B2B is short for business-to-business, and it entails one business doing transactions with other businesses. Unlike B2Cs (business-to-consumers), people do not talk about B2Bs as often. However, B2B relationships are what sustain and balance the workflow of businesses. Are you yet to grasp fully what B2B means? Here is a practical example of what B2B transactions are like.
B2B Transactions, An Example
For instance, you are an accountant who also sells accounting software. Banks, other financial institutions, and other businesses will need your help in balancing their monthly and annual accounting records. This means they may approach you for your service. If they don’t reach out to you first, you can send a business proposal detailing what your business does and how you can help them. Then, when your business and their business seal a contract, you do the work and get the money.
As much as B2B transactions seem easy on the surface, many challenges happen in the process. Here are some of them.
Making Your Business Stand Out Online
In the past, you had to take a bus trip or a flight to where you could sell your business services to another business. Those days faded in as digitization started taking over. These days, all you need to do is set up a website and social media pages for your business. Next, you reach out to targeted businesses through emails and DMs. Simple as that, right? That’s one of the mistakes many businesses make that turn out to be a challenge to them.
Unfortunately, you’re not the only business that wants to take advantage of digitization. There are so many competitors out there that it is easier for your business’s voice to drown in them than stand out. How then do you get those high-profile businesses to notice your business services?
The first thing you should do is talk to yourself about patience. Remember the saying that its people did not build Rome in a day? Yes, you will need a lot of patience as you begin the work of letting your business stand out on the Internet. Next, you have to learn how to create SEO content for your business website. Content with a good SEO score will help your business site rank on Google’s front page.
This front page is where businesses (and everyone else) searching for services check. Your content should contain relevant and helpful information with a call-to-action that urges the reader to patronize your services. The best thing about creating good SEO content is that you can be reaping rewards years after. Of course, you have to keep making updates to your posts as competitors will be competing.
Telling Your Brand’s Story
This is another challenge that faces most businesses on the Internet. They think it is enough to type out what services the business offers and leave it at that. When they don’t get their expected result, they become frustrated, thus harming their businesses. As a business looking for other businesses to patronize you, resist the urge to leave narrow what you do to only your mission and vision statement.
As a brand, you must tell your story in its authentic voice. Put yourself in the shoes of your targeted business, for instance. Why should they patronize you? What have you said that will make them connect with your brand? Do you know what an emotional appeal is, and have you applied it? If you’re unsure of the answers to these questions, try and conduct a survey. This survey should ask people to tell you what they think about your business website. Thus, you can easily identify your mistakes and know what to do to fix them.
Telling your brand story does not mean you should write words and leave them at that. Instead, see storytelling as being a tour guide to a visitor in a new country. Take them on an interesting journey, identify problems and show them why your services can solve them. Learn how to persuade because the end goal for you is to sell your service. Indeed, nothing beats storytelling in an authentic voice.
Controlling Your Business’s Cash Flow
Lastly, businesses face the challenge of controlling their cash flow. Basically, the ideal thing is to deliver a job and then get money for your services, right? Well, what happens when a business you’ve worked for delays in paying? Or when your employee is not remitting the cash for services rendered? These can hinder and even destroy your business cash flow. So, what do you do? Use Upflow, an AR Management & Automation Software. They will help you to manage your business cash flow by creating automated payment reminders, among others. Thus, there will be no business cash flow issues.
With the information in this article, you can now identify your business challenges and resolve them with automated tools like Upflow. The years of manual and handwritten inventory of business dealings are far behind.
Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.