Attract B2B Customers By Keeping Your Attention on the Long Game
B2B selling is quite different from the retail world. What strategies can businesses employ to increase their B2B sales?
To succeed in the B2B sector, a business needs to come up with a strategy and mindset that can seem quite alien if it has its roots in the retail or B2C market.
There are a whole host of strategies for increasing retail sales. If you run a physical or online store, for example, you might get together with your promotional label supplier to run a special promotion, reduce prices or perhaps commence a BOGOF campaign. However, these are strategies that will be largely ineffective in the B2B landscape.
Value added services
There are plenty of companies that simply sell their goods to B2B customers without any additional services. But often, it is those added services that are the deciding factor in buyers choosing you over the competition. For example, a firm that specialises in the sale of cable products can introduce the additional service of cable laying and installation. This has the effect of allowing them to offer a one-stop shop to clients, as well as increasing profits and sales.
B2B relationships are built on long-term trust. The personal touch is therefore important, and there is no better way of building it than getting to know your customers. Get out there to industry events and trade shows. In the labelling industry, Labelexpo is a prime example of the type of event where strong business relationships begin. Be sure to attend similar events in your own sector. Even if you don’t run your own stand, there’s no better place to network.
In most areas of life, you have to speculate to accumulate. Businesses like free things as much as individual consumers, and if you operate in a crowded marketplace, what better way to get your product or service noticed by the decision makers than offering it up for nothing? This is especially the case for those seeking to break into a new market – but be warned, it is essential to follow up and really work to secure a sale to make that free sample pay for itself.
Price reductions are a great tool in B2B but they do not work in the same way as those special discounts or BOGOFs mentioned earlier. The more common type of price reduction is in the form of a reverse auction. This is when different suppliers will attempt to outbid one another on price in order to secure a deal or contract. It’s a powerful tool, but you need to be 100 percent confident on your costs. The last thing you want it to find yourself tied in to a two-year deal in which you are not making any money.
Brand awareness is as important in B2B as it is in B2C. Offering those pens, calendars and the like, or sending them out at Christmas or during other important festivals in your target market can be great for sustaining business and prompting re-orders.