How B2B Leaders Drive 5X More Revenue Growth

Business-to-business transactions are company-focused, and rightly so. In today’s world, several companies have difficulty sustaining their businesses in a competitive and cut-throat market. Only a handful of business leaders have been able to adopt a few winning strategies to stay afloat and ensure revenue growth.

One of the primary developments is allowing the digital revolution to take over the traditional business module. For growth and profitability, company leaders should have the strength and the willingness to shake up the organisational structure and metrics from within. Staying relevant and guaranteeing a stronger financial performance requires strict, strategic and stringent policy adoptions.

Let us look at the ‘digital to overtake’ strategy, among others, to recognize how B2B leaders drive revenue growth in a stagnant marketplace.

Using Digital as a Strategy

Commitment to digital takes time and effort, thus, many companies only implement digital usage, innovations and technology for peripheral changes. Digital implementation must be a strategy rather than just an additional platform.

In general, only 10% of B2B managers think of digital as a primary investment. Companies can outperform their competitors by even double-digit margin percentages when digital strategies make and shape markets. Creating a modern, digital business base requires using technology as the de-facto medium of operations. This process will take time and require a skilled workforce to implement the change.

Growth Jockey’s digital commerce strategy is completely customer-focused. Whether B2B or B2C, the process of marketing and conducting sales through digital platforms, is customized by Growth Jockey to facilitate maximum investment returns.

Tie the Front-End with the Back-End

The marketing and sales teams tend to work in separate sequences within a company, but their roles are the same – they work to increase sales conversions. The more you can connect these two silos with each other, the more effective the conversion will be.

The more you find out about the customer, the better you will be able to create solutions for their problems. While companies tend to heavily rely on the back-end workforce, they fail to help this team access customer-related data. This creates a disconnect and prevents growth.

Steps must be taken from the front end at both ends of the transaction – before and after. Effective pre-sales activities can return 40-50% wins in new business transactions and almost 80-90% in renewals. Through customer responses and experiences, newer developments can be found. Introducing a digitized communication channel will seamlessly lead to this conversation between the company and the customer.

Consistency is Key

Consistent experiences for the customer on the company’s end, ensure increased sales conversion. This is particularly necessary for online and offline interactions.

More than 90% of B2B buyers utilize their phones at least once during the decision-making process – although it is rare that they actually have a mobile-based strategy for making decisions. An average buyer uses six different channels of interaction before a sale.

This means that when buyers interact with multiple channels, it is necessary to have cross-channel integration. This can be done through user experience patterns, communication methods, transactional mediums, customer service, and continuous branding throughout.

Strategy-creation agencies use the process of technofying your world through out-of-the-box solutions. Strategic planning with the integration of digital transactions, ecommerce and technology-based marketing provides the consistency needed for B2B revenue growth.

Hybrid Working Culture

The back-end employee that creates for your firm is as important as the front-end customer that buys from you. Since the pandemic, people have shifted to hybrid working and hybrid sales methods. Employees have responded positively to flexible working hours and a hybrid office culture. When you look at it as a company, a combined work culture will save you back-end costs while increasing productivity.

The digital transformation will also require the company to create an interactive customer platform. Over 75% of new customers require to talk to a sales executive before committing to a transaction, while only 15% of returning customers require this transaction. This means that a hybrid sales team, influential online as well as offline, should be formed, too.

From Innovation to Execution

Focusing on an innovation-centric working style is the new productivity tool. With the improvement of the prototyping process, B2B businesses must keep up with the process of sales cycles and delivery options. Rapid experimentation based on client feedback is necessary to stay ahead of competitors.

One-third of B2B businesses take more than a year to move a digital initiative from the concept board to implementation. Market leaders are gaining growth due to speed, supplemented by an edge in innovation and improved customer experience.

This is a process that cannot be handled alone by the company, of course. Collaboration with external strategizing agencies can help businesses shorten the learning curve. Participation in direct-to-customer events, like digital hackathons, can aid in the growth of this as well.

Using Data for Analysis and Sales

By building a digital connection to the customer base, you can employ the three steps – data collection, management, and analysis, to create an information base. One of the primary uses of technology is Data Analysis. This real-time information at the employees’ fingertips allows knowledge sharing, improving their overall impact.

Technology can provide additional benefits to the company through dynamic dispatching, real-time remote support and faster solutions to problems through the presence of an online expert. Artificial intelligence can take over menial tasks such as data entry and logistical records. This will give more time on the employees’ hands to take up more meaningful and cognitive job roles. The collected data can also be used to make business decisions and improve products & services.

Growth-based virtual-office agencies can be invited for data-based collaboration. With their technological experience, they can help your company implement AI and Machine Learning into your data collection and processing structure. The appropriate analysis will lead directly to increased sales.

Retention Marketing

While shaking things up at the core and implementing new strategies of B2B business development is necessary, let us look at the oldest lost trick in the book – retention marketing. Companies spend a lot of revenue chasing after new customers but forget that retaining old ones is not only easier but also more cost-effective. New customers cost almost five times more than retaining older ones.

Companies can utilize techniques like personalization, bonus points, membership options and other perks to retain customers. Happier customers tend to conduct more word-of-mouth marketing for the business, too. This will bring in more clients and revenue growth.

Retention techniques can be implemented both online and offline. Companies can resources put in place to record customer details and study repeat customer patterns. As part of the customer’s user experience, retention methods will have real and lasting effects on the company’s business.

In Conclusion

Instead of jumping on the bandwagon and implementing all strategies at once, it will help B2B companies to take one step at a time and ease into the redevelopment process. Start with small winds and build momentum. This applies to the digital overtake, data-centred decision-making processes, hybrid work cultures, and innovation-centric approaches.

Growth Jockey is a new-age, virtual, B2B growth office. Focused on Marketing, Sales, Product design, engineering and Operations, this company helps you adapt to the changing language of working in the B2B market. Based on your company profile, Growth Jockey can customize your growth plan, including the abovementioned strategies. This will fast-track you to the leaderboard without having to lose focus on the core of your business operations.

At Growth Jockey, our unwavering dedication lies in creating customised models that effectively tackle the crucial challenges confronted by our clients across diverse industries. Regardless of the size of your company, whether a small-scale enterprise or a large corporation, you can now leverage cutting-edge technology to drive revenue growth.

Take the decisive step towards unlocking the next level of growth for your brand by contacting us today!