The Symbiotic Sale: A New B2B Ecosystem
If you are asking yourself any of the following questions:
“What is buyer enablement?”
“How do I increase sales?”
“How do I build my sales process?”
“What strategy do I need for 2024?”
“How do I build a customer journey?”
“How do I improve our b2b discovery?”
“What is the best go to market strategy for 2024?”
Keep reading.
All of these questions can be answered. But first, we need to acknowledge the shift that we’ve been ignoring for the last few years.
Business to Business (B2B) sales is changing. A transformative concept is emerging: the Symbiotic Sale. This approach reimagines the traditional transactional nature of business interactions, advocating for a more interconnected and mutually supportive ecosystem. At the heart of this paradigm shift is the evolving Buyer. Today, A fundamental understanding of human psychology and the application of AI, is not an option.
Organisations continue to grapple with the attention economy. Buyers are anxiously battling the fear of wasting time (FOWT) and this has been heightened by the COVID-19 pandemic’s impact on the perceptions of time and productivity. It’s no longer work-life balance, it’s what Accenture aptly calls it, “life centricity.” Buyers are ordinary humans, and humans are seeking life harmony.
It’s not just about selling a product or service anymore; it’s about creating a harmonious interplay where each interaction enriches all parties, intellectually and technologically. In this article, we delve into the essence of the Symbiotic Sale, exploring the 4 key pillars that provide the foundations and how it revolutionises the B2B domain by fostering relationships that are not just beneficial but essential for mutual growth and success.
Defining the Symbiotic Sale
The Symbiotic Sale is not just a strategy; it's a philosophy that reshapes the very foundation of B2B interactions. Rooted in the principles of symbiosis found in nature, it emphasises relationships where each party not only thrives but also contributes to the success of the other.
It’s an ecosystem where cognitive understanding plays a crucial role.
By comprehending the psychological factors driving buyer decisions and behaviour, businesses can tailor their approaches for maximum effectiveness. Similarly, digital innovation acts as a catalyst, enabling more efficient, targeted, and adaptive interactions that align with the evolving needs and expectations of B2B clients.
It’s a drive towards Evolutionary Fitness. In nature, this refers to how well a species is able to reproduce in its environment. If they're no longer reproducing then they are no longer evolutionarily fit. If a B2B company is not able to reproduce value inside its ecosystem, they’re no longer fit for purpose. Just as organisms must evolve to survive, B2B companies need to continually evolve their strategies, services, and products to stay relevant and competitive in their market ecosystem.
It’s time for ecosystem-led growth.
In the B2B context, we observe a complex network of interactions similar to the interdependence found in natural ecosystems. Just as biotic elements in nature interact within their habitat, companies, partners and their potential buyers form the core of this B2B environment. These entities actively engage, communicate, and mutually influence each other.
Surrounding this core are various abiotic factors analogous to market trends, technological advancements, regulatory environments, and economic conditions. These elements collectively shape the B2B environment, dictating the dynamics of business interactions.
Similar to how sunlight, water, and soil determine growth patterns in biological settings, these factors play crucial roles in defining the course of business interactions within this ecosystem.
Ecosystem-led growth means internal go-to-market alignment and external buyer journey alignment. It goes beyond just partnerships and referrals. There must be a focus on the abiotic elements such as regulation, government, economies, and politics. We need to ask ourselves these questions and work to answer them, fast.
What are the issues, challenges and opportunities (ICO) that exist for our Customers?
How much do we solve?
Who else solves for part of the ICO?
Where do our Customers go to learn?
How do we work to facilitate a buying journey?
Who are our partners?
How do we build a top of funnel (TOF) that stems from the bottom of funnel (BOF)?
Who do we need to help us do all of the above?
What systems and applications make this all feasible?
Which regulations, political changes, economies, trends positively or negatively feed our customers' world?
Brent Adamson said it best, “the single biggest challenge of selling today is not selling, it is actually our customers' struggle to buy.”
Companies must adapt to grow and sustain in this constantly changing landscape.
We are competing for attention and the perception of time scarcity. So how does the Symbiotic Sale help us to adapt, and build a sustainable core that addresses the growing challenge around time scarcity and increasing Customer expectations?
Mutualism in B2B Relationships
At the core of the Symbiotic Sale is the concept of mutualism, where all parties in a B2B relationship derive significant benefits. This mutual benefit is more than just a transactional exchange; it's about creating value that resonates on multiple levels.
For instance, when a vendor provides a solution that not only solves a client's immediate problem but also enhances their operational efficiency, it establishes a relationship of trust and reliance. This deepens the engagement, leading to long-term partnerships and opportunities for growth. Embracing mutualism requires a shift in perspective, focusing on shared success rather than individual gains.
Commensalism in Business Interactions
Commensalism in business refers to scenarios where one party benefits while the other is neither harmed nor significantly advantaged. This aspect of the Symbiotic Sale recognises that not all interactions will be equally beneficial to both parties, yet they can still be constructive. An example could be a vendor providing a free tool or resource that aids a potential client without expecting immediate returns. This approach builds goodwill and brand reputation, potentially leading to future business engagements where both parties can benefit more equally.
Parasitism and its Impact
While mutualism and commensalism foster a healthy business ecosystem, parasitism serves as a cautionary tale. Parasitic practices, where one party benefits at the expense of the other, can be detrimental in the long term.
These practices might yield short-term gains but eventually erode trust and damage relationships, leading to a weakened business network. Recognizing and avoiding these practices is crucial for sustaining a healthy, productive B2B environment. Unfortunately, while organisations may have great intent, many Buyers are doing everything in their power to avoid direct interactions with go to market teams. Korn Ferry’s 2021 Buyer Preferences Study found that 79% of buyers said that they prefer to engage a salesperson after they’ve already identified and clarified their needs.
The Symbiotic Sale, more specifically one with mutualism and commensalism at its core, represents a revolutionary shift in the B2B world, prioritising interconnectedness, mutual benefit, and long-term relationship building.
Think of a department store or shopping centre. Where transportation flows through the store, but space is made for cars and other vehicles. Where food trucks sit outside, but restaurants adorn the inside. Where micro playgrounds are erected for children, and seating is available for tired legs. Where shoe shops are strategically located near clothing stores, but high end shops congregate in one area - not too far from the Oysters and champagne. This is symbiotic.
There are 4 key pillars to creating this new B2B Symbiotic ecosystem:
The 4 pillars of the Symbiotic Sale
The Role of Transparency in the Symbiotic Sale
Transparency is the new competitive edge. It implies that companies who are open about their pricing, processes, and capabilities will have the upper hand.
Sounds simple right, but is it? Today, you can still go on a website and hit the pricing page only to be greeted with the message “contact us”. Can you imagine walking into a shop to buy something and all the pricing labels say “please ask the cashier”. It’s only in B2B sales where this is normalised.
If you have a complicated business that requires specific pricing, you of course need to have a discussion, but don’t falsely advertise it. These practices reinforce FOWT. If a Buyer’s first interaction with your brand is misguidance, then it would be reasonable to assume that the next one will be too.
Companies like Buffer have made radical transparency a core part of their business model, sharing everything from their pricing to their internal emails. Nothing is perfect, but this is an example of how you normalise transparency. A $18 million ARR client that worked with Revenue Funnel made sure the SDR team gave a ballpark figure to any prospect that asked about price. Not only did this create a stronger pipeline, it satisfied Buyer’s early curiosity.
Building Trust Through Openness
Trust is foundational, and openness is its bedrock. According to the Edelman Trust Barometer, 81% of customers need to be able to trust a brand to buy from it. Transparency in operations, pricing, and business practices fosters this trust, leading to more robust business relationships. Sustainable business success is built on relationships, not just individual deals.
Companies limit their ability to drive big impact when they shy away from transparent practices. According to a study by Accenture, 76% of CEOs say citizen trust is critical to business competitiveness.
The Value of Clear Communication
Clear communication goes beyond mere transparency; it's about making information accessible and understandable. A study by Salesforce found that 73% of B2B buyers expect companies to understand their needs and expectations. This level of understanding is only possible through clear, two-way communication channels.
Transparency is not just about sharing information; it's about building a foundation of trust through openness and clear communication. This approach sets the stage for a more symbiotic and sustainable business relationship.
Cultivating Trust in B2B Sales
Trust is the emotional glue that makes a symbiotic relationship possible. Trust is a product of good character and competency.
Break free from traditional, restrictive sales practices in favour of building trust-based, symbiotic relationships
Establishing Credibility
Credibility is established through consistent performance and reliability. Demand Gen Report shows that 67% of B2B buyers base their purchasing decision on digital content. The quality and reliability of this content greatly influence the perceived credibility of a business. Buyers want to feel like an organisation understands particular issues, challenges and opportunities that they are experiencing.
Long-term Relationship Building
The value of long-term relationships in B2B settings cannot be overstated. Harvard Business Review highlights that acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing one. Building and maintaining long-term relationships is thus a cost-effective strategy.
Trust is the cornerstone of B2B transactions. Establishing credibility and focusing on long-term relationship building are key strategies for fostering trust and ensuring business success.
Convenience: A Cornerstone of the Symbiotic Sale
Convenience removes friction. It’s an ecosystem that feels seamless. An almost effortless B2B buying experience that rivals the ease of B2C transactions.
The evolving Buyer journey meets at a new intersection between technology, psychology and adaptability. A Gartner study found that 80% of B2B sales interactions between suppliers and buyers will occur in digital channels by 2025. The future is digital, but that doesn't mean it can't be personal and relevant.
Streamlining Processes Through Digital Solutions
Digital solutions streamline processes, making transactions more convenient and efficient. A study by McKinsey found that B2B companies see digital interactions as two to three times more important to their customers than traditional sales interactions. This shift highlights the importance of integrating digital solutions into B2B Buying ecosystems.
Enhancing Customer Experience
Enhancing customer experience through convenience can significantly impact sales. According to a PwC report, 73% of all people point to customer experience as an important factor in their purchasing decisions. In the shift to a Symbiotic Sale, this means providing seamless, hassle-free experiences.
Convenience, facilitated by digital solutions and an enhanced customer experience, is pivotal in the symbiotic sales process. It not only meets customer expectations but also drives efficiency and sales growth.
Cognitive Astuteness in the B2B Ecosystem
This is about combining a sensitivity - cognitive understanding—knowing what makes the buyer think, feel, and act in certain ways—with digital innovation to create a seamless, enriching experience.
The vision for 2024 as a year of transition to a symbiotic ecosystem is timely. The focus must be on the mental processes that influence decision-making. It's about recognising how perceptions, biases, and reasoning impact the choices we and our customers make. By understanding these cognitive processes, we can better tailor our strategies to meet the real needs and wants of our customers.
Understanding Buyer Psychology
Understanding buyer psychology is key to effective sales strategies. This is not new, but the understanding breaks as organisations transition the Buyer conversation from marketing to sales. A well known HBR article indicates that understanding the customer's emotional and rational needs leads to more successful sales outcomes. This understanding is critical in tailoring sales approaches to meet these needs.
Applying Cognitive Insights to Sales Strategies
Applying cognitive insights to sales strategies involves more than just understanding buyer psychology; it's about leveraging this understanding to create more effective sales tactics. Where is the cognitive load in your ecosystem? Is it technical? Is it in understanding the issue, challenge or opportunity at hand? Is it in gaining internal alignment? These types of cognitive insights involve a deep understanding of both buyer psychology and decision making.
Don’t waste anymore time on tactics that expire in days, weeks or months. You need to build a Symbiotic environment that enables your organisation to continually adapt to the biotic and abiotic nature of your ecosystem.
The pillars of transparency, trust, convenience, and cognitive astuteness form the foundation of the new B2B ecosystem. By focusing on these key areas, businesses can build stronger, more effective, and mutually beneficial relationships with their clients. Embracing these principles is not just about adapting to the current market demands; it's about setting the stage for future success in an ever-evolving B2B landscape.
Hear from other Revenue Leaders
What does Symbiotic Sales look like?
What do you do next?
Review your ecosystem
Your business and target market
The elements you can not control - macros.
Audit your alignment with your Prospect Buyer’s processes
Understand the TERMs of business
Review your tech readiness
Align across your GTM on the main objectives for the next fiscal year
Include tangible and intangible goals
Objectives and Key Results (OKRs)
Key Performance Indicators (KPIs)
Transition from a sales process to a Customer Engagement Process (CEP)
Build your pre and post sales processes to the Buyer journey
Enable your team
Model by example
Considering how you get started? We thought that may be the case and we created a guide to help you. Click here to access it
We would love to hear what your views on the symbiotic sale are, make sure to follow us on LinkedIn and share your thoughts. Use the hashtag #symbioticsale
A Buyer's World, is our insightful podcast hosted by CEO & Founder of Revenue Funnel Hannah Ajikawo.
On the show Hannah is joined by revenue leaders from across the globe to give you actionable steps that create logical and appealing pathways to purchase.