How Technology Has Changed B2B Dynamics

ba-blog-1

It is predicted that online B2B transactions of manufacturers are likely to reach around $3.68 trillion by 2025 in key economies such as the UK, China, the US and Japan. This is due to the growth of digital sales platforms, global accessibility, website compatibility and instant customer reach, which have revolutionised traditional ways of doing business.

So, with technology a catalyst for changing B2B dynamics, how can your business navigate a growth strategy to adapt to the changing landscape?

Evolving Consumer Expectations

In our ever-connected society, having a digital marketing strategy in place is more important than ever and companies, both B2B and B2C, must rethink their strategies to meet the changing customer demands.

Technology has encouraged consumer empowerment, with more choice, more availability, higher expectations and therefore a reduction in consumer loyalty.

So, going digital could present you with a lot of choice and innovation to help you meet evolving customer expectations, but it’s such a different way of working that businesses may not be sure where to begin. It is especially difficult in the B2B world, where your customer is not just a consumer – it’s a group of people who work for and represent a company.

So, how can you use technology to your advantage to adapt to this change in dynamics?

Innovative Growth Strategies

To grow your B2B company, you should consider taking inspiration from the innovations in B2C models. Your service should attempt to meet the increasing demands and expectations of business buyers by enhancing and personalising their purchasing journey.

Forbes recently detailed the importance of providing value for B2B customers when growing your company and introduced some of the technologies that businesses could adopt to stay ahead of competitors. This included IT management solutions to reduce inefficiencies, sales engagement platforms to manage communications and programmes to integrate marketing software.

So, with innovative technology and personalised solutions key to both B2B and B2C companies, which are the critical areas that your business should focus on?

How to Differentiate Your B2B Service

Two key areas that can be vital for B2B expansion and differentiating your services from your competitors are: user experience and speed of delivery.

Utilising technology can help you map and streamline your customer journey and improve their overall experience. This might be by providing a more convenient way to connect with you or analysing your customers' buying patterns and behaviour to get the most out of your ROI. As it’s important to understand both the company and employees, it’s worth investing in a system that contains all the company’s details, including their profile, history of purchases and any problems they may have encountered.

The next thing to consider is your speed of delivery. If B2C trends are anything to go by, delivery plays a critical role in whether a consumer will do business with a company and this is no different with B2B. If your business sells physical items, it’s vital that you use a reliable and speedy delivery or courier service like TNT. Not only can you conveniently organise your deliveries online, but you can count on them to deliver them safely and quickly.

With the modern digital age changing the ways that B2C and B2B companies operate, it’s vital to utilise technology to stay ahead of the competition. By using technology to offer personalised and innovative solutions, you have a better chance of helping your B2B company grow.

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, 15 November 2018
If you'd like to register, please fill in the username, password and name fields.

Member Login

Business Insights & Tips

Leaderboard

1
Michael Lane
785 Points
2
Jill Holtz
783 Points
3
Ron Immink
732 Points
4
Fionan Murray
696 Points
5
ContentLive
276 Points
View Leaderboard