell businesses that are not on social media. 

 

It builds real relationships

 

Real relationships ultimately translate to value. 

A 2021 Forbes article notes that 66% of business event professionals have postponed events while 87% have canceled because of the pandemic. Networking has shifted mostly online now, making this the perfect time to prioritize social selling.  

With this approach, you can create those real relationships with your customers where they are already actively engaged in conversations. Social selling targets the decision-makers who are already interested in what you are selling and who are further along in their buyer’s journey.  

By making authentic connections and offering useful information when the time is right, you develop customer loyalty and brand awareness, while still maintaining that personal touch. Do this well to set yourself apart from your competitors, since 73% of customers say that just one extraordinary experience raises their expectations of other companies. 

 

Social buying is already happening 

 

The Global State of Digital 2022 reports that there are currently 4.62 billion social media users, that’s a 10.1% increase from the previous year. Facebook remains the most-used social platform but there is an overlap and other platforms still see hundreds of millions of active users each day.  

Crucially, people are not just on social media to socialize. They are also engaged in brand research. About 28% of the oldest group surveyed (55 to 64-year-olds) do their brand research on social media. The numbers increase as we look at younger users which is at 51-56% for 16 to 24-year-olds. 

Salesforce also reports that millennials and Gen Z’ers are 4.1 times more likely to cite user-generated content such as reviews and photos as an important consideration when making a purchase. So as the younger generation’s purchasing powers rise and they become the new generation of C-suites, social selling will only create more opportunities.  

Some snapshots of other important figures: 

  1. 70% of Instagram users use the platform to research services and products 
  1. 70% of YouTube users say they have purchased from a brand after seeing it on the platform 
  1. 18.3% of American Facebook users made a purchase on the platform in 2020 
 

You don’t want to get left behind 

 

As of 2020, Statista estimates that 25% of e-commerce enterprises worldwide were planning to sell their products on social media. As for B2B marketers, 96% use LinkedIn for organic marketing, with Facebook and Twitter come second with 82% each according to Content Marketing Institute. 

Whether you’re a B2C or B2B company, your competitors are already engaging in social selling. You’ve already seen how effective this approach is. Social selling can preserve and even improve your competitive edge the sooner you get on it.  

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5 Reasons Sales Leaders Should Still Care About Virtual Meetings

Many of us reluctantly downloaded video conferencing software on our computers two years ago thinking, “Well, this won’t last long. I’ll meet my colleagues and clients again soon.” Fast forward to today, virtual meetings have completely transformed the way we work and the way we sell. The era of hybrid work is here, giving us the freedom and flexibility to work from anywhere, anytime. Although it’s now socially acceptable to meet your clients face-to-face again, here are five reasons why you should continue to meet them virtually.  

 

Saves time, money, and sanity

Let’s face it, commuting is time-consuming and expensive. It’s sad to know that the average salesperson loses five days a year traveling to and from client meetings. Virtual meetings give you those five days back to travel for a much-needed holiday. They erase the hassle, stress, and cost of commuting – leaving more time to focus on the job and prepare a winning sales pitch. You also don’t have to bother planning the logistics of a face-to-face meeting. Not only do virtual meetings save you money, but your company as well. A study by Global Workplace Analytics states that remote work saves businesses an estimated $11,000 per employee annually, in addition to lower turnover rate and real estate costs.   

 

Virtual meetings are more productive and efficient

We all are familiar with the pain of sitting in a poorly organized meeting, and 89% of professionals have named it one of the biggest workplace frustrations. As salespeople, it’s also exasperating to attend meetings only to find out that the right decision makers are not present. Virtual meetings mitigate these challenges as there is more time to plan, prepare, and send invites to the right people. According to a study by Forbes Insights, 87% of survey respondents believe that video conferencing strengthens customer relationships and improves the sales process.  

 

People are more likely to attend  

Who doesn’t love the feeling of relief when meetings end on time? We know that virtual meetings rarely run longer than the time allocated. This means attendees are less likely to cancel and are more willing to block their schedule for you. Therefore, it’s no surprise that 85% of sales prospects are more eager to join a 30-minute virtual meeting rather than an in-person meeting! Also, this study shows that attendees are less stressed in virtual meetings. Maybe because they’re wearing their favorite pajama bottoms or have a pet sleeping next to them. Having clients in a relaxed environment and in a good mood means only good news when you want them to hear about your product.    

 

Meet more people, get more leads

According to HubSpot’s 2021 Sales Enablement Report, 63% of sales leaders believe that virtual meetings are as effective or more effective than face-to-face meetings, and it’s easy to understand why. For instance, a salesperson working remotely can close deals with several international clients without having to claim a single cent of travel expenses from their company. In addition, studies show that B2B decision makers are keener on making purchases remotely, and only around 20% of them hope to go back to in-person sales (we’re shocked by this statistic too). Virtual meeting platforms have made the world borderless, providing opportunities to connect with international customers seamlessly. With virtual meetings, your next customer may just be a few clicks away.  

 

Watch your meeting recordings

Once you get past the discomfort of hearing your own voice on video, you will find that meeting recordings are incredibly useful in several ways. For starters, they’re a good way to keep track of the progress of a particular client. Sharing those recordings with clients who may show them to other stakeholders puts your product out there without you having to present your sales pitch again. In addition, there’s a lot of valuable information in those recordings to add to your CRM platform. How many times have you wished to turn back time during face-to-face meetings to see which points you could have presented better? With virtual meetings, you can watch the recording as many times as you want, identifying areas of improvement and perfecting them, giving you the confidence to rock your next sales pitch.  

 

Considering their benefits, it’s crazy to think that virtual meetings were a rarity two years ago. Now, it’s hard to imagine doing business without them. We may never return to the pre-pandemic days of working, and maybe it’s for the better.

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4 Methods To Utilize Clubhouse For Your Business

Since its launch in 2020, Clubhouse has steadily been gaining influence as a viable platform for CXOs to explore. However, businesses are still trying to figure out how exactly they can use the platform as part of their strategy.

During Management Event’s weekly Transformation Thursday, expert speakers and industry leaders share their thoughts on how businesses or brands are exploring ways to use Clubhouse. If you missed out on the session, read on to find out the 4 methods that you use to utilize Clubhouse as part of your business strategy.

 

1. Creating Authentic Business Connections

 

While Clubhouse is currently the hottest social media app, it is still just a social media app and doesn’t necessarily guarantee success for your business goals. However, it can be a valuable tool for creating (or rekindling) business connections that will help as part of your overall marketing funnel.

Given the intimate setting of the app, whereby live conversations are happening, it’s easy for executives or business owners to spontaneously reach out to new connections during or after a session. This spur-of-the-moment connection can lead to possible business opportunities or even act as lead generation, on top of your planned marketing strategies.

One of the points raised during Transformation Thursday was the fact that Clubhouse has the ability to deliver real-time authentic conversations, something that no other social media platform is capable of doing.

 

2. A Direct Platform To Collect Data

 

Data is a powerful tool that companies can utilize to further improve their product/service and strengthen their organizational efficiency. With Clubhouse, you have a powerful platform that allows you to collect real-time data for your business.

Instead of expensive focus groups, you can attract the specific audience that you want into your session and communicate directly with them to get feedback on your products or services. The approach itself can be as organic as setting up a room to chat and just talk with the people in the room on what they think about your company’s products or services.

Companies can use Clubhouse to extract data, entrepreneurs can also use it to collect valuable feedback on business ideas. All you need to do is just set up a room and invite people in your industry to chat with and get instant input to refine your ideas in real-time.

 
Next-level Insights: Gain exclusives insights on industry trends from experts at Management Events’ Clubhouse (@Managementev) sessions.
 

3. Crafting A Tailored Brand Image

 

Cultivating a strong brand image is key to a company’s success in today’s socially aware market, and Clubhouse as a platform allows you to create a tailored brand image where you can control your message.

Compared to other platforms such as email marketing or Instagram where it is a “one-way” communication, Clubhouse allows for “two-way” communication where you can immediately hear feedback from your audiences.

This offers direct access to the audiences that you want to connect and better tell the story of your brand. And with the numerous sessions available in the app, it’s easy to join a room relevant to your business, get on stage and deliver value to build a relationship with the people.

 

4. Building a Community Around Your Business

 

One of the big potentials highlighted during Transformation Thursday is the ability to build an engaged community that will help grow your business sphere of influence. 

For example, Nike can create a room for the running community where users can talk about running equipment and share their thoughts on Nike products. Management Events can create communities that focus on business networking and sharing industry insights.

By creating rooms or topics that are relevant to your product and providing valuable conversations, you can quickly establish yourself as an industry expert. Through those sessions, you will then be able to build a community of potential customers that you can talk to directly.

Despite being around for less than a year, Clubhouse has proven to be quite the popular platform for influencers and executives alike. With the points we’ve outlined, your business will able to take your presence in Clubhouse to the next level.

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Top Strategy for Penetrating New Market at Speed

There comes a point for most businesses regardless of the industry, when they strive to expand beyond their home markets. Some are looking to attract different audiences by introducing new products, others are looking to reach new geographical frontiers.

While the ambition to grow is only natural, market penetration is becoming more and more challenging given the rise in competition, constantly changing customer behaviour and demand for better and faster services and products, and the rapid growth of technology forcing companies to be more innovative and disruptive in entering new markets. It is therefore important to understand and evaluate your company’s strengths and weaknesses, as well as determine key opportunities and risks in order to help you gain a broader sense of where you stand against your rivals and which market penetration strategy would be best for your business.

 

Analyze your company

 

It is best to start with self-reflection – take an objective look at your company and try to determine whether you are ready to expand, and what could be the areas you may want to strengthen. Here are some relevant questions that can help with the analysis:

  1. Define your new target market through research
    • Should you sell to the same target group but in a different location?
    • Should you change the target group?
    • What is the demand for similar products and services in this new market?
    • Is there a need to glocalize your product? 
    • Is there sufficient demand for your products and services in the new market?
  1. Define your competitive advantage
    • How long has your business operated in the industry?
    • How long has your average competitor been in the  industry?
    • Where can your product add more value than your competitor product? 
    • In what aspects are your products or services weaker than those of your competitors?
    • How do your competitors price their products and services?

A detailed market research will give you solid background information to decide if market expansion to this specific location is the right decision at the moment.

Let’s assume you’ve done your due diligence, and you’re sure it’s time to expand. 

Below you will find a few market penetration strategies to choose from, as well as pros and cons of each.

 

Gaining New Audiences With Penetration Pricing Strategy 

 

As businesses continue to grow, there is greater competition to enter a new market. That being said, the penetration pricing strategy is one of the standard approaches adopted by companies to boost their initial sales. 

Fundamentally, penetration pricing strategy is an act of reducing product and service prices as you enter a new market with the objective of attaining new customers quickly. The entry price is always relatively cheaper compared to the average market price. This gives customers the ability to try your product with less financial risk

This strategy focuses on gaining market share over profits until the business is perceived to have matured in the new market. The cycle is: start by generating demand, create customer base and eventually maximize brand loyalty over time. Many large businesses have used this tactic to revolutionize and become market leaders today.

For instance, Netflix, an online video streaming service originally started in the US, has successfully penetrated the markets of 190 countries since its first year of going international in 2010. Although it has multiple international expansion strategies, Netflix started in the new markets with a relatively low price with significant benefits considering subscribers have access to more tv shows and movies compared to renting videos. With an ever growing subscribers of 167.1 million across the world, they just recently announced a price increase in the monthly subscriptions as the company  is deemed as matured despite multiple new players competing in the market, like Amazon Prime Video, Hulu, and Disney+.

Benefits

  • Easier customer acquisition
    • Entering the market with prices that are significantly lower than the competition will undoubtedly attract the attention of potential customers. You’d be able to achieve a large number of initial sales to start making the product or service profitable
  • Reduced Competition
    • Penetration pricing can help you compete against other market players at below-average market price until you gain brand recognition and customer loyalty. You’d be able to eventually increase your price again once your brand has matured in the market.

Risks

  • Price war
    • There is always a chance of starting a price war with your competitors if they decide to undercut you on pricing.
  • Damage to brand image
    • Penetration pricing has the possibility of impacting your brand reputation. The low price of a product can often be associated with lower quality, and with penetration pricing strategy you are risking to start off with positioning yourself as a cheaper brand in a new market.
 

Getting On The Inside With Strategic Partnerships

 

Entering strategic partnerships with other companies is another approach to take into account if you want to penetrate a new market effectively. You’d be able to grasp first-hand essential knowledge about the market in all aspects like cultural, social, business, language, and more. Few types of strategic international partnerships would be joint venture, acquisition, franchising. 

Depending on the type, partnerships can go beyond sharing market knowledge and also include sharing branding efforts, resources, marketing, and distribution channels.

Kroger, an American retail company, is one of the companies that chose to expand by partnering with Alibaba, China’s e-commerce giant. Kroger brought their products to Alibaba’s platform aiming to meet the growing demand for high-quality organic food among Chinese consumers. Eventually, Kroger has managed to scale up quickly to reach new customers and markets. Shortly after this massive announcement of Alibaba partnership, shares of Kroger Co. were reported to spike by 2.8 percent. 

Benefits

  • Speed up entry into a new market
    • You can easily reach customers and avoid initial challenges and hassle  of establishing new business by getting into alliance with already existing companies that have their own pool of loyal customers in the market.
  • Organizational learning
    • Knowledge sharing is usually an essential part of strategic partnerships. Your company gets to know about your partner’s best practices and vice versa, so both businesses benefit from collaboration. 

Risks

  • Conflicts
    • There is a risk of various conflicts that can arise between partnering businesses at different stages of their relationship. It could be conflicts based on cultural differences or conflicts of interest – in any case these should be considered at the stage of discussion of partnership terms and necessary precautionary measures should be put in place.
  • Loss of autonomy
    • Shared decision making and wider accountability with more partners and stakeholders need to be considered, as well as information sharing – with more people having access to your sensitive information, the risks of data leakage is increasing.
 

Getting Brand Exposure and Credibility Through B2B Events

Another strategy worth considering is to partner with a B2B event relevant to your product or service. This is a shortcut to introduce your business to a new market and to meet your target audience directly.

Businesses often sponsor events such as trade shows, exhibitions, networking events organized by associations or nonprofit organizations to attain specific business potential and increase their competitive advantage. Presenting your company and product or service at these events can help effectively introduce your brand to the new market and allow you to get a better understanding of your target audience’s needs and challenges. 

Take a look at Benify, an HR tech company based in Sweden, that met one of their big clients, Lidl Sweden, at Management Events 600minutes Executive HR and after successfully completing a project in Sweden, has expanded into The Netherlands and is now looking at another contract with Lidl in the US. Benify had the opportunity to meet targeted prospects, like the HR Director of Lidl Sweden, through Management Events’ B2B networking platform in a series of matched 1-to-1 meetings.  The meetings allowed them to gain a deeper understanding of their prospects’ challenges and at the same time to showcase how their solution can help. Such personalized networking and 1-to-1 communication can establish a stronger connection between the solution provider and their prospects potentially leading to years of fruitful collaboration

Benefits

  • Build awareness
    • Partnership with a B2B event could expose your business to a wider and more relevant audience and create a positive association with your brand. It is an additional benefit when event organizers provide exposure of the partner companies in their official website and across social media channels, giving you a wider digital outreach. 
  • Meet the right people
    • Knowing your target market is the core of your marketing strategy, but once you’ve identified your “ideal prospects”, it can be a challenge to reach them. If you partner with a relevant industry event that is likely to attract your ideal clients, it can be a great opportunity to directly connect with your niche target audience.
  • Gain exclusive audience insights
    • Partnership also gives you audience insights that include, but are not limited to, insights during, pre-and post-events. For example, with an established event provider such as Management Events, the sponsors are provided with trend reports prior to the event with an outlook on the issues facing the attendees. This knowledge may be of benefit to your representative in order to customize solutions and determine the correct approach to the sales pitch.
  • Become a knowledge leader
    • Often, event partners have the opportunity to deliver a presentation during the event and share valuable insights about the latest technology solutions. Through a presentation like that, you can establish a stronger perception of your brand and company representatives and solution experts and knowledge leaders in the field.

Risks

  • Power of first impression
    • Trying to impress a potential client at a B2B networking event means you will have only one opportunity to make the right impression. Even if you have a 1-to-1 meeting scheduled with the prospect, there will be time constraints, which means you need to do your research and make sure you thoroughly prepare for the pitch. Luckily, some event organizers can help. For example, at Management Events we always provide an industry report to our partners that identifies investment priorities of our participants and helps both event partners and attendees to have a meaningful conversation.
  • No guaranteed returns
    • Of course, partnering with an event doesn’t guarantee you closing a big client right away. However, you will get great brand exposure, extensive networking opportunities within your target industry and high-quality leads that could potentially turn into strong connections and long-term business relationships. Particularly for a company that is not known in a new market, this could be a great first step to venture in.
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Online B2B Sales: How To Sell Better In The New Norm

The COVID-19 crisis brought unprecedented changes to the business world. And sales leaders in particular have to navigate paradigm shifts as companies move to preserve cash flow and reduce spending.

So how can you as a sales professional successfully close online B2B sales in this ‘new normal’? What are the best practices to sell remotely amid the pandemic?

Management Events checked with our sales managers across Europe for business-to-business (B2B) sales tips and advice on adapting to virtual selling and developing online strategies for better prospect engagement.


How has COVID-19 impacted your sales process?

Different sales managers have their own B2B sales techniques and routines, but all of them are in agreement that the outbreak has changed how they communicate with prospects and existing clients.

Knott: My sales process was not impacted because I have always been working over the phone or using video conferencing tools. But COVID-19 has, of course, affected the way of approaching and reaching the customers.

Werring: Our sales processes are definitely different from before. Generally, we see that we would need more meetings to close the deal, and the sales cycle takes longer than usual. Also, our concept in the Netherlands is based on face-to-face meetings, which is not possible for the meantime, so we had to change the way we sell – 100% virtual.

Komulainen also agreed with Werring’s statement on the longer sales cycle, noting that sales reps have to re-look at their communication strategy.

Komulainen: The base of my sales process has always been to find out the goals and ambitions of my customers. Then, together with the customer, we discuss whether cooperation with Management Events helps them reach their goals. Now, due to COVID-19, many companies have shifted their goals from growth to survival, and are a bit hesitant on new commitments. Hence, the sales cycles are longer and require more patience and understanding of the customer’s situation.

How have you adapted your sales approach to the current times?

The social and economic constraints of the pandemic are causing salesforces to quickly evolve their B2B sales approach to engage clients. And for Komulainen, although he understands that businesses are hesitant to spend at this time, “on the other hand, you have to be very assertive.”

Komulainen: Clients are very unsure, and they have every right to be. Some of them need a bit of extra convincing and help to make decisions. I try to find out whether clients are already looking to the future and trying to adapt to this new situation or if they are simply waiting for this storm to pass. For the ones that are trying to move forward, we can be of massive help.

Werring and Knott’s sales approaches also adapted to the current situation, leveraging on empathy and improved personal selling.

Werring: There are more meetings involved, and more empathic conversations about safety and family. I first try to understand how the client is doing personally, then understand how the company is doing, and the business in general. If all is good, then I will try to sell.

Knott: I have always been really personal with clients, but due to home office situations, my personal selling has increased even more.

Sales professionals who engage in personal selling focus more on helping clients to solve problems and find solutions for their pain points. In these times more than ever, prospects need to feel that you have their best interest in mind, and are not just looking to make a sale.

Knowing and addressing customer concerns give you the opportunity to diffuse any worries they may have, and a higher chance of them making a purchase decision.

Some companies are drastically impacted by the outbreak.

What is your strategy when contacting them about our services?

Knott: You have to approach them on a really personal level, and understand both their private and professional situations. See if and how we can still support them and offer our service.

Werring: You need to first show them compassion, and understand how they are affected business-wise and personally. Then you move towards helping them to improve and grow again, and how you and your company can assist them with that.

Komulainen: First, it’s key to find out just how they were impacted, where their focus is, and what their goals are, if they are at all hopeful about their future. We need to emphasize our key value driver – for us, it’s the quality of our events and business networking. We are still bringing in top delegates from the top companies in our market. If their services are relevant to the delegates at this moment or in the future, we offer a smooth path to direct discussions with these decision makers.

What are some of the biggest pros and cons of selling virtually?

While some sales reps have had difficulties in transitioning to remote selling, others took the change in stride. From a boost in productivity to interactive online presentations, virtual selling has become an important B2B sales skill.

Knott: The government may not allow physical meetups, but selling virtually has higher efficiency and simpler internationalization.

Werring: When conducting remote sales, you become much more efficient time-wise, as there is no need for traveling. Also, it’s easier to share your screen to show information, data and more with the clients.

Komulainen: Meeting virtually is much more efficient and structured. It’s so important to keep your camera on in order to keep your customer engaged. Also, you have different tools to share and visualize content. Some people like to draw, some show videos. You have so many options to choose from.

However, as with every sales strategy, there are both advantages and disadvantages of virtual B2B selling. And the essence of in-person meeting seems to be the most missed aspect of the new era of sales.

Knott: The core-competence of physical face-to-face meetings is gone, and there are no chances for extended networking and mingling, such as lunch or dinner, and talks by the coffee machine.

Komulainen: I miss being out, having a casual talk with a client in the lobby or while getting coffee. Meeting face-to-face is more personal and casual, you know. 

Werring: There is no real connection, making it hard to fully ‘feel’ somebody, and customers tend to get bored faster. There are also technical issues, like the camera not always working and such.

Objections are part and parcel of sales, and many businesses are using COVID-19 as their reason against spending on a service.

How do you handle this particular sales objection?

Komulainen: Goals and ambitions – that’s the key, in my opinion. If a company wants to achieve growth or build relationships during this trying time, today is always the best time to start.

Werring: In our concept, we always need to show a clear ROI and of course, in that sense, the costs precede the benefits. You need to make the client understand that, even in hard times, it’s not wrong to do the RIGHT investment!

Knott: First of all, dig deeper! What’s the objection: company regulations, budget cuts, staff cuts, and why? Even with the outbreak, life and business go on, and companies still need leads.

Instead of viewing it as the end of a lead, you should think of a sales objection as an opportunity to learn more about your client’s needs and a new way to effectively show the value of your product or service.

Werring:  Make the client realize that their workforce will be at home for the foreseeable future. And to keep them stimulated, an event works great, even though it’s virtual.

Komulainen: It’s not so much an objection towards us or other service providers, but more to their own business and self-belief. If we want to truly help them, we have to find out where the real problem lies. If the problem is lack of money coming in, or in other words, sales, we can help them same as always.

How do you think B2B customers are responding to online selling and virtual conferences?

Werring:  Great! Online sales definitely works, as we do most of our business remotely now. Virtual conferences also work – but they are generally less fun. However, to get connections and continue with developments and growth, they are definitely effective.

Komulainen: The initial shock has passed in most industries. The problem with virtual conferences is that there are so many of them. It seems that every other company decided to make their own webinars, and spam their customers and contacts with invitation to free webinars on different subjects. This created a sort of backlash. The quality and value of said webinars took a dive. I started hearing things like, “I do not want to take part in virtual webinars or conferences.”

But just like how companies are adapting differently to the consequences of the coronavirus, so too are the responses of B2B clients to virtual selling and events.

Knott: Every customer has a different opinion about going virtual. Some see the advantages and the higher efficiency of online events, and are happy to attend from home offices. On the other hand, others think that it doesn’t have the same value as a live conference, and compare us with standard webinars. 

So how can sales reps try to convince their clients on the value of their service?

Komulainen: The correct question to ask is, “Why?” They can tell you things like, “There’s no interaction between attendees” or “Low attendance and quality of attendees.” Then it’s easy to tell them how we have solved these issues at our virtual events.

What tools or working habits have been useful in helping you to get the sale remotely?

With lockdowns and movement restriction orders implemented throughout the countries, sales forces have to find alternative means of communication and selling.

Knott: Engagement sales method (ESM) tools are needed more than ever. We in DACH have always been selling over the phone or using video call tools, but Microsoft Teams made this a lot easier.

Werring:  I agree that ESM has been a valuable tool, which we developed for virtual selling a couple of years ago. Teams and Zoom are also useful in communicating with clients and getting the sale.

Komulainen: MS Teams is so helpful when it comes to selling. But I’m also experimenting taking walks during phone meetings. Short walks help to keep me energized during the days that involve a lot of sitting.

What common mistakes do you think salespeople are making during remote sales?

Werring:  Common mistakes would be forgetting about the whole COVID-19 situation, and starting to sell right away, instead of first understanding the client and the climate the client is in. Other mistakes are not dressing up for a meeting and pitching too much, instead of making it a dialog.

Knott: The mistake salespeople often make is feeling too laidback working from home, and not dressing up for the video calls. You need to dress to impress!

Komulainen: For me personally, it was essential to stop presenting and start selling. I think, as sales people, we are used to selling in our own way, but now we had to adapt very quickly and some mistakenly started presenting instead of selling. With virtual meetings, it’s more difficult to keep the customer engaged and intrigued, so we really have to be on our toes and keep focused.

What tips and advice would you give to salespeople to succeed in online selling?

Both Komulainen and Knott agreed that sales personnel need to get their basic preparations and materials ready for a successful virtual sales meeting.

Knott: Good preparation for meetings is vital. Make sure all the links you would like to share with the customer are ready, such as links to your sales materials on the enterprise service management and digital asset management platforms.

Komulainen: Have a clear structure to the meeting and inform it to the customer too. I like to close the agenda or the structure very firmly, such as “This is the agenda. Is this a good use of your time or should we make alterations to it before we start?”

Werring:  Dress to impress, and don’t forget the importance of small talks, especially in times like these. Keep the meetings dynamic and fun. Let the customer talk as much as you can allow, and keep the pace of the meeting high to make sure they won’t get bored.

Knott: It’s a good idea to warm up your calls by talking to a colleague to warm up your tongue. Also, dress up and smile so customers can hear and see the professionalism.

Komulainen: Keep the meeting efficient, and engage the customer. Ask the right questions and really listen. Salespeople are problem solvers of the best kind as we are here to help.