The Impact of Social Selling on the B2B Landscape in the U.K. Vs. U.S.A
How are UK vs. US-based B2B buyers responding differently to information overload, a proliferation of suppliers and legacy pricing models?
Why are multinational sales leaders adopting different sales strategies, hiring policies and sales training in the UK vs. the US?
Why is speed to market so crucial for international companies looking to expand into Europe?
Sales Leaders from five multinational companies were interviewed with substantial operations in both the UK and the US. The aim was to assess the impact of social selling in the UK and how the growth of social networks over the past 5 years has affected the way their teams sell. Its purpose was also to understand the short-term plan for how these companies will adjust to technological advancement, an increase in automation, and changing customer buying habits.
Finally, it sought to compare the adoption level of social selling strategies in the UK with that of the US and understand what is driving any differences between each geographical location.
Key points from the study:
Tangible cultural differences exist between selling in the UK vs. the US. Customer buying habits differ and regional sales models, hiring policy and the respective depth of engagement expected from sales professionals support this.
Vendor confusion is driving customers to adopt new ways of managing suppliers. Customers lack context more than ever before, and this is an opportunity for sales professionals to differentiate themselves by connecting the dots and demonstrating value. An increasingly systematic procurement approach is exposing poorly executed sales processes.
A contracting vendor landscape is driving a deepening of customer relationships and greater emphasis on customer retention. Vendor consolidation is forcing companies to focus on speed to market, as less established products or suppliers with weak relationships, little business critical value and an inability to differentiate themselves, run a high risk of being culled.
Complementing outbound sales efforts with social selling strategies has proven to yield demonstrable pipeline revenues in a short period. This is seen on both sides of the pond, yet more so in the US. Similarly, inbound selling is a great platform to justify international expansion into Europe, but it doesn't address the cultural adjustment when establishing a physical presence overseas.
Customers are forcing legacy companies to alter their business model and pricing strategies. Sales organisations are shifting from selling products, to solving their customers’ business critical problems. For example, in the B2B data vendor space, rather than sell end users licenses, suppliers are increasing service levels to help customers farm and aggregate their proprietary systems on the buyer's behalf, helping them better manage scarce resources and solve budgetary issues, while maintaining output.
Customer buying habits have changed more in the past 2 years than the previous 20 years, and companies are re-engineering their sales processes to match the changing customer journey. For deeper insight into these points, download the full report.