Struggling with low sales, or simply looking to boost your current sales growth? You're not alone. Many B2B businesses face similar challenges and are constantly on the lookout for effective strategies to overcome them. Whether you're an established industry player feeling the heat from new competitors or a startup striving to make a mark, the path to sales growth can seem daunting.
But don't worry, you're in the right place. This article is designed for business owners, sales managers, and marketers like you who are determined to turn things around and drive sustainable growth. We'll break down 5 strategies that can make a real difference in your sales performance.
1. Online Lead/Sales Generation
Build an eCommerce Channel
Building an additional sales channel can be an effective way to reach more buyers. eCommerce stores are a great way to increase your addressable market & reach new buyers & prospects. On top of this, buyers are able to self-serve purchases rather than be dependent on a sales rep to close a sale, bringing significant efficiency gains.
But deciding on whether to build or develop an eCommerce store is a pivotal decision that can significantly impact your business growth. Here are key considerations to help you make an informed choice:
Market Demand - Evaluate the demand for your products or services in the online market. Conduct market research to understand your target audience's online shopping behaviours and preferences. If there's a strong demand, an eCommerce store can help you tap into a broader customer base.
Cost and Resources Assess the financial and human resources required to build and maintain an eCommerce store. Consider the costs of platform subscriptions, web development, ongoing maintenance, and marketing efforts. Ensure you have the necessary budget and expertise to manage these aspects effectively.
Competitive Landscape Analyse your competitors' online presence and performance. If your competitors are thriving with eCommerce stores, it indicates a viable market. Conversely, if they're struggling, it may signal potential challenges you'll need to address.
By carefully weighing these factors, you can make a strategic decision on whether building or developing an eCommerce store aligns with your business objectives and resources.
Traffic Acquisition
If you decide to build an eCommerce site or lead generation website, driving relevant traffic to the site will be vital. Focus on key channels such as search engine optimisation (SEO), content marketing, social media, and paid advertising to attract targeted visitors. These channels typically drive the majority of traffic for most B2B sites.
SEO & Content - Leverage search engine optimisation (SEO) best practices to ensure your website ranks prominently in relevant search results. Create a content marketing strategy that delivers valuable, informative, and engaging content to attract and nurture your leads.
Performance Marketing - Paid advertising on Google, Meta & LinkedIn can drive fast results. Merchants can get granular with their target audience and promote their specific product/service benefits & features.
Social Media - If your audience is active on social media, you should consider building a presence on the relevant social media platforms. Use these channels to share thought-leadership content, showcase customer success stories, and engage in meaningful conversations that build trust and credibility.
2. Leverage Data-Driven Marketing
In the age of big data, harnessing the power of analytics can be a game-changer for your B2B sales efforts. By embracing data-driven marketing strategies, you can make informed decisions, personalise your approach, and optimise your campaigns for maximum impact.
Customer Segmentation
Data can help you build a rich picture of who your ideal customer profiles are. Utilise data to segment your audience based on factors such as industry, company size, job role, and purchasing behaviour. This granular understanding allows you to create highly targeted marketing campaigns that resonate with each customer persona.
Marketing Automation
Utilise marketing automation tools to streamline your campaigns and improve efficiency. Automation allows you to nurture leads through personalised email sequences, track customer interactions, and analyse campaign performance. This not only saves time but also ensures a consistent and targeted approach to your marketing efforts.
Personalisation
Leverage data to personalise your marketing efforts. Tailor your content, offers, and communications to meet the specific needs and preferences of your target audience. Personalization can significantly enhance customer engagement and loyalty, as it demonstrates that you understand and value your customers’ unique requirements.
Predictive Analytics & Sales Forecasting
Implement predictive analytics to forecast sales trends, identify potential roadblocks, and anticipate customer needs. By leveraging these insights, you can proactively adjust your sales strategies and stay ahead of the competition. For instance, predictive models can help you identify which leads are most likely to convert, enabling you to prioritise your efforts and allocate resources more effectively.
3. Enhance Customer Relationship Management (CRM)
A robust Customer Relationship Management (CRM) system is the backbone of any successful B2B sales operation. By streamlining customer data and communication, you can cultivate stronger relationships and deliver a superior customer experience.
CRM Systems
Invest in a comprehensive CRM platform that allows you to manage customer interactions, track sales activities, and gain valuable insights into your pipeline. Ensure your sales team is well-trained on the CRM system to maximise its potential.
Personalised Communication
Leverage the data stored in your CRM to personalise your communications with customers. Tailor your messaging, offers, and solutions to address their unique pain points and requirements, fostering a sense of trust and loyalty.
Customer Feedback
Regularly collect and act on customer feedback to continuously improve your products, services, and sales processes. By demonstrating a genuine commitment to their success, you'll strengthen your relationships and increase the likelihood of repeat business and referrals.
4. Empower Your Sales Team
Your sales team is the lifeblood of your B2B sales efforts, but more than 50% of merchants don’t believe their sales teams have the capabilities to succeed. Invest in your sales team’s professional development, set clear performance goals, and implement incentive programs to empower the team and boost your overall sales performance.
Sales Training
Provide ongoing training to your sales team, equipping them with the latest sales techniques, industry insights, and product knowledge. Empower them with the skills and confidence to navigate complex sales situations and close more deals.
Performance Metrics
Establish clear, measurable performance metrics for your sales team, such as lead conversion rates, average deal size, and customer retention. Regularly review these metrics to identify areas for improvement and recognize top-performing individuals.
Incentive Programs
Implement a robust incentive program that rewards your sales team for their achievements. This can include bonuses, commissions, recognition programs, or even non-monetary rewards like paid time off or professional development opportunities.
5. Offer Flexible Payment Terms with PayLater Solutions
In the competitive B2B landscape, providing flexible payment options can be a powerful differentiator. By offering PayLater solutions, you can cater to the unique cash flow needs of your buyers and unlock new sales opportunities.
What are PayLater Solutions?
PayLater solutions allow your customers to purchase your products or services and pay for them later or across instalments, often with no or low-interest rates. This can be a game-changer for B2B buyers that need to manage their cash flow carefully.
It’s likely you’ll be familiar with using trade credit to offer buyers payment terms. PayLater solutions bring this concept into the modern era - automated credit checking & authentication, frictionless checkout experience, automated payment collection.
Learn more about Kriya’s PayLater solution
Benefits for Buyers
By offering PayLater options, you provide your buyers with improved cash flow management, the ability to make larger purchases, and greater financial flexibility. This can be particularly appealing for small and medium-sized B2B buyers that may have limited access to traditional financing.
Additionally, modern B2B buyers have higher expectations when it comes to making purchases when they want and how they want. Offering PayLater solutions across all sales channels ensures your consistently delivering against their expectations no matter where they want to transact.
Go beyond offering Trade Credit
With Trade Credit, your sales reps are empowered to grant credit terms to their buyers if they feel this can make or break a deal, and this can be an incredibly effective way to close deals. But there are several advantages to PayLater vs Trade Credit.
With Kriya’s PayLater;
- Merchants can receive the funds upfront
- Credit checking & spending limits are automatically set
- One single, frictionless payment flow
- Multiple flexible payment terms offered to the buyer
- Simple payment tracking in our intuitive portal
Consistent Online & Offline Experience
Providing a great payment experience across all of your sales channels should be important to any merchant that transacts across multiple channels. A great experience not only enhances the overall buyer experience, but this leads to improved conversion rates, repeat orders & increased average order value. With PayLater, merchants can benefit from one solution that works across both online & offline channels.
Final Thoughts
Remember, there is no one-size-fits-all solution to driving sales growth. The five strategies – optimising your online presence, leveraging data-driven marketing, enhancing your CRM, developing a strong sales team, and offering flexible payment options – shouldn’t be considered a silver bullet for all merchants and you’ll need to consider your own circumstance before focusing on the best approach.
Avoid leaving money on the table
Give buyers the choice to pay on their own terms and provide a frictionless checkout experience with Kriya Paylater. We handle the transaction from end-to-end, with a frictionless buyer journey.
- One solution for both online and offline transactions
- Instant buyer authentication & spending limits set
- Flexible payment terms
- Kriya pays you in full on delivery of order
- Kriya takes on the risk & handles payment collection
PayLater is driving real growth for our merchants:
- 40% Buyer Adoption
- 2x Likelihood of repeat orders
- 45% Revenue Growth
- 4x Increase in acquisition of new buyers
Talk to our team today to find out more about how we can help you
