Last Updated on: 14th June 2024, 12:03 pm
Building a successful Business-to-Business (B2B) company is tough. Most B2B companies are still in the launch stage (24%) or scale stage (60%). The few that are very successful, such as Uber, Airbnb, and Amazon, are international giants.
B2B companies often struggle to grow as fast as Business-to-consumer (B2C) companies because they deal directly with other companies who are also under tight budgets and ultimately out to make a profit. This makes B2B companies especially conservative with whom they buy from and partner with.
Without taking the time to strategise appropriately and build strong, long-term client relationships, many miss out on business opportunities and lack sustainable revenue.
So, what can a B2B founder do to maximise the performance of their company?
When a B2B founder first launches their business, they must gain a deep understanding of their market and target audience. Otherwise, the founder will fail to challenge existing competition, capitalise on any industry trends, or cater their marketing and sales to reach the businesses they want to target.
A big part of this research involves identifying and outlining a company’s value proposition. This is a clear statement that explains how your product or service solves a problem, delivers specific benefits, and differentiates you from competitors.
In the B2B space, your value proposition must resonate with decision-makers looking for solutions that improve efficiency, reduce costs, or drive revenue. You must highlight the unique features of your products or services and how they align with the strategic goals of your potential clients clearly and as straightforwardly as possible.
Founders also need to ensure that their products meet high standards of quality and reliability. Regularly solicit feedback from your clients to understand their needs and continually work on improving your product or services by investing in research and development to innovate continuously and even stay ahead of industry trends.
Founders must also perfect their communication strategies to establish credibility and trust with clients. This can be achieved by providing exceptional customer service, delivering on promises, and engaging in B2B thought leadership.
B2B thought leadership, through carefully coordinated campaigns, can help founders highlight their company’s expertise and experience to customers, investors, partners, and other audiences. This might involve speaking at events, utilising online platforms like LinkedIn to consistently connect with audiences, and securing media coverage to position a business as a market leader and help it stand out from any competition.
B2B founders should also spend considerable time on content marketing, including whitepapers, case studies, webinars, and blogs, to provide further value to their audiences. Digital marketing tactics like SEO, email campaigns, and social media can be leveraged to consistently reach and engage their target market. 72% of overall marketing budgets are spent on digital marketing after all.
Once B2B companies have acquired a host of potential clients, they need to ensure they convert them into regular customers, which makes a proficient sales team essential. Unlike B2C sales, B2B transactions often involve larger deal sizes and longer sales cycles, requiring a more consultative selling approach.
Invest in training your sales team to understand your product or services deeply and communicate effectively with clients to avoid deals falling through. Customer Relationship Management (CRM) systems are a great investment to help manage leads, track interactions and ensure sales performance is always high.
Some B2B companies are very successful at all the above but can still face unexpected hurdles. Research shows that more than 800,000 UK firms lost company data in the last five years, highlighting the significant issue of failing to adhere to data protection laws and sufficient cybersecurity requirements. Always review and update your compliance policies to mitigate risks and protect your business and clients.
Once you have these initial foundations in place, you will be well-positioned to identify and capitalise on any new business opportunities as you expand and grow, ensuring you can establish yourself as a successful B2B company.
