Most entrepreneurs have the same goals: to maximize revenues, increase profits, and gain market share. However, businesses today are faced with stiffer competition than ever; it’s no longer enough to have a good product or service.
As such, you must step up your strategies and find ways to outperform your rivals. This is especially true for business-to-business (B2B) companies, as they’re vying for larger, more complex deals and transactions.
According to the U.S. Bureau of Labor Statistics (BLS), 20% of startups fail within their first year, and nearly 50% don’t make it past five years. Only a quarter of new businesses thrives after 10 years. The reasons behind these failures may vary, but one thing’s certain—an ineffective business plan and poor marketing strategy can significantly impact a B2B company’s returns.
To help you grow your market share, here are proven tactics worth considering:
1. Leverage The Power Of Digital Marketing
As consumer behavior continues to shift online, so should your marketing efforts. That said, taking advantage of digital marketing can be your best solution. This innovative platform lets you connect to a broader audience efficiently, potentially boosting your brand’s visibility and sales.
To start, there are many types of digital marketing, each with its unique benefits and purposes. Here are some of the most popular ones:
- Search engine optimization: SEO refers to optimizing a website and content to rank higher in search engine results pages (SERPs). It involves keyword research, link building, content optimization, and more. The goal is to boost your brand’s visibility and drive more organic traffic to your page.
- Content marketing: Content is the foundation of digital marketing. Through content creation—blogs, tutorials, videos, infographics, podcasts—you can capture your target audience’s attention, engage with them, and motivate them to take action.
- Pay-per-click: As the name suggests, PPC is an advertising model wherein you pay a fee every time someone clicks on your ads. This type of digital ad can give you more control over your budget and allows you to target users by demographics or interests.
All these strategies require careful planning and execution. Therefore, partnering with a B2B digital marketing agency can help you get the most out of your campaigns. However, ensure to vouch for the firm’s reputation and expertise for more favorable results.
2. Automate Your Business Processes
B2B transactions usually involve multiple stages and processes—from customer onboarding to order processing and invoice management. If these tasks are done manually, they can be tedious and prone to errors. This is where automation can be of great assistance.
Today, there are various tools and software you can use, such as:
- Customer relationship management system: CRM is a great tool for storing and organizing customer data, which can help you manage sales, track performance, and create better marketing techniques.
- Invoice software: Accurate invoicing is essential in any business. This technology helps simplify the billing process and correctly calculates all prices, discounts, and fees.
- Order tracking software: This innovative solution helps you monitor orders and facilitate communication between your customers, suppliers, and other parties involved.
Investing in one or more technologies can be your best option for managing your B2B business more efficiently. With these tools, you wouldn’t have to handle all the labor-intensive tasks manually. By embracing automation, you can streamline repetitive and time-consuming tasks and save time, money, and energy—allowing you to focus on other revenue-generating activities.
3. Focus On Excellent Customer Service
In the business world, customer experience is important in building solid relationships and fostering loyalty. Clients will likely stay with you if they receive fast and competent service. After all, they’re entrusting their businesses and livelihoods with you.
However, delivering superior customer service is more than just providing what is expected. It also involves anticipating the customer’s needs. That said, here are the best practices for excellent customer support:
- Respond quickly to customer inquiries.
- Make sure that you provide clear and accurate information.
- Resolve issues promptly and efficiently.
- Keep your clients informed about the progress of their orders
- Offer personalized solutions to customer pain points.
Proactively communicating with your clients can go a long way to creating positive experiences. As a result, it can lead to better customer retention rates and helps establish and strengthen your brand reputation.
4. Attend Local Events
Traditional marketing still has a place in the B2B industry. For example, attending or participating in local events can be an excellent way to meet potential customers and partners. It’s a great opportunity to network, build relationships, increase brand awareness, and get fresh perspectives. Moreover, you can leverage such events to showcase your expertise and demonstrate how your products or services can help other businesses succeed.
To give you more insights, here are some business events you can consider participating in:
- Trade shows
- Industry-specific conferences
- Business forums
- Networking events
- Professional association meetings
However, it’s also worth noting that you don’t have to attend every event. You can choose the ones that are most relevant to your industry.
Conclusion
Growing your B2B market share requires a comprehensive strategy incorporating multifaceted approaches. With the proven tactics outlined in this article, you can differentiate your brand, generate new leads, and ultimately increase your sales and revenue. Furthermore, staying up-to-date with the latest marketing trends can help you position your company as a leader in your industry.
