Five B2B Growth Trends To Implement In 2021
According to recent research from Cisco, customers reported that if 74% of the brands they used vanished, they wouldn’t care at all. This is particularly worrying for B2B businesses where up to 95% of subscription-based companies’ revenue come from upsells and existing client renewals. So how does a B2B business stay relevant and top of mind? Well here are five top B2B trends - implement these and you’ll stay ahead of other B2B businesses in 2021.
1. Value is valuable
Strong B2B businesses stay ahead of the competition by creating a sturdy value proposition inside their business as well as embedding this core value in all their offerings. This is then communicated in their messaging to clients. The best B2B performers are the sellers who can effectively reach the decision-makers and match the needs of the customer to that of their value proposition.
2. Customer experience triumphs
In the old days, B2B sales was about big budgets and massive marketing campaigns. This has changed, and today business clout comes in the form of focusing in on existing customers, addressing their needs very carefully and re-creating positive customer experiences in each and every interaction. This is done all along the customer journey from resolving complaints quickly, flexibility in refunds and cancellation policies, real time customer service, personalised marketing campaigns and surprise value in the form of free upgrades, engaging events and more.
3.The eCommerce lag
The quicker your uptake in the Online eCommerce space, the better your B2B business will perform. This is because top B2B businesses are able to effectively harness additional online sales over and above their existing sales channels. B2B businesses are not excluded from the necessity to swiftly respond to market changes, and eCommerce is one such demand.
4. Marketing and sales alignment
In good business, sales and marketing need to be aligned. In fact, this can generate 30% more business and retain 36% more customers, simply by avoiding siloed divisions and aligning your marketing and sales objectives and communications. At the end of the day you want to be communicating a clear message across your entire company. This will ensure a solid campaign and consistent propositions.
5. The power of referrals
Referrals are so important in sales channels because they embody trust. This can be seen in so many Facebook community posts which ask, “Looking for a reliable plumber / handyman /pool company… but only those used personally please.” People want to know that their suppliers are tried and tested. The same principal applies in the B2B space. Best of all, referrals cost next to nothing, but can bring in confident and warm leads. The time to ask for referrals from current customers, is while the relationship is actively satisfied. Once there, it’s important to ask for a few good referrals, and then follow up on them immediately in order to keep the chain going.
The bottom line
It’s a competitive market out there and if B2B businesses want to survive and thrive in 2021, they need to move with the times. But you can start implementing these five key B2B trends right now in your business because in today’s competitive market, small steps lead to big change. So, what are you waiting for?