The new year will bring with it many changes, but here’s one thing that wil stay the same: B2B buyers will only come to to a particular vendor because they need the product that only that company can offer.
Mitchell Harper, the Co-founder of BigCommerce, has listed 8 rules for building a great product. These include BFBC, or ‘Build For Your Best Customers’ meaning, you need to build and update your product regularly after acquiring constant feedback from your regular customers because they are the ones who are already willing to pay more without asking any questions. He also suggests themed releases, a strong user experience and a concept he calls “cupcake”: instead of presenting the FINAL product before the audience, focus on a single problem first, get the first version of the product out in the market and obtain customer feedback.
Most importantly, Harper stresses that vendors need to solve “Tier 1” problems, or the things customers absolutely need.
Identifying The B2B Elements of Value, Embracing New Technology and Tracking Data
The future of B2B sales growth also rests with companies who use data analytics to identify what matters most to buyers and use it to improve their existing product. Consulting firm Bain and Co. has illustrated 40 different types of value that B2B companies offer to their customers.
Embracing new technology is the key here. If you are unaware about the technologies your competitors are using to uncover the value elements, you are surely going to lose.
Russell Ruffino, the founder and CEO of Clients on Demand and Adrian Richardson, the director of sales share their views on the nightmare of getting left behind in the world of ever changing technology in this video. The video accurately explains why the business owner should remain updated on the latest technological trends or else their business might perish.
Advanced data analytics lets you track metrics, enable experimentation and build data products. The following metrics should be tracked in order to take better decisions:
- Revenue metrics that presents a complete picture of annual revenue and growth.
- Program metrics to analyze the impact of the different campaigns.
- Marketing lead metrics to identify the channels generating the maximum leads.
- Re-engagement metrics to uncover the numbers that leads to sales on follow up.
Data-driven decisions are much more practical than decisions taken the C-suite executives at the heat of the moment.
The Differentiator – ‘A Human Touch’
Besides having a unique selling proposition and making great use of analytics around B2B value, some experts argue that brands need to be more social and support causes that can revolutionize the thinking of the society and make the world a better place to live.
Some of the social issues that brands could support in order to win the hearts of the people and gain trust include the empowerment of women, support for a pollution-free environment. freedom of speech and even speaking out against racial and other forms of discrimination.
Generating B2B sales is hard but following the three elements — namely building a great product, use of data analytics and adding a human touch — can make a real difference with buyers.
Customers will only commit to a vendor after carefully reviewing the pros and cons of the product. Simply running ads that promote your products will not be enough in 2019.
Image: Death To The Stock Photo
Latest posts by Joydeep Bhattacharya (see all)
- The state of B2B e-commerce in 2019 (so far) - April 27, 2019
- 3 Critical elements that will drive B2B sales in 2019 - January 3, 2019
- 3 Innovation management tools to ease some of the pressure around ROI - December 22, 2018