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Holiday Promotions Also Benefit B2B (Here’s How to Do It Right)
Throughout the year, U.S. consumers look forward to several key shopping days, during which they can expect deep discounts on everything from electronics and household items to clothing, jewelry, and even automobiles. In turn, savvy business owners understand the value of adding holiday sales events to their annual selling strategy.
Typically, these popular shopping days—which include Presidents Day, Memorial Day, Independence Day, Labor Day, Black Friday and Cyber Monday—are considered B2C-focused events, but lately that mentality is beginning to shift.
Just like their B2C counterparts, B2B consumers want access to the best deals throughout the year, along with the ease and convenience of shopping online. That means B2B merchants have a unique opportunity to run a successful holiday promotion geared specifically toward their business buyers. The trick is getting it right.
Is Your B2B Business a Good Fit for Holiday Promo Events?
The COVID-19 pandemic spawned a massive boost in online shopping that is still going strong. Last year, eCommerce sales during Cyber Week alone (the five-day period including Black Friday and Cyber Monday) shattered existing records, with $10.8 billion spent by the close of business on Cyber Monday. We’re likely to see similar numbers from the 2021 winter holiday season.
With a little planning, B2B merchants can also reap the benefits of holiday sales events as they plan their selling strategy for 2022. Just like B2C, offering special holiday deals and discounts throughout the year (similar to those geared toward consumer buyers) can help you increase revenue and strengthen relationships with your business buyers. The first step is making sure your product or service is a good fit.
B2B buyers that will be motivated by major sale days are likely buying goods that have ongoing value, as opposed to items that are more problem specific or time sensitive. Think computers, office equipment and software, and lower-cost consumables and supplies (of which B2B merchants typically have an ample inventory). Expect B2B shoppers to make smaller, simpler purchases that require fewer people to approve and are therefore more prone to impulse buying—a recipe that works well with holiday-driven promotions.
What B2B Merchants Can Do to Be Successful
Planning holiday-focused promotion events may not be part of your B2B sales strategy for the New Year. However, it is worth considering the benefits to your business that this type of event can offer. A boost in revenue, stronger customer relationships, market expansion, and a chance to get a leg up on your competitors are just a few.
When designing your holiday promo calendar for 2022, make sure you offer something different than your regular sales. Customers will be looking for exclusive deals they can only get during those special days, so think about how you can differentiate these sales from others you may run during the year. Bundling products together is a great way to offer something new and exciting, and creating promotion-specific landing pages can help you measure the success of your efforts with tangible metrics.
As you think about ways to market and promote your holiday sales events, use business channels such as LinkedIn to get the word out to your B2B customers. Create a sense of urgency with limited-time offers, but also remember that your business buyers may be stretched thin, especially during the winter holiday season. Extending the sales period will give them a little extra time to get approval and complete their purchases.
Give Holiday Sales Events a Boost with POS Financing
One final word as you round out your holiday promo strategy for the coming year: Consider implementing a point-of-sale financing solution if you haven’t already.
Buy Now, Pay Later (BNPL) platforms allow buyers to split the cost of larger purchases into smaller payments but still receive their items immediately. The payment model has undergone significant growth in the B2C space over the past two years and is quickly gaining momentum among business buyers—who also want access to affordable credit and financing options.
With B2B, however, certain caveats apply. Instead of relying on consumer-facing BNPL solutions such as Affirm and Klarna, merchants should look for platforms developed exclusively for the needs of the B2B eCommerce industry.
Because B2B purchases are generally larger, approving them in real time is decidedly more complex. Look for a POS financing platform that is built specifically for the greater transaction and risk levels associated with B2B and takes into account the multi-channel sales and marketing process. The best platforms for B2B users will be those that specialize in in-purchase financing and allow for decisions to be made on demand at the point of sale without interrupting commerce flow.
B2B Buying Trends Imitate B2C, and Holiday Promos Are No Exception
Business buyers, like consumer buyers, want to get the best prices on the products they need, which means they’ll be keeping an eye out for holiday sales that offer something just for them. With experts predicting that 2022 will be the first trillion-dollar year for eCommerce—one in which POS financing solutions will no doubt play a starring role—smart merchants will be those that tailor their online holiday promotions to cater to their B2B consumers.
Behalf offers an alternative POS financing solution for B2B that allows your business customers to apply for financing at checkout, from NET 30 or Extended Financing for 30 to 180 days. Proprietary underwriting and scoring models allow Behalf and its partner bank to assess financial risk and offer appropriate financing options to buyers across the business spectrum. With Behalf, merchants can outsource their net terms and extended financing programs and receive payment as early as the next business day. Learn more at www.behalf.com.
*Subject to underwriting approval. Terms and Conditions subject to change without notice. See Simple Financing Examples. Each Financing Offer is made post enrollment with Behalf with each approved application for financing or transaction request. Enrollment into the Behalf Customer Portal (internet online account registration) is subject to Behalf eligibility checks of the business entity customer and responsible party connected to the business. Businesses are assigned a Purchasing Limit, and preliminary information is presented on potential options regarding business financing, including information on potential financing period, and the anticipated estimated monthly financing cost at the time of enrollment with Behalf. The Purchasing Limit is not a line of credit but rather the total dollar amount of financing applications accepted at transaction. The financing details of the Financing Offer are confirmed when the enrolled Behalf customer applies for financing through a transaction request. Extended Financing options include an estimated 30-180 days of commercial purpose financing. Monthly cost may vary based upon financing product and amount financed. Behalf’s NET option is an alternative financing method offered through Select Merchants and allows the Business Customer to pay no financing fees if the Order Request is satisfied in full and in accordance with terms and conditions within 30 days. Estimated Monthly Debit(s) as listed in the portal under the Transaction Summary will set forth the estimated timing (the “Debit Schedule”) and amount (the “Debit Amount”) of the expected debits of the Total Outstandings and the amount of the Order Payment.