The Technology Aiming to Bridge the Gap Between Business and Business
B2B sales are not much different from B2C — something we will explore further along — aside from the longer buying cycles, bigger transactions, and the number of people involved in one sale. It’s not as easy as finding a product, putting it in the basket, and then going ahead with it. The perfect example is a fashion retailer buying fabrics and design ideas to use as their own. Multiple people need to scrutinize each detail to ensure it’s the perfect product for their business.
Since B2B sales are edging more towards B2C sales than ever before, let’s look at how technology can help bridge the gap.
Think B2C To Master B2B
One study concluded that half of all people involved in the buying and decision-making process of B2B brands are Millennials. Yet, there is still a digital gap between B2C and B2B traders, that when filled, leads brands to drive five times more sales than those that don’t. However, B2C sales are still leaps and bounds ahead of B2B in terms of automation and simplicity – but that’s mainly down to the fact B2C sales can be a one-click transaction by one person. Still, B2B buyers expect a similar experience.
That leads us to consider investing significant amounts in B2B sales – and those that are, say they’re investing up to 8% of their total revenue on improving B2B sales.
Consider Software That Rewards Buyers
Moving on to the technology side of things – one way of bridging the gap between business and business is to show brands you’re watching what they spend and rewarding them for doing so. And, B2B transactions are significantly higher than B2C – which is why the transaction market size is estimated to be worth $70 billion by the end of 2030.
When a business is willing to spend so much money on a single transaction – most will demand some sort of reward if the relationship continues long-term – and 80% of B2B buyers admit they’re more bothered about the experience rather than the product or service. A loyalty program for b2b customers aims to improve the experience by rewarding purchases, referrals, creating brand advocates, and helping you understand your customers better.
Plus, reward-based strategies harness the power of psychology to develop b2b customer loyalty – we’re more likely to use a brand we know we’re going to get something back from.
The Multi-Channel Approach
Just like with B2C sales, a B2B brand needs to have a presence in multiple channels. A website alone is not enough. According to one study, the average B2B buyer uses six channels to explore product and brand information that influences their experience and defines the outcome of a sale.
For example, they might check a website, LinkedIn page, Google reviews, and social media pages to determine the authenticity and validity of a brand before exploring the product or service. The same happens in B2C sales. Most people research a brand they haven’t heard of before entrusting them with their money. Don’t get too keyboard happy and post anything. 51% of B2B buyers will disengage if they go to your business blog, for example, and see completely irrelevant topics.
Focus on posting valuable content, sending newsletters, posting Instagram stories, and even joining the TikTok hype. Remember, you’re trying to appeal to a Millennial market.
Rely On Analytics
Again, this is something B2C marketers are hyper-focused on – every metric matters. According to one study, only 61% of B2B marketers track mobile and web analytics – yet they are invaluable for judging buying habits and recognizing areas for development. Harnessing the data can bridge the gap between business and business by focusing on the customers that matter – reducing the number of cold calls and moving towards warm sales. Plus, data enrichment helps sales teams to develop a better overall picture of their leads.
B2B trading has come a long way thanks to the advancement of the digital era and the adaptation that’s moving brands to adopt a similar sales cycle to B2C. Using technology to bridge the gap promotes better relationships, smoother transactions, and a more inclusive buying cycle that serves you and the buyer.