In a B2B transaction, the whole deal negotiation process can be sometimes long and complex. The basis for a whole sales cycle can covers from
- Introduction meetup
- Follow up
- Signing of contract
Some of you might think that if the benefits of the deal are attractive enough or the commission earned from B2B deals are typically large enough, it would compensate the efforts and time spent, you could be wrong!
Many a times, not all the business transactions that you had spent more time and efforts will guaranteed a hundred percent closure. Despite so, sale people still choose the same old tedious way, following through motions to make and attend appointments after appointment, meetings after meetings, just to pray hard that every deal will turn out well and success.
How efficient can these be?
To dive in deeper, let me share with you what a salesperson needs to go through when it comes to meeting numerous appointments every day, especially back to back appointments! Putting words forward, I am not complaining about having packed appointments are a bad thing. To all the sales people out there, we all know sales activities are the life blood of sales, thus to have packed appointments are no doubt what every sales person wishes for. But the question is, how genuine and productive are the appointments? For the typical B2B industries nature, most calls and meetings can only be made between that 8 to 9 working hours of the 5 working weekdays. How many appointments can a sales person attend a day?
Based on a recent survey, 4 to 5 appointments maximum depends on how long you need for an appointment averagely. And that’s just because we are using Singapore as a guide. The numbers definitely drop for bigger countries like US or China where travel from point A to point B takes much longer. It could even be more tedious if we are talking about travelling from one country to another for business appointments. Besides time, there are also other risks that can arise by how business deals transact.
Personally, I got summoned twice for speeding ‘unknowingly’ while rushing for another appointment after appointment. It was until I received a letter from the relevant authority that I realized. The hefty fine is one issue but what I want to emphasize is the risk of my life or others in the event of an accident due to the hectic madness of all the appointments. Is it worth it for a business appointment? What could be worst when we don’t have clue whether a deal will be close, or if the client ever turn up as promised in the first place!
Nevertheless, we understand that trust and rapport are important and critical to the success of a deal. However, there should be better ways to negotiate and transact business deals effectively and efficiently, especially with the technology revolution the world is currently experiencing.
Digital Revolution for Business
With the rise of internet, ecommerce and cybersecurity, figures have shown that more people are having more trust and less sceptical towards buying and selling products, socializing and payment on the internet. It has been an increasing trend from USD$1,316 Trillion in 2014 to USD$2,489 Trillion in 2018.The numbers have doubled within a short period of 4 years! Close to 47% of the world internet users are transacting online now and these numbers are definitely growing rapidly.
Many big Ecommerce giants like Amazon, EBay, Qoo10 and Taobao have solve a major problem for consumers’ transaction over these years, simplifying and redefining a new way of how buying, selling and payment works through Ecommerce. We no longer need to fly from countries to countries just to purchase the things we want; cross border transactions can be done seamlessly just by a few clicks on the internet. How amazing is that!
“A brand-new ecosystem is developed through this technology revolution for B2C, or C2B.” Mentioned by Jack Ma, Chairman of Alibaba Group.
Currently, another rising star is brewing for the future of the B2B market, redefining a seamless transactional business ecosystem for the Small Medium Enterprises.
Tranzaco, is a digital online platform that can reduce the hassle and time required for business transactions. Our mission is to create a seamless transactional business ecosystem, by redefining how business should digitally transact.