Growing your company’s revenue requires either selling more to current clients or finding new customers. For many B2B brands, figuring out the best mix of marketing and customer service tactics to keep them coming back for more requires thinking outside the box.
Offering steep discounts may bring in new revenue, but you’ll attract a user base that expects ongoing price reductions. Fortunately, you can find solutions that don’t require discounting your product and can still increase sales numbers.
Alternative Strategies to Boost Sales
Statista estimates that B2B marketing in the U.S. is worth $2.3 trillion, with an estimated increase to $3.1 trillion by 2027. The market is ripe for growth. Your marketing team and leadership simply must find the best methods that work with your target audience. Here are some things to try in your pursuit of improving revenue.
Increase Perceived Value
Other businesses have a budget in mind when they seek a product or service. Even if purchasing makes their company run more smoothly, they still have a number in mind to spend. There is a range you can play with – you can price something a bit higher to make it seem more luxurious but be careful not to lose clients who are on a budget.
Improving your brand reputation is one way to increase perceived value. Adding trust factors such as white papers showing how you helped another business, testimonials from happy clients and positive reviews can go a long way to making your products seem superior.
Bundle Products
It might be cheaper for you to serve up a premium version of your software or other product, allowing you to add numerous features for a slight upcharge. You’ll make more money as clients upgrade to a more expensive version of the product without spending more money to deliver that item.
Improve Customer Support
When customers know they will get excellent customer support, they may be more likely to spend a few extra dollars to ensure they can get help when they need it. In the software as a service (SaaS) sector, fast and excellent response times can get a business client up and running fast when the software crashes or they experience a hacking attempt.
Studies show that customers’ lifetime value (LTV) goes up when they feel your customer service is stellar. Around 16% of people are willing to pay a bit more for a better customer experience (CX). To improve your service, talk to your customers about any issues they’re having. Fix bottlenecks and delays. If you notice a lot of complaints about a policy, revisit whether it works well for your company and your clients.
Focus on Product Quality
Higher-quality products are often seen as luxurious. If something lasts longer, people may be willing to spend more money so they don’t have to replace it as quickly. One example is business equipment. If a company buys a printer and it breaks down every two days, requiring costly and slow repairs, the business owner isn’t likely to want to spend as much on the same product again.
However, if the manufacturer improves the printer and it no longer or rarely breaks down, the business owner might replace their equipment with another model and even pay more to avoid the inconvenience of being without one.
If complaints roll in about a problem area, work with engineers or programmers to fix it so the quality and performance of any physical product improves. For SaaS, software developers can fix bugs.
Create an Exclusive Experience
People may not pay more for your products because they need to better understand how they function. Depending on what you offer, you could tap into the growing virtual reality (VR) market to help promote your brand and make more sales.
With VR technology more accessible and affordable than ever before, many customers may already have the equipment to try out a world you create to showcase what your product can do for their company.
Imagine a special invite to a virtual world where business owners can try new software before it hits the market. Walk them through the experience just like they’d have when using the item. At a minimum, create an interesting presentation that they remember.
Embrace Non-Discount, Limited-Time Offers
People love to feel they are getting a bonus or great value for their money. You can create some offers that don’t involve discounts but are still attractive to new and existing clients. For example, you could offer a free give when they upgrade or make a first-time purchase. Tap into emotional triggers, such as the fear of missing out on a limited quantity or time offer.
Stick to your word. If you end the sale on Sunday at midnight, that’s it. Anyone who didn’t make it in the window will have to wait for a different offer later. Such a policy might seem harsh but the goal is to get people to act immediately because they know they will miss out if they don’t.
Build Strong Brand Loyalty and Customer Relationships
Building strong brand loyalty goes a long way toward positive customer relationship management (CRM) that retains current clients while spreading the word to new leads. By personalizing your communications, tapping into the power of customer feedback, and meeting client needs more effectively, you’ll sell more and attract new customers.
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