How To Maximize Your Investment In B2B Suppliers And Table Stakes
With more companies turning to cloud services to power their business models, it only makes sense for businesses to turn to B2B suppliers to help them integrate the new technologies. B2B providers have long been known for delivering quality to their customers. Now it seems that their ability to do so is no match when compared to the cloud services available today. In fact, many B2B providers are looking to stay up to date with the latest standards set by the global B2C industry by expanding their existing e-commerce sites and overall omnichannel functionality. And this is a good thing, as a recent study revealed that how B2B buyers plan to purchase from suppliers is influencing how those same buyers plan to shop.
The report was conducted by Ibis World Media and commissioned by the European Internet Forum, which represents the interests of businesses ranging from small to large in size. Among the findings were that almost three-quarters of B2B consumers are actively seeking B2B information sites, but only a fraction of these potential customers will ever make a purchase. The research also revealed that only 20% of B2B companies offer their clients’ e-commerce shopping carts, a key piece of the business-to-business experience. This represents a huge missed opportunity for many businesses, as a lack of an e-commerce site can result in lost sales, and can even cost companies their clients’ business.
According to the study, the “influencers” for B2B purchasing decisions were middle-class consumers (which the global B2C industry is largely inaccessible to), and they were largely influenced by four factors: reputation, ease of use, price, and social media. Those who were the most swayed by these four factors were the business-to-business e-tailers and e-businesses with the highest level of visibility on the web. In order to influence consumers, businesses need to find ways in which they can gain the trust of the decision maker. Consumer trust and confidence in companies has been building slowly over the past couple of years. In addition to that, companies should capitalize on the new channels available on the internet to increase the level of visibility, and thus influence the decision maker’s decision-making process.
Social media plays an important role in gaining the trust and confidence of potential customers, because the public tends to focus on products and services that they see being talked about or advertised on television or in magazines. E-commerce websites are becoming a part of everyday life for most people, and this fact can easily affect the decision-maker’s decision making process. An e-Commerce website can easily become an extension of a company, and its potential customers are often seen as a part of that company. Businesses should take advantage of social media marketing to not only reach out to their target audience, but also to inform potential customers about their company’s offerings.
The financial services industry is among the largest segments of the overall B2B market. Therefore, financial companies have a great opportunity to take advantage of the increased B2B interest in Internet and technology. They can leverage the social media to gain a foothold in the B2B industry. As more companies turn to e-commerce to boost sales, the role of the financial services company in this industry will play a larger role. Financial companies can easily join the B2B industry by focusing on creating an online presence that will give the impression of an established and reliable company.
Social media has made the Internet an extremely valuable tool for businesses to reach out to their target audience and gain the trust and confidence of potential customers. The increasing role of B2B Suppliers in shaping the future of business-to-business interactions requires companies to consider these five key elements of a B2B Value Proposition. Ensuring that these five elements are satisfied allows companies the chance to maximize their investment in B2B Suppliers and Table Stakes.