Scaling is a fundamental process in creating a sustainable, long-lasting business. For business-to-consumer (B2C) companies, this typically means exploring new markets and expanding their geographic reach. For business-to-business (B2B) companies, however, scaling may require a slightly different approach. So, what's the best way to scale your B2B company?
If your company sells B2B products, such as construction equipment or industrial machines, perhaps you can offer service or maintenance plans for those items. Granted, most heavy machinery and equipment is backed by a manufacturer's warranty. However, there's no reason why you can't offer a service/maintenance plan as well. B2B customers are more likely to buy such plans than typical consumers, simply because they rely on the respective machine or equipment for their own business practices.
Another common and effective way to scale a B2B company is to upsell products or services. Upselling involves offering more expensive upgrades or add-on items to increase the total purchase amount by the customer. Not to be confused with cross-selling, upselling is a widely used tactic in B2B sales. If a customer wants to buy an excavator, for instance, he or she may be interested in the "premium" model, which is where upselling comes into play. Assuming you pitch the benefits of the premium excavator, you may convince the customer to choose it over the cheaper model.
Just because a customer has already purchased a product or service doesn't necessarily mean that you can't sell them to again. On the contrary, statistics show that's cheaper and easier to sell to an existing customer than a new customer. So, if you want to scale your B2B company, consider targeting existing customers with offers.
If you haven't done so already, consider investing in Customer Relationship Management (CRM) software. Using the right CRM software, you can nurture prospects through the sales cycle while automating certain tasks like email follow-ups, reminders, invoices and more.
Are there certain processes that are slowing down your company's sales? Shipping logistics, for instance, is a common hurdle faced by B2B companies and product suppliers. If it takes weeks for the product to reach a customer, he or she may think twice before coming back. To prevent problems such as this from happening, you need to identify and eliminate bottlenecks in your company's sales.