The B2B market is thriving like never before. Its size is now more than double the B2C market, thanks to the growing number of products and services companies can invest in.
Yet, while this growth is great, amid the crowd, the market has also become highly difficult for B2B vendors and agencies to compete in. Many new B2B businesses stagnate, while in the worst case, others fold.
Given these challenges, here are three ways B2B companies can differentiate themselves, outperform their competitors, and thrive.
- Becoming personalisation specialists
In recent years, hyper-personalisation has gradually shifted from being a nice-to-have to a steady must.
Businesses want as much value as they can get out of transactions, particularly considering B2B deals often involve greater volumes, longer sales cycles, and multiple stakeholders than the B2C market.
For this reason, it’s very common for a business to sieve through multiple suppliers and partners to find customised pricing structures, prioritised shipping, or best-in-class customer service before they part with their money.
The B2B businesses that have adapted to these modern standards now have the advantage over their competitors, while those that haven’t are often left behind.
Hence, it doesn’t matter whether leaders need to restructure their business, make additional hires, or spend considerably more, personalising products and services should always be an important focus. These B2B company’s will not only benefit from securing more customers but three in four customers will repurchase and recommend more than those that don’t.
- Strategic alliances
B2B businesses are also realising that they’re much stronger together.
By pooling resources and leveraging expertise, two companies can enter new markets and fast-track product development, besides much else.
Modern examples include Microsoft and Adobe, Shopify and Facebook, and Salesforce and Apple, all of which have come together by sharing aligned goals they both want to achieve.
For instance, Adobe has become a household name among creatives thanks to Microsoft’s market position while Microsoft has considerably strengthened its customer experience.
For leaders of emerging B2B businesses, while potential partnerships might seem unlikely before their business is consistently profitable, securing a strategic alliance should always be something to consider. It can help a business innovate much faster than it might alone while at a fraction of the cost, and may even help it survive during a crisis.
This doesn’t mean that strategic alliances come without risk. Failed partnerships can often cause reputational damage, operational inefficiencies, and hindered growth. However, by dedicating adequate time to research and planning, two businesses can ensure they share the right synergies to unlock sustained growth and success.
- Thought leadership
B2B thought leadership isn’t just another marketing tool or gimmick that many might think of when they hear of the term. It’s one of the most effective tools B2B companies should consider to set themselves apart.
By nominating a spokesperson, such as a founder or CEO, businesses can showcase their expertise through informative insights and opinions that give stakeholders a fresh perspective on a prominent issue or debate.
Usually, a spokesperson’s insights will be shared on social media and online blogs. But they can also be leveraged to entice a journalist to write a news story, generating positive media coverage and publicity for their business. The better the publication, the greater the value.
Moreover, thought leadership also requires minimal cost and will always deliver results as long as a spokesperson has an engaging personality. Nobody wants to listen to a talking head.
Even while thought leadership can be time-consuming, if B2B companies want to become more credible, and attract more customers, investors, and top talent, they have to become much more visible than they already are.
