Business

5 tips to grow your B2B business in 2021

As the world continues to grapple with the ongoing pandemic, the roll-out of vaccines gives rise to hopes that we could soon see a return to sustainable economic growth towards the latter half of this year. 

Growth is not only a sign of a company’s success in business, but it is also essential to survive in the long-term and rise above your competitors. While we are certain to see a strong rebound in the B2C market, the B2B sphere could be somewhat longer due to the cutbacks made across the business sector. 

Ensuring that your business is primed to be in a position to take advantage of opportunities for growth is essential for long-term survival and profits. This may sound simple, but the simple fact of the matter is that many businesses struggle to grow and actually lack the required knowledge and expertise to do so. As we enter an increasingly competitive period, this lack of knowledge has the potential to threaten the very existence of many companies. 

If your aim is to grow your B2B business in 2021, but are looking for a few pointers, then keep reading for 5 tips to ensure that you have solid foundations in place.

  1. Provide an outstanding customer experience

It may seem obvious but when did you last take the time to analyse your own customers’ experience? All too often businesses are so focused on attracting new customers that they neglect their current ones, who also happen to be a key source of revenue growth when the relationship is nurtured.

You should be striving to deliver an outstanding customer experience and making sure that your current clients not only remain your clients, but that they are going to be inclined to retain your services and even look to increase their spend through up and cross sells.

Make sure that you are keeping the following considerations in mind:

  • Provide an outstanding customer experience;
  • Resolve complaints as quickly as possible;
  • Provide personalised and relevant marketing content that is segmented based upon different sub-sets of your database;
  • Offer free and unexpected incentives that show you care
  1. Make up for a lack of face-to-face events

There are many sectors that have been impacted by the pandemic and perhaps the most high-profile of these has been the Events industry. High profile events were cancelled in early 2020 and that has continued as we have entered into 2021 and it still remains uncertain as to when the business industry will once again start meeting face-to-face.

For many businesses, events are an essential part of lead generation, meaning that the lack of events and conferences has severely impacted these plans. However, taking the initiative and planning and hosting your own virtual or hybrid event is an ideal way to ensure that you are engaging with prospect and current customers. This ensures that your business remains at the forefront of their minds when important decisions are made.

Seeking the services of a specialist event live streaming company is an ideal way to put on your own event that will ensure that you are reaching a wider audience. In this way you are also able to have full control over the content, which will help to ensure that you are maximising engagement. You can increase interaction and participation in the event to help your prospects get the most out of it, and even use the material as part of future marketing campaigns. 

  1. Digital First

The process of digitalisation has rapidly gathered pace in recent years and failing to adapt is likely to have a severely negative impact upon your business. If you are not making use of new digital technologies and opportunities, then this is likely to hamper your growth, and at worse, threaten your company’s survival. 

While many of the new technologies are more focused on the individual, there are numerous digital opportunities available to improve your business processes and increase efficiency across your company. 

  1. Aligning Sales & Marketing

The majority of businesses tend to make the mistake of having their sales and marketing teams working in silos with a lack of integration and alignment. This tends to lead to internal conflicts and can actually majorly impact growth. 

Aligning the two departments and having them collaborate is an ideal way to identify targets and generate better quality leads. All too often sales will complain that the leads that marketing teams bring in are done in volume and not qualified.

Setting up integration meetings between the two departments is an ideal way to overcome this and make sure that everyone is pulling in the same direction and working towards a common goal and generating revenue and profit.

  1. Informed by Data 

Ensuring that your business is making decisions based upon data is paramount for achieving long-term sustainable success. All too often key decisions are based upon top-level discussions and opinions and this is where many businesses fail to capitalise. Make sure everything you do is informed by real-life data and use this to glean insights to inform your business strategy. This should include data that is accumulated from various customer touch points, both on and offline – it is imperative that a large proportion of this data is made up of first-hand customer data.

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