Business-to-business (B2B) is the sale of products (goods or services) from one company (b2b vendor) to another company.
There are a few examples of b2b sales:
- A company provides construction services and buys construction materials at wholesale prices from another company (b2b vendor).
- Company 1 (b2b vendor) sells tractors to company 2. Company 1 buys the tractors at an exclusively low price from the manufacturer, and company 2 uses the tractors for its business: to remove snow, cultivate the fields, etc.
- Company 1 (b2b vendor) sells spare parts for equipment and orders the production of a video clip to show its potential customers, who are other companies using the equipment.
Success in B2B sales often requires from b2b vendors more detailed monitoring of the market than it first appears. First of all, it's important to understand that the B2B sales cycle is longer than B2C one and you often have to convince several people influencing purchasing decisions at once. When a b2b vendor understands B2B sales methods, he can build relationships and close deals faster.
What is important to consider in the b2b market for success:
1. Monitor and analyze the market. Every day new players appear on the market, and they are also your competitors. Sometimes it seems, the regular customers will never buy from a new company on the market. But this is not always the case. Our clients don't only care about the supplier's reputation, the range of services, and so on to make a decision. A profit is essential to a business, and when your competitor makes the price a little bit lower, the conditions a little bit better, you can lose even a regular customer. In this regard, it is necessary to:
- Know your customers and all the persons making decisions and influencing them, and keep in contact with them.
- Monitor the market and know the situation well, to be ready at any time to justify the benefits of your proposal or to make a better offer.
- To constantly update and improve your commercial offer.
2. Share your customers' success stories. Collect customer recommendations and share them with your potential customers. It's essential to get recommendations from businesses having solved some problems due to your products:
- Always receive feedback from all successful transactions.
- Ask customers to post their feedback on external websites and social networks.
- Post video feedback and testimonials on clients' letterheads.
3. Show the best cases. Good case studies help a potential customer visualize the potential application of your product or service and encourage them to think about getting their problems solved with your product:
- Demonstrate the steps required to increase profits or improve business processes.
- Share cases from relevant business areas.
- Explain the consequences of ignoring your recommendations.
4. Publish articles in all respected media sources. Write articles and publish to become a leader in your business, sharing ideas to help clients in their business activities.
5. After-sales service. The often forgotten by many representatives and companies step is after-sales service. Ask your customers about their experience of using products and possible problems sometime after the transaction.
6. Participate in professional exhibitions. Business fairs allow you to understand the market better and make your offer stronger.
7. Provide samples of your products. The goal is to allow your customers to use the product and make a purchasing decision. To customers, samples can help make or complete a deal, and the results will have long-lasting outcomes.
8. Promotional materials. Keychains and pens with a brand logo are some of the most effective methods in B2B sales. If a company purchases from a vendor, the vendor may give gifts to the customer in the form of stationery, clothing, a bottle, or a beverage thermos. These gifts usually carry the company's logo or brand, and they serve as a motivator to reinforce and remind the customer of the supplier.
9. Implement solutions for commerce automation to better know your customers.