6 Growth Trends You Need To Know For 2021 – A New World
We all know this: Growth is very important for a business to survive.
You may know how to deal with clients and close deals. But if you don’t know how to maintain the growth, your business will soon be just a name in history.
Even though according to Gartner’s 2019 CEO and Senior Executive Survey, the top strategy of companies remains growth, one out of three companies struggles with it. This is primarily because of the lack of knowledge and adaptability.
When a company struggles with growth, it gives its competitors a chance to pitch their customers by providing them with more advanced services and products.
Especially in the year 2021, where the whole world is going through a pandemic, companies are looking at just one opportunity to capture your client share.
Is your company also going through a stagnant phase of growth?
Don’t worry, we have outlined 6 Growth Trends required to survive in these tough times.
How is 2021 different?
The world is facing turmoil now as Covid-19 has affected communities across the world. The concluding insinuation of the situation is still not certain, but the B2B businesses have surely hit a new low.
Alongside taking care of their team and customers, Sales leaders are in a fix to how to sell their services in the tiring times of changing customer demands and drooping economy.
2021 has also noticed a myriad of change in customer behavior who are now more inflected towards digital trends than ever before. So, now as the world has entered a digital phase, B2B operations are also going to take a digital leap.
While many B2B companies have reduced their spending, some are still trying to stay at it. Digital interactions have become two to three times more important to their customers. Almost 90% of the sales have been adopted via phone/web sales model and videoconferencing techniques.
Going forward, there is a great deal of uncertainty and the focus is on planning for recovery and revitalizing the situation as per the new normal.
How to ensure our growth in this new world?
We have accumulated 6 Growth Trends or Tactics to ensure growth in the new world of business in 2021 –
1. Digital shift in ALL possible departments
As mentioned, the world is on a digital revolution, especially since the hit of COVID-19.
New technologies are developing daily and businesses all across the globe are greatly adapting to this digital revolution. Looking at the growing pace of digital transformation, you can’t afford to be left out.
The digital world has several technologies for helping your business with efficiency and other operations. B2B companies in huge numbers are using the Cloud-based tools and SaaS powered systems to seamlessly carry out business operations.
To grow your business in 2021, you have to accept internet-based technology with open hands. Here are a few tactics you can use to flourish in the market –
- We are living in times of social distancing. But it is important to maintain a sense of human element amidst your team. Using business apps like Skype, Google Meet, or Webex Teams can help you conduct regular team meetings, manage sick leaves, record overtime data, and even have private communication with your team individually.
- Artificial intelligence can also help you manage your accounting and finance. Predicting revenue, comparing historical performance will be made easier digitally.
- Use CRM software to take care of your leads. Also, send scheduled and follow-up emails to your clients.
- Based on the purchase history stored in your CRM, send personalized emails with exclusive offers to your leads to make the most of email marketing.
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2. Analytical and data-driven decision making
Until now most of the business decisions are made on ideas and instincts. But not anymore.
Brainstorm ideas in team meetings and encourage growth optimized tactics but don’t blindly implement it. In these tough times, another failure can take a major hit on your business.
So instead of making momentarily decisions based on opinions and viewpoints, rely your decisions on solid, trackable data. This data can be best sourced via Customer Feedback.
Go through the data from Customer Feedback forms and analyze it. Know the reason for the cancellations as well as the confirmation of the deal. Use the data and check where your product or service is lacking and what can be improved. Clear away the confusion and work on the concern.
3. Sales and marketing alignment or employing RevOps strategy.
Studies reveal that aligning the Sales and Marketing teams can lead to 32% higher revenue from marketing and companies who have aligned both the teams are 67% more successful in closing deals and can result in a 38% higher sales win rate.
On the flip side, sales and Marketing Teams operating in isolation can cause a setback to your business growth. Thus, a well-crafted RevOps or Revenue Operations strategy is the only way ahead if you want to achieve the unimaginable.
Sales and Marketing teams have a long history of argument on lead quality. But an aligned marketing and sales team can help you generate high quality leads in doubled up numbers.
Quality leads can be generated when the Sales team inform the marketing team about the leads that can benefit them. The marketing team then can ignore the low-quality leads and attract the hot leads with the right pitch.
This will directly affect the Sales. The Sales Team will no longer chase the low-quality leads and focus their time on converting high quality leads into loyal customers.
4. Unparalleled customer service with a personalized experience
Not only B2B companies are largely employing cost-cutting techniques this year, but the customers also have less surplus money at hand.
They are buying only what is necessary.
Not only that, but the customer’s buying habits have also been ghastly changed due to the horrific pandemic. They are buying what seems personal to them.
In such a case, personalization has become very important. Not only does it give you a chance to connect to the customers at a deeper level, but it also makes them feel like an individual rather than just a buyer.
Bonus: 69% of buyers are willing to pay more for a personalized experience.
Companies are advised to reengineer their customer service like never before and give customers ample reasons to stay.
Listed down are a few tactics you can use to give unparalleled customer service to your customers –
- Keep a record of the customer’s purchase history. Send personalized invites with exclusive information and offers to every individual customer.
- Answer customer queries as soon as possible.
- Let the customers decide the kind of communication they want to share with you along with the timing.
- Based on the buyer’s past purchase history, suggest recommendations of products and services based on their interests.
- Make the refund and cancellation policies flexible.
RELATED POST: 7 Ways to Improve Your B2B Customer Experience
5. Online corporate events and community meetings
Valuable data and key performance goals are achieved through business meetings. Covid-19 has forced everyone to stay inside their homes, hosting online community meetings and corporate events have become essential.
Without proper communication, organizations fail to have direction and focus. Online community meetings can become a great tool when the employees for your company reside in different parts of the city.
Hosting Online Community Meetings and Corporate Events can help you create a bridge of communication between you and your other community members. This pandemic if not dealt with well can create distance among your community members which will greatly impact your business which can only be remedied with well-thought online corporate events.
Here are a few reasons why such online events and meetings are important for your business growth –
- Group Projects – If team members are required to collaborate for a particular project, an online meeting can help you brainstorm ideas.
- Let the users know about your Products and Services – An Online Corporate Event can be beneficial for letting your customers and buyers know about your new launches at a deeper level.
- Annual Update – Lay yearly goals and give the team members an annual update on the company’s progress.
6. 360-degree digital security
Digital Security tops the charts of the demand list of a digitally connected buyer.
Whilst the news is full of high-profile data breaches, the first thing you should prioritize is to assure your customers that their details are safe with you.
Here are certain tactics that you can use to provide 360-degree digital security to your customers –
● Personal information that is not needed by the company should be removed instantly.
● Obey the GDPR. Allocate a Data Protection Officer.
● Subside a GDPR-ready CRM system.
Covid-19 has not just restricted all the businesses’ operations, it has also accelerated the competition and made it hard to breathe.
If you want to keep your place safe, you need to employ new growth strategies and this think-piece can be your starting point.
While we all gear up for a new year, remember, you want to stay ahead of your competition to leave a lasting impression in the industry. And, if you are still unable to crack the growth code, don’t be afraid to reach out to expert B2B sales and marketing consulting firms. They will help you craft personalized growth hacks conferring to their years of experience.
Are you also stuck at a stunted growth rate?
and we will help you get out of it.