Are B2B Strategies What Your Business is Missing?
One of the major factors for a startup or budding enterprise to decide is their core customer base – as in, whether they would sell directly to the customer (B2C) or opt for a corporate clientele (B2B). Many budding entrepreneurs and new business choose the former, primarily due to the perception that it offers more market exposure and recognition and helps build your brand among masses. While this perception has a lot to be argued upon, the fact of the matter is the B2B has a significant edge in terms of profitability and building a long-term clientele.
It is important to note that changing your core customer base, or in other words, switching from being a B2B to B2C or vice versa isn’t a minor undertaking – it will require a thorough assessment of your current market standing and future plans.
In addition to that, the transition demands a major overhaul of your marketing and sales strategies, revamping them to target your new audience. Here are some signs your business is leaving a lot of B2B potential on the table:
- Your sales have been stagnant for a long time and not showing any signs of increase despite your best tries.
- There is a new competitor in the market with a better offering you cannot compete.
- Your email/newsletter subscription, website traffic and the email click open rate are on a constant decline.
- Your social media followers do not represent your target audience.
- Your investment in strategies is failing to generate returns.
If the aforementioned signs ring a bell about the current situation of your business, it is about time you switch to B2B strategies. Here are some ways to facilitate the transition:
Optimize Your Data
Data will play the key role in revamping your sales and marketing strategies. Switching from B2C to B2B will shrink your scope of prospects, eventually increasing the value and significance of every single business in your B2B clientele. In this scenario, it is crucial for you to assess each and every account on the basis of their data, so that you can tailor your pitching strategy accordingly and maximize your sales.
Upgrade Your Lead Qualification
Illustrate a new buyer persona. Since you will be majorly dealing with other businesses, you will have to redefine your lead qualification criteria. It must also be noted that for B2B marketing, lead generation should be geared towards quality and not quantity. The more your leads comply with your qualification standard, the better will be your prospects of successfully closing the deal.
Incorporate Account-Based Marketing into your Strategy
As we have discussed above, data is your most valuable marketing asset and its significance cannot be emphasized enough. To harness the true potential of customer data, you need to adopt account-based marketing strategy. This will allow you to optimize your communication strategy in line with the targeted account segments, focus on your key accounts and bridge the gap between your sales and marketing teams.