Despite the slow pace of the economic recovery in recent years, b-to-b companies are now bullish about their prospects for growth. According to SiriusDecisions data presented at Summit 2014 in Orlando today, 28 percent of b-to-b companies with annual revenue of less than $500 million and 30 percent of companies with revenue of more than $500 million expect to grow by more than 20 percent in the next 12 months.
These and other findings from the SiriusDecisions Confidence Index
, the first survey of its kind to study b-to-b companies' growth strategies and expectations, were presented this afternoon by John Neeson, managing director and co-founder of SiriusDecisions, and Jim Ninivaggi, service director of Sales Enablement Strategies for Sirius. The study gathered data from 300 companies' sales, product and marketing executives in the United States, EMEA and APAC, across 25 industries.
Of course, optimism is one thing; execution is another. In order to grow, you need to know what works. The new SiriusDecisions Intelligent Growth Model, introduced by John and Jim during their presentation, analyzes five pillars of growth that b-to-b companies can choose from or combine.
. In descending order of prevalence (as indicated by the Confidence Index data), they are:
- Expanding into new markets
- Introducing new offerings
- Selling to new buyers
- Increasing productivity
For each of these growth pillars, John and Jim offered suggestions for marketing, sales and product to facilitate growth.
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2000 B2B Sales & Marketing Professionals are attending the SD Summit and during the presentation of the five pillars of growth they were asked to vote. The question was "What will your organization's primary growth pillar be in 2014?". According to SiriusDecisions'definitions of these pillars one conclusion is that almost 60% of growth will come from existing customers (what we call cross-selling)
Read more about how to facilitate B2B Cross-Selling
with online marketing tools like Vendemore and other proven recommendations.