Breaking The Chain Of B2B Stagnant Growth Through Innovation
Tyler Murdock
Director @ Aligned Profit | M&A Deal Sourcing for Brokers and Private Equity
One of the biggest mistakes a business can make is the failure to innovate.
In history, there are a lot of companies that failed to innovate: Kodak was focused on photography but failed to advance their technology, Nokia was late to compete with Android and ended up in bankruptcy, and Yahoo didn’t improve user experience or develop a model to monetize "content" like Google did. As a result, the company was acquired by Verizon.
Lack of Innovation Can Caused Stagnant Growth
There is a saying that goes like this: "Don’t rest on your laurels," which means not to become complacent or satisfied with past achievements or successes. It implies the need to continue striving for improvement and success rather than becoming stagnant or overconfident.
The term "laurels" used figuratively in the idiom refers to the wreaths made from laurel leaves worn by ancient Greeks and Romans as a symbol of success and achievement.
Nowadays, businesses also wear modern "laurels" to gain pride among their clients. These are successful marketing strategies or channels that serve as their portfolio to gain trust and credibility, making their businesses successful. But what worked for one might not work for another, and what worked in 2011 might not work for 2024.
This is where innovation kicks in.
B2B founders are so stressed out by stagnant growth that they look for every possible way to find the problem's source, only to realize that it’s not about them, the team, or their offers. Instead, it's the failure to take their business to ride on the trend and adapt to the latest innovations.
The Modern “Laurels” You Can Incorporate To Your B2B Business
Businesses may have proven systems or channels that they have stuck with over the years, but embracing new approaches can propel your business forward.
While you can still maintain your existing systems or channels, embracing new approaches can make a significant difference in your business and keep you ahead of the curve. Here are some modern "laurels" you can incorporate into your business:
According to Woodpecker, AI helps B2B speed up the process of creating cold emails because it provides templates ready to alter or expand instead of traditional writing from scratch. It also helps in creating impactful subject lines, proofreading for errors, and providing valuable metrics to gauge email performance.
2. Multichannel Marketing
Multichannel marketing as defined by SAS “as practice of interacting with customers using a combination of indirect and direct communication channels – websites, retail stores, mail order catalogs, direct mail, email, mobile, etc. – and enabling customers to take action in response – preferably to buy your product or service – using the channel of their choice.”
In essence, it's about providing options.?
Whether a customer prefers shopping online, visiting a physical store, or receiving promotions via email, multichannel marketing ensures that they can engage with the brand in the way that suits them best. This approach acknowledges the diverse preferences of customers and aims to enhance their overall experience by offering flexibility and convenience in how they connect and transact with the business.
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3. LinkedIn Outreach?
There is no better way to find prospects than to be where they actually are. LinkedIn is home to over 1 billion users worldwide, making it the largest professional networking platform in the world.
JB Jezequel has provided four ways to reach out to your potential clients using LinkedIn:
3.1 Send LinkedIn Connection Requests
You can send LinkedIn messages to those you're not connected with yet by sending a connection request first. Sending requests with or without a note is an option, but requests without a note often have a higher acceptance rate.
3.2 Direct Messages
You can message your 1st-degree connections directly on LinkedIn, the classic outreach method. Simply send a connection request without a note, then follow up with a direct message.
3.3 InMail
LinkedIn InMail messages enable you to send direct messages to individuals you're not connected with, which is handy if your connection requests go unanswered. With InMails, you have another opportunity to reach their inbox and prompt a response. This feature is part of LinkedIn Sales Navigator, providing 50 InMail credits monthly for effective communication.
3.4 Message Requests
JB explained that message requests are unique LinkedIn messages that can be sent to individuals who:
These messages appear in the "Other" tab of the LinkedIn inbox. It's an excellent method to reach your prospects' inbox without initially sending a connection request.
4. Cold Calling Reimagined
Research shared by Klenty indicates that 57% of C-suite executives and VP decision makers, along with 51% of directors and 47% of managers, prefer being contacted via phone. This finding underscores the significance of cold calling for B2B organizations seeking to drive outreach efforts. Klenty further explains that this preference might stem from the fact that many C-level executives are currently over 50 years old and likely conducted a significant portion of their business over the phone throughout their careers. As a result, cold calling still remains a viable and effective strategy, particularly when targeting this demographic.
Cold calling is no longer a shot in the dark. Instead, it's driven by data and insights that enable sales professionals to make informed decisions and personalize their approach. It is less about transactional interactions and more about building long-term relationships.?
Conclusion
In the modern business environment, stagnant growth often stems from a reluctance to explore new strategies and technologies. While established systems and channels may have served a business well in the past, embracing innovation is essential for staying competitive and driving continued success.??
The new "laurels" of business success lie in the willingness to adapt, experiment, and embrace change.?
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