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B2B companies have a lot on their plates. This is because the B2B landscape is changing rapidly, and buyers are expecting more than ever.
A study by Accenture found that 80% of frequent B2B buyers will change suppliers at least once during the next two years. It’s not just that they’re dissatisfied. It’s that they’re actively looking for new partners. The staggering figure indicates a dynamic shift in expectations of B2B buyers, making the B2B landscape more challenging than ever.
What does this mean for you as a B2B company? It means that you need to be on top of your game because if you aren’t, your customers will go somewhere else. That’s why it’s important to consider what leading B2B companies have in common:
Leverage Current Industry and Technology Trends
The B2B industry is a fast-paced, ever-evolving one. To stay on top of the competition and grow your business, you need to stay on top of industry trends, particularly as they relate to technology.
If you’re a B2B company, you probably know that your customers are looking for the best products and services. If you want to stay ahead of the competition and meet their needs, you need to leverage the latest technologies like AI, IoT, and blockchain, among others.
AI has been making waves across industries. In the B2B space, many business leaders are using technology to make better predictions about sales, customer behavior, changing market patterns, etc.
According to Techsur, 87% of current AI users are either using or looking to leverage it for sales forecasting. This is a huge area where AI can help businesses make better decisions and ultimately grow their bottom line.
This means that if you’re not already using AI in your sales forecasting process, you could be missing out on a huge opportunity not just to streamline your processes and increase efficiency but also to boost revenue.
When it comes to sales forecasting, AI uses machine learning to analyze data and predict outcomes based on previous results. It allows companies to make more informed decisions about how much to produce when they should start producing it, and where they should distribute their inventory.
However, riding on the wave of technology is not just enough. Being a B2B company, it’s important you use technologies like AI sensibly, which means understanding areas of implementation, potential ROI, and other potential benefits.
Strategize Account Planning
Account planning is a critical component of B2B sales success. This is because, according to Gartner, roughly 80% of sales organizations face the annoying process of recreating their key account programs every few years to tackle issues related to performance. This makes account planning indispensable for any B2B company.
To begin with, account planning helps you prioritize potential customers by identifying those most likely to become your biggest clients. This means they’ll be worth the time and effort it takes to develop them as partners.
It also helps you identify the right people within each target account that are most likely to buy from you so that you can focus on them when interacting with the rest of the organization. Additionally, by ensuring that your team is prepared to work together effectively, account planning empowers them to close more deals and build stronger relationships with customers.
Strategic Account Planning in B2B Sales is crucial because it allows you to identify the people who matter most in your industry and understand their needs. This knowledge then enables you to develop a winning strategy for targeting these potential buyers and building relationships with them that will drive sales.
Use Content Marketing to Build Relationships
Think of your favorite B2B company. Do you know what they have in common? They’re using content marketing to build relationships with their customers and prospects.
You see, there are two kinds of businesses: those that use content marketing and those that don’t. The ones that do use content marketing have something else in common, too. They’re more successful B2B companies than the ones that don’t use content marketing.
The data speaks for itself: 66% of B2B marketers plan to put more investment in content marketing initiatives in the upcoming 12 months, as revealed by the 2021 survey from Statista. This shows the growing role of content marketing in the B2B space.
And now, with an increased budget for content marketing, B2B companies are going a step ahead to create content that resonates with their target while building new relationships and retaining the existing ones. What does this mean for you? If you want to be a successful B2B company, then you need to start using content marketing now.
Strive to Personalize the Customer Experience
According to the B2B Buyer Behavior Study, 76% of B2B buyers wish for personalized experiences from providers which can meet their particular needs.
This makes sense when it comes to B2B purchases since buyers are dealing with companies that have a lot more than just one buyer. Hence, when you’re looking to make an impression on a buyer in the B2B space, it’s critical to make sure your efforts are tailored to their specific needs.
That means doing research into each customer and creating content that resonates well with them. It’s also important to segment your email lists so you can send targeted emails that speak specifically to each customer’s interests and concerns.
The great thing about this kind of personalization is that it works. Here are five ways you can use to provide an improved experience for your customers:
- Offer a variety of channels for communication.
- Make data available to your customers so they can see how much you know about them and their needs.
- Create a sense of community by encouraging feedback and reviews from your customers and other users of your product or service.
- Understand what content is valuable to your audience so you can create it in a way that delights them.
- Find out what kinds of questions potential customers ask before buying from you. By doing this, you will be in a better position to understand their needs and provide answers before they even have time to ask themselves.
These Attributes Can Help a Company Succeed in the B2B Space
Successful B2B companies have a lot in common, and it’s not just that they know how to sell their products.
These businesses are successful because they understand the value of their customers, and they’re willing to put in the work to get there. The above-mentioned four key attributes are the ones that make all of these companies successful. Thus, if you are on the path to becoming one, then don’t hesitate to adopt them for accelerated growth.
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