Before starting this post, I should mention that starting a new business is not a piece of cake. It requires several aspects to be considered, such as proper market research, analyzing competitors, budget, resources, etc. When I started my B2B company, I attempted to be prepared for everything, especially the loss. Giving up was never an option. If you are in the process of establishing your B2B Company and are searching for ways to achieve success then here are 4 essential things you must do as a beginner cruising through the B2B world. Let’s start with the basics.
What is B2B?
B2B stands for ‘Business to Business’. It is a business model that focuses on selling services and products to other companies. These products and services can be finished parts, consultation, services or raw materials that another business requires to grow, operate and earn revenue.
4 Things You Must Do While Starting A B2B Company
- Use Your Connections
Most startups often shut down within the first year of operation, because they are unable to find early traction. The first clients matter a lot for any startup, and the best way to acquire those patrons is to use pre-existing connections. You can create a list of your friends, acquaintances and family that you think may help. Contact them, meet them for coffee or lunch, share your business idea with them, even if they are not keen, chances are they would suggest some like-minded people to you who can nudge you in the right direction.
Using pre-existing connections is the simplest yet best way to attain potential customers. Believe it or not, word of mouth can prove to be an extremely effective strategy.
2. Know Your Competition
During the past 5 years, several changes occurred in the business world, including the way business reaches its target audience and becomes aware of its competition. Today almost every B2B company uses social media to research their customers and find out more about their competition. One of the renowned social media networks used by numerous companies is LinkedIn. It has become the preferred hub for professionals in the industry. According to a Hootsuite blog post, LinkedIn jumped from 467 million users in Q3 2016 to 560 million by the end of the year 2018.
As per my personal experience, LinkedIn is one of the most useful professional platforms that simplify the process of finding competitors and clients. While starting a B2B company, ensure that you build a LinkedIn profile in order to gain awareness regarding your latest as well as pre-existing competitors in the market.
3. Stop Cold Calling
I was never particularly pleased with the idea of cold calling. It is like visiting random people without prior appointment or making gratuitous phone calls to strangers. Studies have also shown that the success rate for called cold calling is close to zero. As a B2B company, if you want new prospects for your business, it is wise to adopt the sales strategy where you have credibility, trust and incur no sales cost. Your chances of getting a new client will be increased up to 70%.
4. Stick to Long-Term Goals
Every other B2B company is obsessed with closing the deal right away, however, this is short-term thinking. It’s good to think about the present, but again, you can’t rely on it. The best B2B companies are more concerned with building their reputation. This is one of the attractive traits that draws prospects towards it. While starting a B2B Company, think about how you are going to build your reputation. If you have a long term plan that includes getting back to people after they’ve purchased your product and service, you’ll never fail in the business.
A B2B company takes some time to get success. It is important to research every aspect before you begin with your journey. If you take care of the above things, no one can hinder your path up the ladder of success.
This is written By Saumya Bhatnagar , she is the Co-founder and CTO InvolveSoft.