As this unusual year draws to a close, many organizations are looking for ways to boost profits by maximizing their year-end sales. 2020 has been a tumultuous year for everyone, but for many B2B companies, it has also been a wake-up call, inspiring them to embrace new sales and marketing strategies in order to adapt.
Though the year is almost over, there are still opportunities you can take advantage of to boost B2B sales and finish it strong.
Up-sell & cross-sell
One of the best tactics for boosting year-end sales is to up-sell and cross-sell to your prospects. The idea is to show your business customers how much more they can benefit with just a little more investment on their part.
Up-selling means offering clients a superior product or service to the one they have already acquired. If you operate a digital marketing business, for example, you may want to offer customers who use your advertising services additional packages such as social media planning or website development that may complement their existing plan.
Cross-selling is when you can offer something different but related to your typical line of products or services. For example, accountants could consider offering business advisory services to help their customers reduce expenses.
Cross-selling and up-selling tactics are potent ways to boost your bottom line and increase year-end B2B sales.
Advertise your case studies
Most B2B firms have a long list of happy customers that would be more than willing to share their feedback with others. Having a few case studies up your sleeve can do wonders for your year-end sales.
According to a 2016 survey, 73% of buyers use case studies in their B2B purchasing decisions. Business customers want to know that your product or service works, and they expect proof.
Formulating a good case study doesn’t require you to write a novel either. Compelling case studies get straight to the point outlining just how your business benefited an existing customer.
Use percentages and numbers whenever possible to highlight your business’s core competencies. Highlight, for example, the customer who was able to reduce expenses by 10%, thanks to your financial services company.
Once you have a short case study, put it out on LinkedIn, use it for a digital ad, or send it in an email to potential prospects.
Scope out the competition
While we often hear about B2C companies utilizing social media to increase sales, B2B firms can also use social platforms to get ahead. How? By using it as a tool to find out more about their competitors.
LinkedIn is an excellent place for business owners to see what their peers are doing to finish out the year on a high note. The more information you can gather, the better. Figure out what your competitors are offering to their customers, for example, slashing prices or bundling products and services, and try to match it if you can, or let it otherwise guide your year-end strategy.
A surefire way to send your business customers and prospects running for the hills is pressuring them into making a purchase. Avoid the tendency to be sales-oriented and instead shift your communication towards consulting and offering solid business advice.
Let current or potential business customers know what types of products or services are in high demand in their industry, provide them with resources that may help them get ahead, and showcase your product or service as the solution to their problems. Being helpful, as opposed to pushy, will help your year-end sales soar.
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.