The B2B industry represents a remarkable opportunity for the right entrepreneur. With the potential to make major headway and profits offering services or products to other businesses – and to turn the seed of an idea into an unstoppable force – it’s no wonder that the landscape of business to business enterprises sounds such a tempting call to so many of us. It is, however, also widely regarded as a tricky landscape to master – one filled with hazards that may well be unfamiliar to someone seasoned in the world of B2C.
Let’s start by saying it’s not necessarily harder to grow a B2B business – it’s the initial steps that intimidate budding entrepreneurs, causing them to flee for the B2C market. But why should they?
One eye-watering figure by Statista shows the B2B eCommerce market worth was $19.4 trillion in 2020, almost five times more than the B2C eCommerce market. There’s a goldmine waiting for you to tap into. Below, we will explore how hard it actually is to burst into the B2B market and grow a business.
First Things First – It’s Not As Hard As You Think
Yes, there is more professional pressure because you’re dealing with a business rather than an individual consumer, but the principles that lead to success are the same as they are in B2C. And, yes, there’s more pressure because the transactions are typically higher, but that doesn’t mean it’s unachievable.
But the buyer is just as vulnerable to feeling stressed, powerless, and stuck in a constant loop of divulging information. According to The Harvard Business Review, 40% of buyers agonize over second-guessing their purchasing decision. As a business, it’s you that can simplify all the worries a buyer has – ultimately, you have the control.
Don’t Let The Complexity Weigh You Down
The Harvard Business Review also stated that the number of people involved in a B2B buying cycle is now 6.8. That includes stakeholders, buying specialists, and corporate officials. And, they also found that 65% of buyers spent as much time working out what they wanted to say to a sales rep as they expected to spend on the whole buying cycle. That’s because everything has to be given the okay by the never-ending list of people.
So long as you have a robust sales pitch at the ready, knowing every answer to every possible question about your product or service, the complexity lies with the consumer rather than you.
Rely On Agencies For Support
You’re not in this alone, and if you want to make it easier to grow a successful B2B business, you should consider relying on the various agencies to support you. Naturally, your mind will jump to marketing or content creation agencies, but instead, think about a customer loyalty agency. There are multiple ways you can harness the power of marketing, but harnessing customer loyalty to boost business is not always as easy.
An incentives agency might just be your saving grace. By looking at websites like www.incentivesmart.com, you can explore the numerous benefits of establishing a customer loyalty program – simply advertising that you have a customer loyalty program can generate great business. One figure to remember, it’s up to 25 times more costly to acquire new customers than it is to retain them.
Don’t Wait For Buyers To Come To You
Actively seeking out new business rather than waiting for it to come to you through marketing efforts isn’t the way to grow a business. You have to be proactive and find the buyers, especially in the beginning when funds might not be there to buy into expensive marketing campaigns. LinkedIn is the most commonly used social media platform for B2B businesses, making it the perfect starting point.
Research and network with brands you know you’d like to work with and draft a message to send. The message doesn’t need to read like a sales pitch, simply stating your business and that you’re interested in talking further.
Another free outreaching method, ask current customers for a referral. One study found that buyers that have a positive customer service experience are 68% more likely to refer people in – so you can achieve this without even having to ask. Plus, most customer loyalty programs reward referrals, so there’s another avenue for new business.
Consider B2B to be like B2C, and the pressure of being a B2B startup melts away. There’s a stereotype that B2B businesses are harder to grow and start, but that’s only linked to the pressure associated with selling to a brand rather than consumer and the higher transactions.