If you own or work in a B2B business, you may hear the word ‘Seasonality’ and believe it doesn’t apply to you. This could not be further from the truth. While increased sales during the Christmas season is a form of seasonality for B2C, a B2B business is also run by humans who are affected by seasonality, which in turn means your business is too.
That being said, however, Seasonality, or the predictable and reoccurring ups and downs in business, do not always have anything to do with change in actual seasons, as the name suggests.
Here is the low down on how to take control of seasonality within your B2B business:
- Assess your sales data: Gather all sales data from the last 3-5 years, if you can. If you do not have data dating that far back, grab data from as far back as your data allows for. Once you have everything in front of you, take a good look at your high sales months, and your low sales months. You should begin to see some patterns emerge. Knowing ahead of time which months usually perform better than others will help you assess what the reasons may be for these highs and lows; then you can come up with a strategic plan to be prepared going forward.
- Quantify your seasonal trends: If your business is growing, don’t let that data confuse you. While sales may look better this November compared to last December, it does not mean that November is now the month to pour all your budget into. Perhaps your business has simply grown over the last year. That is why it is so important to assess data over a longer period of time.
- Know when to take initiative: Having a good understanding of how seasonality affects your business by doing your data assessments will allow you to make seasonal trends of your own. If you know ahead of time when your predictable slow months are, you can strategically work extra hard to get hot leads to help your business make it through these slower months, or come up with innovative ways to increase sales that you may never have thought of.