Business-to-business (B2B) transactions often involve large amounts of money, and companies are always looking for ways to increase their average deal size. Here are some strategies that can help you achieve this goal:
By offering value-added services, such as product customization, training, and after-sales customer support, you can increase the perceived value of your offerings, which can lead to larger deals. Beyond adding value through services, incorporating commercial credit risk management into your business strategy can elevate your deal sizes. Use this opportunity to position your company as a proactive risk management partner. Showcase how your business utilizes credit analysis tools and market risk intelligence to secure transactions. By offering insights into portfolio diversification strategies and demonstrating your commitment to minimizing credit risk, you attract and reassure clients who value financial diligence.
Building strong relationships with your customers' can help increase your average deal size over time. By listening to and understanding your customers' true needs and preferences, you can tailor your offerings to meet their specific requirements. Remember to do it consistently! Over the time, you can maintain a strong customer relationship.
Creating packages that bundle your products or services can make it easier for customers' to make larger purchases. This can be particularly effective when the components of the package complement each other, as it encourages customers' to purchase more. In addition to creating attractive packages, it's beneficial to consider various trade finance solutions that complement your offerings. By offering these comprehensive trade finance options, you not only cater to a broader range of customer needs but also build trust.
Offering volume discounts can incentivize customers' to make larger purchases. This can be especially effective when the discount increases with the size of the order, as it provides a strong incentive for customers' to buy more.
Cross-selling and up-selling can also help increase your average deal size. By offering complementary products or services to customers', you can encourage them to make larger purchases.
Offering more payment options, such as providing credit terms or offering instalment plans, can make it easier for customers' to make larger purchases. To mitigate the risk associated with delayed payment option, you can usetrade credit insurance (TCI) to protect your cash flow and reduce the risk of bad debts. Check out our online price calculator tool to figure out how much your trade credit insurance premium would approximately cost in under a minute.
Implementing Bad Debt Protection for Secure Transactions
While offering flexible payment options is crucial for increasing deal sizes, it's equally important to protect your business from the risk of unpaid invoices and bad debts. Visualize bad debt protection as a shield or safety net, safeguarding your financial health against the fallout of uncollected payments. Integrating trade credit insurance into your payment strategies acts as this shield, ensuring that your business remains secure even when extending credit to customers. This approach not only increases the confidence of both parties in completing larger transactions but also reinforces your business’s reputation as a reliable and secure partner, encouraging even more substantial deals in the future.
In conclusion, by following the above strategies, you can increase your average B2B deal size. By focusing on building strong relationships with customers', offering value-added services, and offering different payment options with trade credit insurance as a credit management tool, you can position your company with a competitive edge for long-term success in the B2B marketplace.
Klarins Wong
Feel free to contact Ms. Klarins Wong of Allianz Trade in Hong Kong, if you have any questions regarding the benefits of trade credit insurance. We are here to help you reduce the risk of offering payment terms, improve your cash flow, and grow your business with confidence amid the rapidly changing global economy.
Reach out to us to learn more about Trade Credit Insurance
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