3 Ways B2B Service-Based Businesses Can Continue to Grow in a Challenging Economy
The current economic climate is causing many businesses to feel uneasy. There is still a great deal of uncertainty surrounding when life and business will settle into something more predictable. As businesses continue to struggle, many are cutting costs wherever possible. This has knock-on effects for businesses that are business-to-business (B2B), especially those that provide services. Navigating this may feel difficult but there are many things that a service-based B2B business can do to maintain – and even grow – revenue during this challenging time.
When done correctly, one of the best ways to recoup lost sales is to add on additional services. However, it is important you find ways to do this that can be launched quickly, inexpensively, and won’t take away too much time from your core business. White labeling can be a practical way to do this.
If you’re unfamiliar with white labeling, it is when one company provides its product or service and another company rebrands it to sell it as their own. Explained another way, your business can offer an additional service that you are essentially outsourcing. If your service is something you can provide to another business under their branding, you can also white-label your core services as a way to increase sales.
In the B2B service space, having strong relationships with complementary companies can be beneficial for all parties. Another way to do this, in addition to white labeling, is referrals. Offering a robust referral program can encourage businesses to consistently send new clients your way. At Joorney, for example, we offer a referral program on an escalating scale to encourage businesses to refer their clients that require our business planning services to us over and over again.
Referrals can also work for your business the other way around. Referring clients to other B2B services has the potential to generate modest revenue. Make sure you are highly selective in what businesses you recommend. Even though the client will work directly with the other company, you are still putting your brand reputation on the line when sending your leads and clients to others.
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In addition to creating a strong partner network with other businesses, your business should still be focused on bringing in your own new leads. While white labeling and referrals can keep you in business, they will also cut into your profit margins, so it is important to balance how you generate new business.
One of the most powerful ways to bring in new clients on your own is through strong social media and online marketing. Now is the time to increase marketing to generate more business and these types of marketing tend to have a higher ROI than traditional methods. They also produce robust analytics that helps you pinpoint and refine your target market when utilized. Further, it gives you a direct line of contact with your existing and potential clients to inform them of any changes to your business.
This is only a sampling of ideas to get you thinking about ways you can increase business without a sizable investment or needing to expand your workforce. If you need to revisit your business plan to be able to adapt to the current times, our business plan writers are ready to assist you! We also offer white labeling opportunities for attorneys looking to outsource immigration business plan writing as well as M&A firms/consultants needing CIMs (Confidential Information Memorandums).