Four Goals To Add To Your B2B Business Plan
Most business experts will agree that you should review goals as often as once a year, but that it’s also essential to have long-term goals that don’t alter – according to a recent post on Indeed. Setting goals gives you direction, purpose, and a drive to move forward – and as the processes for running a business are evolving so rapidly, it pays to evaluate your goals frequently to identify new needs, trends, and ways of evolving.
Below, we’ll look at four that experts think you should put at the top of your goal list.
More Rewards Equals More Money
The focus in 2022 for any established business should be to foster a long-term working relationship with clients. There’s plenty of data to divulge that explores the benefits of a robust b2b incentive program like the one you can find at www.incentivesmart.com. A 2020 study by McKinsey found that loyal customers are 60% more likely to spend more on a brand after subscribing. However, other statistics state that for a 5% retention rate, profits will increase by up to 90%. Whether 60% or 90% – there’s clear room for additional profit from loyal customers.
Plus, a study by Blue Corona found 45% of B2B buyers are looking to partner with brands that offer a personalized content portal, and that’s exactly what a b2b loyalty program can produce.
McKinsey & Company released a study that highlighted the need for a focus on taking a B2B brand digital. Not only have buyers admitted they would be prepared to spend over six figures more online, 41% now say it’s their preferred sales route – according to the study. Taking a B2B brand digital isn’t solely about creating an eCommerce website – it’s about looking for new avenues of communication and ways of facilitating sales that aren’t face-to-face.
For example, 31% think videos are the best way of communicating and making sales, and only 37% believe face-to-face is still the better way of trading. As a business, you could host virtual meetings in the up-and-coming Metaverse and even create virtual tours of your products. Of course, creating an eCommerce website is another must, but there are other factors to consider that facilitate a sale without meeting in person.
Alternative Payment Methods
Alternative payments are the new trend – some will argue it’s a trend inspired by B2C. As consumers, we know we have the luxury of multiple Buy Now Pay Later (BNPL) options and now even digital currencies like cryptocurrency. At the end of October in 2021, Klarna – one of the biggest BNPL credit companies – partnered with German brand Billie to bring BNPL to the B2B business world. What that means is more freedom to spend, more profit for businesses, and a more inclusive market.
There’s also the option of exploring cryptocurrency, which B2C brands like Tesla and Lush have adopted. Cryptocurrency payments for B2B trading are still very much in their infancy, but following the trend and setting it as a 2022 goal will put you ahead of the race.
Your B2B Marketing Review
Each year it’s wise to conduct a marketing review to find new trends and decide whether your current marketing strategy works for you. Currently, a quarter of all B2B brands allocate a mere 5% of their budget to marketing, but this could all change in 2022 as new trends emerge. One of the biggest and the best marketing trends is content marketing – but with a video-style twist.
Gone are the days of blog posts and newsletters being enough to suffice – content marketing has reached new heights, and B2B buyers demand videos rather than text. According to research, viewers retain 95% of the information in a video compared to 10% reading text. Videos can be information, fun, professional, and a great way of connecting with buyers.
2022 should be a huge year for B2B brands and the entire market that’s currently going through a massive digital shift. The B2B eCommerce market alone is worth $6.64 trillion with a compound annual growth rate of 18.7%. There has never been a better time to review your goals and see how you can expand with the market.