Like anything in life or in business, you have to put in the time and resources if you wish to reap the benefits.
Don’t focus on the short-term outcomes, rather look to long-term outcomes. In that way you’ll be building sincere value with your clients and find ways to genuinely help your clients, which will build the foundation of your Business 2 Business (B2B) relationships. By taking action and putting in the work to scale, the results will start showing.
Fundamental to B2B is access to networks and information systems to create sustainable linkages. 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. Research the Competition Part of the B2B approach is to analyse new opportunities in your clients’ businesses by better understanding their demographics. Ask questions and do your best to understand everything from their distribution channels to their direct competitors. As many B2B opportunities are the basis for the finding new clients abroad, an analysis of foreign markets and other potential industry sector openings is critical.
Research the competition and determine their best practice. By compiling intelligence reports for the client, you are providing more in-depth content and evidence that in turn will provide the client with accurate information upon which to base their decisions.
Leverage Global Platforms
During the Covid-19 pandemic many businesses moved part of their business online. Travel was limited and shipping and logistics proved to be very expensive. Using digital global platforms is cost effective and pays dividends.
B2B Business Growth Strategy For the B2B sector a growth strategy is a huge area of focus and clients on both ends of the B2B spectrum are seeking to build successful relationships. Having a business growth strategy is key when developing new markets.
The marketing for a growth strategy involves using your already established contact with clients. In order to be effective at achieving upselling and cross selling there are two different areas you need to consider. The one is relationship marketing. If your existing customers aren’t happy, they won’t buy more from you. Marketing, along with other factors such as product quality and customer service have a key role to play in delighting your customers.
Each interaction matters, from a face-to-face meeting, to an email, to a response, to a tweet. Successful businesses are taking advantage of marketing automation technologies to improve customer satisfaction. In order to create successful processes, you need to be able to create highly personalised communication, and highly useful content.
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.
Case Study Success
Managing inward buying missions delivers both exports and imports between regions and countries. By matching the participants of inward buying missions as accurately as possible with distributors, stockists or resellers in the visiting country, the manufacturer of the products or services has a quick grasp of whether the business may be successful.
Understanding the local business environment and knowing who to speak to within the company is crucial to providing the best B2B fit for the client.
The case study of an eyewear manufacturer is a case in point. Monique Labat Consulting was engaged to find new eyewear markets for a manufacturer. Online meetings provided a cost-effective way of determining whether there was potential to do business. The success of this B2B linkage was the first order for eyewear which will now be distributed through the clients’ nationwide group of 48 stores.