Top 5 B2B buyer expectations: Creating the CX they crave
The modern B2B buyer wants a B2C-like experience. Here's what B2B sellers need to know about B2B buyer expectations.
The “sell through” concept has been around since the beginning of retail. In the brick-and-mortar world, it was as simple as your local store selling goods on consignment all the way up to the mega-malls and franchise-based department stores.
Today, this concept takes the form of digital marketplaces like Amazon and Walmart. While nothing new in the B2C world, marketplace benefits have become a hot trend for B2B companies. Why?
Essentially, just selling a widget no longer cuts it. Modern B2B buyers expect much more. They want experiences like they get in the B2C world.
The modern B2B buyer wants a B2C-like experience. Here's what B2B sellers need to know about B2B buyer expectations.
A good B2B marketplace offering opens new channels for your products. All the suppliers on your marketplace also have skin in the game. The ecosystem built around the marketplace benefits from everyone promoting and positioning the outcomes that are possible for your customers.
Digital marketplaces are growing fast. Here's everything you need to know about digital marketplaces, including examples, benefits, and strategies for jumping on the bandwagon.
There are a couple ways to set up a B2B marketplace. You could just participate on one of the global B2B marketplaces like Amazon Business, Alibaba, TradeIndia, or eWorldTrade. This comes with great opportunity, but also great limitations as you’re dependent on the idiosyncrasies and rules of these global platforms.
Another option is to rule your own destiny by setting up a marketplace centered on your products and your customers.
Setting up a B2B marketplace is different from a B2C marketplace. How you approach this directly correlates to how you answer this age-old question: ‘Do you go to the hardware store to buy a shovel or a hole?”
This is a very important concept as B2B buyers are looking to purchase outcomes, not just products.
B2B subscription models can offer the same bottom line and loyalty benefits as their B2C counterparts, and enterprises are taking notice.
An example of marketplace selling can be as simple as offering installation services or all the complementary products that make your product more attractive and useful to the buyer.
While this may be a new trend in hardcore B2B industries, some industries like travel have already adapted from their B2C businesses. Other examples include:
Ultimately, your marketplace becomes a community, where your buyers know they can get all they need to successfully use your product. It ties their success to your success and visa versa, while also inspiring brand loyalty.
Digital marketplaces offer auto suppliers and other B2B industries many benefits, but how do you get started? Follow these steps for a successful launch.
While there’s value in participating on the major global e-commerce marketplaces, by creating your own marketplace, you’re opening worlds of possibility. Digital marketplace benefits for B2B companies include more revenue, increased customer loyalty, and more opportunity for growth.
Rather than being “one of many,” you get to stand out while maintaining complete quality control of your good brand – on your terms – to limit risks and drive growth.