(Newswire.net — July 28, 2016) — B2B businesses offer tremendous profit, growth and sustainability opportunities for entrepreneurs if properly executed. Getting it wrong is easy, but getting it right provides benefits that are vastly superior to B2C businesses.
So, let’s take a look at how you can avoid having your best efforts go to waste.
Identify your primary and initial target customers
This may sound rudimentary, but many startups are not paying due attention to it. Identifying who your B2B business aims to serve will guide probably every other plan or strategy you will have.
Going with the trend is a risky strategy. Avoid being generalist in your service, you will find it hard to develop expertize in any given field.
On the other hand, ensure that you cultivate a reasonably large base of customers. If you depend on 1 or 2 clients for most of your business, you are on the fast lane to failure.
Offer something that people actually need
Don’t fall for the trap of trying too hard to be different. It is important to stand out from the crowd, but you must take care not to invent needs for people.
Fortune found that the primary reason startups fail is that they create products or services no one really needs.
Once you identify your primary targets, do some research and find out what they need that no one is giving them. You can look at ways of giving them a better product or service than they are getting from their existing providers.
Advertise and be patient
For a B2B business, marketing isn’t just about being seen; it’s about being seen as the best in your field.
Develop a sound marketing message that makes you stand out. Be clear about what you do, and how you do it that no one else can.
If you aren’t online already, get a website immediately. The internet offers the most comprehensive and cheapest marketing channel and network.
Sean a b2b lead generation expert from Red Fern says “Remember you are new in the market, you may not be swamped with service requests in your first few months. Focus on lead generation as it tremendously increases your chances of converting customers.”
As a startup, you are most prone to risks. No matter how good a plan you have laid, it is different from the real thing.
Start small. Do not try to take on big or complex projects. Test the waters and test your capabilities.
In the initial stages, avoid any project that requires too much commitment from the client and from yourself. Keep it simple so you can get it done quickly. This builds their trust and confidence in you.
Be practical: do not try to make all the profit from your initial projects. Keep your prices as low as is practical until you are firmly established.
Established businesses are unwilling to take big risks with startups. So, make it hard for them to say no to you.
Businesses want to take as little risk as possible. Take advantage of that. Offer guarantee on your services. Money-back guarantee, where applicable. This will make the decision easier for them. It will also make you give it your best shot. Everyone wins.
Where possible, offer free trials where clients pay to enjoy extra features of an otherwise free service. However, be careful to do this only where it fits the target market.
Do not be in a hurry to get in all the human resources, equipment, fixtures and fittings. Focus on maximizing income and minimizing expenditure.
Engage as little staff as possible, and don’t be in a hurry to make them a permanent fixture. Where possible, avoid renting an office space. Prudence is most essential for startups.