7 B2B Growth Trends You Should Know in 2024
Introduction: growth trends in 2024
Growth is an essential factor determining a company’s overall success. If you don’t know the process of maintaining and transforming a steady business into a wider one, it’ll soon be a normal name in history.
To stay at the top of the industry and stand out against competitors, your business needs to be competitive and toe to toe with the latest trends.
If you’re not making a plan to achieve growth, you’re losing out precious customers to competitors’ products and services. In the year 2023, amidst the pandemic, several companies are building lifeboats and marching ahead for a single opportunity.
If your company is going through a motionless phase of growth, these 7 B2B growth trends will be key to business growth in 2024.
Alignment of sales and marketing
Sales and marketing need to be aligned. If they’re working in silos, your business growth is in trouble. According to Aberdeen Group, aligning sales and marketing helps gain 32% higher revenue, preserve 36% of customers, and accomplish 38% higher win rates.
This practice avoids siloed divisions and amalgamating these teams helps solve problems and collect high-quality leads.
Marketing representatives communicate, find leads worth nurturing, and pass them onto the sales team. On the other hand, they spend crucial time connecting with high-quality leads and turning them into trustworthy customers.
Data-driven decision making
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Your decision should be data-oriented and effective towards progressing your business. If your business is running slow due to a lack of effective decisions, you must walk through the entire process and point out all factors turning your business slow.
Customer experience
Customer Experience (CX) plays a vital role in B2B growth, but have you ever asked customers about what they think of your brand?
You must take feedback from customers to see how much they love and value your services.
Also, Read How to Speed Up Response Time?
In the earlier days, B2B was all about massive budgets and various marketing campaigns aimed to entice major customers. However, this process is entirely transformed. Today, B2B focuses on customer needs and recreates a positive CX in every interaction.
Here are three things you should adapt to make customers love your brand.
- Interact and spend more time helping customers
- Resolve all complaints in a much lesser time
- Offer free event invitations, sessions, workshops, and more to keep customers happy
Real-time customer service
Real-time customers are those who maintain your brand loyalty towards your brand and business. Imagine a scenario where you are looking to sign up new customers, but there is something that you are not sure about or unclear about.
However, you still ask the customer service and sales team the question, but they’re taking a long time to see your issue. In that case, you will eventually lose out on your potential customers.
If your business is running slow, you lack real-time customer service. It is because your customers are looking to get their answer within the first hour.
Also, Read Improving Productivity with Artificial Intelligence
So if you want to make this process easier and manageable, you can take help from Artificial Intelligence (AI) or Machine Learning technology to simplify your process.
Personalization
There is no wrong in addressing clients by first names and providing generic offerings. In this fast-paced digital world, clients expect a personalized touch from businesses to know who they are and what they want to buy.
Nowadays, personalization has become a robust and powerful tool that helps businesses find new customers and retain existing customers.
Personalization is the exact thing your buyers want! You can collect physiographic and demographic data from various sources and draw insights to pitch the correct prospect at the right time.
It’s said that 69% of all the buyers are ready to pay a respectable amount in terms of personalization which seems one of the biggest growth trends of B2B in 2024.
Here are three major practices to grab a personalized experience for buyers:
- Keep a record of all customers and map their entire buying journey
- Bring out exclusive deals and pitch to all clients
- Analyze customer likes and dislikes and automate product recommendation carefully
Assurance of data security
Data security has become an essential part and a top concern for all customers. Several businesses carry a massive amount of client data and the fear of losing it can cause the entire business to suffer.
However, a data security breach is not unheard of. You must develop several mechanisms to convince customers that their details are safe with you.
You can show three things to your customers and tell them that their information is safe with your organization.
- Invest in a safe and secure Customer Relationship Management (CRM) system
- Get an HTTPS certificate on your website that protects your website from malware
- Send newsletters to customers ensuring you’re complying with all norms of GDPR
Digital transformation
The internet has changed the world as new technologies enter our daily lives.
These technologies help improve business processes and efficiency. You can transform your physical business into a digital business in few simple ways:
- Email marketing to send personalized emails attaching your exclusive offers
- CRM software to track leads and follow them up with emails
- AI for a hassle-free forecast of business revenue and historical performance
Final thoughts
In the end, we all know B2B is a competitive market, but you can start implementing these trends because in today’s time, taking small steps will lead to bigger changes.
So, what are you waiting for? Implement these trends and scale your business!
