A book of business is a compilation of contact information for potential clients, vendors, suppliers and other stakeholders in your industry. Also known as a vendor file or sales lead list, it’s usually an electronic database that can be easily searched and updated when necessary. Having a book of business is essential for any company that sells to other businesses or organizations as part of its primary business model. It helps you keep track of important contacts and details about potential leads so you can focus your time and energy on the most promising opportunities. A book of business also serves as a helpful reference during negotiations and after the sale has been made. It’s an organized repository of critical contact information that saves you time when searching for the right person at the right company with the right role in their buying process.
What’s in a book of business?
Most books of business include a list of potential clients, their contact information, information about their industry or organization, and details about how and when you made initial contact. Ideally, it also includes information about what stage the buying process is in and the decision-maker(s) responsible for moving it forward or making a final decision. Your book of business should also include notes and comments, like the client’s decision-making process, specifics about workflow and decision making, and other details that may be important to understanding your existing clients’ needs and buying process.
An effective book of business also includes information about other sales reps and their roles, as well as notes about who should be contacted in your company if a client has a service-related issue or question. Ideally, your B2B sales reps will also have their own books of business that complement the information contained in your company’s overall book of business.
Why every B2B company should have one
A book of business is one of the most important tools in the sales rep’s arsenal. It can help you track your sales pipeline, identify and prioritize leads, and follow up with potential clients or customers. A sales rep without a book of business is like a carpenter without a tool belt or a mechanic without a toolbox. A book of business helps you stay organized and on top of important details like client names, email addresses, and decision-makers’ names.
It’s an essential part of any sales rep’s toolkit, both as a way to stay organized and as a reference when dealing with clients. A sales rep who has a book of business knows exactly who to reach out to when a client has a question or requests a sample or pricing. They also know how far in the sales process each potential client is, which is incredibly important for prioritizing sales activities and managing your pipeline.
How to build your own book of business
Building your book of business is a never-ending process that ideally begins before you ever make your first sale. It should be a part of your everyday sales process, which means that you should start building your book of business as soon as you become a rep. Here are a few tips for getting started: Make a list of potential clients. Even if you don’t have any sales yet, you can still start building your book of business by making a list of potential clients. Create a database of your existing clients. When you make your first sale, you should ask the client to provide their contact information.
Besides name and contact information, you should also ask clients to provide the name of their company, their industry, and the decision-maker(s) responsible for making a buying decision. Once you have this information from your existing clients, add it to your database. Keep a note of your sales activities. You can do this by hand or use a sales CRM (customer relationship management) tool to keep track of this information. A CRM is especially useful because it will allow you to track and analyze your sales activities, keep track of your sales pipeline, and keep your book of business up to date.
Reasons why your B2B book of business is more important than ever
- Traditional lead generation is dying. In recent years, many B2B sales reps have turned to various lead-generation strategies, including cold calling, direct mail, and email marketing. Unfortunately, many of these strategies have become less effective, thanks in large part to increased competition and the rise of digital communication. With the rise of social media, the explosion of content marketing, and the popularity of instant messaging apps, the traditional way of communicating with prospects and clients has changed. Email marketing campaigns are shorter, more frequent, and have shorter lifespans. Cold calling has become less common, thanks in part to the rise of the internet and the widespread adoption of smartphones. In essence, there are fewer opportunities for B2B sales reps to interact with their potential clients in person or over the phone, which makes it even more important to have an up-to-date book of business.
- Decision-makers are changing. In the past, most B2B companies were run by engineers and architects. They were decision-makers who made buying decisions based on features, pricing, and specific needs. Today, many B2B companies are run by non-technical leaders (accountants, sales managers, etc.) who make buying decisions based on personal relationships and trust. These types of decision-makers are much harder to reach and often don’t respond to cold calls, direct mail campaigns, or email marketing tactics. They want to know that the sales rep they’re talking to has experience with similar companies, and that rep’s experience is backed up by references and proof. Having a book of business is the best way to provide all of this information quickly and easily.
The dangers of relying solely on email and Excel spreadsheets
For many B2B sales reps, email and Excel spreadsheets are the only tools they use to track their sales pipeline, manage their book of business, and communicate with clients and prospects. While this is certainly better than nothing, it’s not nearly as effective as it could be. Having multiple leads in a single spreadsheet and trying to keep track of who is communicating with whom via email can quickly become a messy, disorganized nightmare.
Likewise, email is not a secure way to store important client information and may not be archived correctly by email providers. By keeping all of your client contact information in a single Excel spreadsheet, you’re also making it much more difficult to share that information with other members of your sales team. A single spreadsheet can become unwieldy after a few dozen or hundred clients are added. It can also be challenging for multiple people to collaborate on a single spreadsheet.
Conclusion
It’s important to remember that a book of business is not a static list of clients who will buy from you. Rather, it’s a list of potential clients who you’ve had contact with in the past and may make a purchase from you at some point in the future. If a client’s name is in your book of business, it doesn’t necessarily mean that they’re close to making a purchase. It just means that they’ve had contact with your company in the past and could be a new client in the future. With that in mind, it’s important to keep track of all of your past interactions with clients and prospective customers so that you can identify trends and stay on top of important details. A book of business is an essential part of any B2B sales rep’s toolkit.