Developing Your Strategy for a “New” B2B Reality

TICK TOCK! TICK TOCK!

There’s only just over 2 months until we say goodbye to 2020!

For many of us, this has been one of the most unpredictable and stressful times ever.

While fingers crossed the worst is over, numerous changes have occurred over the past several months impacting businesses generally as well as those operating in a business-to-business (B2B) context. This has resulted in a new reality in which all businesses must operate. 

How Is B2B Different? 

Upon hearing the word “business,” most people initially think of the traditional business-to-consumer connection, but other business models such as business-to-business relationships are equally important in every industry involved in the trade. Without a meaningful connection between businesses, products and services won’t be made available to the people. 

The B2B businesses are responsible for providing solutions to specific problems of other companies. As the relationship horizon and buying-selling cycle in B2B transactions are to be maintained long-term, delivering efficiency and reliability are paramount. But, how would you start if you haven’t found the right businesses to serve? 

With this in mind, building robust marketing strategies should be your priority when finding clients. To make your client search a success, leave your marketing efforts to B2B marketing agencies — experts that can help you promote your products and services to the right business pool of your chosen niche.

Importance of B2B Marketing

Due to the differences between the B2C and B2B business models, it’s crucial to treat your B2B marketing efforts differently. For instance, B2B marketing can be more challenging as businesses don’t think and behave like consumers. They’re more rational and accountable with their decision-making, as they also operate a business per se.

Moreover, building strong B2B marketing strategies and skills is vital to your survival in the marketplace. Along with elevating your marketing efforts, you should keep your products, services, and content at par. 

Photo by Burst from Pexels

The Brave “New” World of B2B

The “new” environment of business is now characterised by the following:

  • High degree of uncertainty and ambiguity 
  • Longer sales cycles
  • Risk averse B2B buyers seeking “Decision Maker Confidence” 
  • Increased buyer self-education and research
  • Consensus decision-making
  • The increasing role of procurement in purchase decisions

Despite the volatility and uncertainty that still exists, there are significant opportunities within B2B markets for SMBs to take advantage of. However, this will be contingent on SMBs having a strategy, to enable them to navigate this new uncharted territory.

Strategic Planning for B2B in the “New” Reality

Developing your B2B strategy should not be an overly long and cumbersome process. 

Your strategy should tell you:

  • Where the company is headed
  • How it will get there?
  • Determine if you are on track
  • Implement B2B lead scoring to your sales methodology

Your strategy should be flexible, adaptable and a forward-looking view of no more than 18-24 months.

Components of Your B2B Strategy

Your company B2B strategy is comprised of 2 core components:

  1. Where To Focus
  2. How to Win

1. WHERE TO FOCUS

You determine where to focus by LISTENING to:

  • Your team, your company in terms of its vision, objectives, strengths and capabilities
  • Industry, economic and geographic trends, technology developments, competitor activities and strengths
  • Current customer, previous customers and prospects

2. HOW TO WIN

This is achieved by making new introductions and/or improvements to meet business customer needs across 3 key areas:

  • What To Deliver e.g. products, services, advice, support
  • How to Deliver e.g. channels, strategic alliances
  • How to Promote and Engage with Business Customers

The X Factor to Weathering “Future Storms”: Regular Review and Reset

Your strategic plan can no longer be a “set and forget.”

With the rapid and at times extensive level of change occurring, it is critical that your SMB is regularly scanning the external environment (e.g. industry, economic conditions, regulations, geographic markets) for emerging problems, opportunities and/or threats.

Depending on the extent of these shifts, it may be necessary to undertake further scenario analysis to understand the potential impacts so you can determine how your SMB will respond and the required capabilities and resources needed to do so.

Your core planning team should then meet at least quarterly. 

What are You Waiting For: Get Started Now

With less than 10 weeks to go until 2021, there is no time to waste.

Get started today by doing the following:

  • Mobilise your leadership team to gain alignment where the company is headed
  • Plan to have “check-in” discussions with key clients to understand their key priorities
  • Gain a clear understanding of where things are at in your industry and the outlook for next 90 days

Michael Haynes is an SMB Customer and Marketing Strategy Adviser.

His focus is empowering SMBs with buyer-driven strategies and action plans to acquire, retain and grow business customers.

www.listeninnovategrow.com

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