When discussing growth tactics, it is commonly assumed that you are referring to B2C businesses. Business-to-consumer businesses, notably those in retail, have refined their growth tactics through years of marketing testing and iteration.
However, imaginative B2B marketers have a tremendous potential to design truly effective marketing strategies and massively grow their organizations. Every day, new methods, techniques, and technologies are introduced, and smart B2B business owners know how to use them to their advantage.
Here are some of the most effective business growth tactics employed by the most successful B2B companies.
Automate sales as much as you can
Modern technology can be used to automate numerous sales tasks. If your sales team automates their most monotonous tasks, automation allows them to devote more time to following up with prospects and fostering relationships with existing clients.
The advantages of sales automation include:
- Reduced human error;
- Reduction of repetitious manual jobs;
- Fewer workflow processes;
- Decreased purchasing friction.
Automating B2B sales is becoming an industry standard and the businesses that excel at it become more valuable and simpler to manage.
If you truly want to take full advantage of sales automation, you need to learn about how e-quoting works. In short, the e-quote management platform notifies the buyer through email when a quote is ready, and the buyer logs in to view it. From there, you can then forward it to your eProcurement tool or do whatever you need to do with it later.
You should definitely learn more about this technology since it can really save you a lot of time that you’d otherwise have to spend on dull manual tasks.
Work on your LTV and CAC
Evaluating the return on investment (ROI) of your marketing initiatives and client acquisition efforts can be difficult. Fortunately, a few measures can be particularly helpful in determining the efficacy of your efforts and how your marketing fits into your overall business strategy.
Client acquisition cost (CAC) and customer lifetime value (LTV) are widely used to measure marketing success in a B2B setting. Each metric is useful on its own, but when combined, it can create a complete ROI picture for your marketing and business. That is why you need to focus on your B2B LTV CAC metrics.
Client acquisition cost (CAC) is a statistic used to determine the overall cost of gaining a typical customer. Calculating CAC over time enables marketers and businesses to evaluate their marketing effort’s performance.
LTV, which is short for lifetime value or customer lifetime value, determines the total amount of money a typical client generates for your business while their account is active. In other words, LTV assesses the value of a typical customer for as long as they remain a customer.
CAC and LTV are distinct measures with their own unique applications, but it makes the most sense to assess them at the same time. Together, they examine both sides of the client equation. This includes the cost to acquire them and the anticipated income they will generate.
Implement a referral program
Setting up a client referral program is a fantastic approach to attracting more new customers and generating sustainable growth for your organization. Customers that are satisfied with your product will be eager to suggest it to others.
You can easily implement a program in which clients receive a discount or cash back for each new customer they refer to your business. This is an excellent method for incentivizing clients and encouraging them to spread the news about your business.
You can offer a discount, a free gift, or cash back. The point is to find an incentive that is enticing enough to encourage individuals to utilize the program and promote you to their friends. For instance, you may provide a $20 discount on their first purchase or 20% payback for every referral they make.
Numerous businesses and startups use podcasts to reach new clients, build brand awareness, boost income, and eventually accomplish growth. Podcasts are fantastic because they allow you to express your individuality and share valuable and engaging information with others.
The best part is that podcasts are really popular and have a substantial following. This means that if you do it correctly and make a quality podcast, your company may reach a large audience.
A podcast also enables you to network with other influencers in your sector, which will further contribute to your growth.
The key to success with podcasts is consistency and regularly releasing quality information. Just remember that podcasts are a long-term strategy so don’t anticipate immediate results.
Tell a good story
Storytelling is not only an efficient B2B growth strategy but also an excellent approach to engaging emotionally with your audience. When you tell a wonderful narrative, your audience will feel more connected to you.
This is the key to success. The more individuals engage with your brand, the greater the likelihood that they will become customers. To do this, though, you must invest a considerable deal of effort and time in crafting amazing stories.
Many B2B growth tactics can help your company grow. Before using any of these methods, make sure you know your audience and what they want. After that, use the growth tips you read about here to create a solid strategy that is comprehensive enough to secure success.