Implementing a strategy of Business to Business (B2B) linkages has proven to be the solution for many companies seeking to secure new markets, new suppliers or new clients.
Fundamental to B2B is access to networks and information systems to create these sustainable linkages. What forms the basis of successful B2B opportunities is accurate and verified information. Companies undertaking B2B look for integration into new markets and then have the ability to reach new customers.
How does one go about securing leads to grow one’s business? A clever sales technique is to host an educational webinar about your services or products and participate in a buying or selling mission to target hundreds of contacts. This participation can develop into hundreds of valuable business relationships.
Customer Relationship Management (CRM)
Capturing the content and recording the responses in the form of a customer relationship marketing database across the company means that at all levels of sales, marketing and management, the content is readily shared within the company. This database proves to be a great time saver.
When creating researched databases be mindful to comply with The Protection of Personal Information Act 4 Of 2013 (“POPIA”). What B2B needs to deliver is access to local supplier and distributor networks. This entails contact verification, data mining and company profiling. To undertake B2B successfully ensure you find the key contact person and start building the B2B relationship. This involves researching and verifying the contact details of the leads and then you can conduct the initial qualification.
International B2B Networks
A company seeking to find distributors, stockists, or resellers in a new market, may find difficulty in tapping into these foreign networks. Language barriers, cultural differences, managing global teams, currency exchange and inflation rates and the nuances of foreign politics, policy and relations all impact the cost of securing new markets.
It makes sense when identifying partners to supply goods and services, to collaborate with skilled and experienced B2B firms who have the necessary experience in those countries.
For local businesses, connecting with one business can open up the way to future opportunities and help the local market integrate into a global supply chain. Business matchmaking can help facilitate and speed up this process.
Business matchmaking services help connect national and international buyers looking for goods and services with verified local businesses. Business matchmaking is an active approach of establishing contracts between international buyers and local suppliers. Both parties are able to identify the needs of the buyer and the capacities of the supplier.
B2B interventions include site visits, vendor promotion events, product sample collecting and networking events between buyers and suppliers. Inward buying missions arranged for importers or manufacturers have specific objectives. This begins the business conversation in a targeted manner resulting in exports of locally manufactured goods and services.
Virtual B2B Matchmaking
During Covid-19 many of these exhibitions and trade fairs have been undertaken online. Extensive growth in e-commerce and online B2B matchmaking has demonstrated that connecting buyers to suppliers virtually is successful.
Promoting B2B market linkages is an excellent strategy to make long-term investments develop into new business. B2B requires ongoing communication and will have long-lasting effects, which will promote your business growth. As B2B successes are made known, it will be easier to include more local manufacturers and buyers in the process.
Case Study Success
Monique Labat Consulting successfully manages inward buying missions. French companies from Reunion Island were asked to outline their objectives which had to be met for the inward buying mission’s success. The B2B matchmaking was facilitated. Manufacturers of fast-moving consumer goods (FMCG) were invited to meet with the French companies. A B2B deal was signed and FMCG products manufactured in Durban are regularly exported to Reunion Island.
Global business comes with unique challenges but creates opportunity for excellent company growth. To prepare for challenges, follow foreign politics, use experienced B2B firms to prepare for today’s nuanced and interconnected business world.