Business-to-business (B2B or, in some countries, BtoB) is a business or transaction conducted between one business and another. It is more common than you think in modern world and required skills for B2B in future is getting changed. To be in the B2B market you need to learn the new skills.
Lets get some examples of B2B business:
- In Bangladesh, RMG (ready-made garment) industry is a great example of B2B business. Here, garments manufacturer (one business) are manufacturing their products for the buyers (another business).
- Traditional example of B2B business is Consumer Goods providers are making business transactions with distributers, even a whole-seller is doing business with retail seller. All are the examples of B2B business.
- Another latest example of B2B business is mobile financial services. Here, mobile financial service providers are doing business through retailer.
- IT companies are developing IT service for another company; even E-Commerce industry is involved in Business-to-business (B2B).
- BPO (business process outsourcing) business idea is developed basis B2B concept.
- Our farmers are supplying their goods to suppliers, which can be micro level example of Business-to-business (B2B).
What is the future of B2B Sales?
B2B sales cycles are getting longer and more complicated. Covid-19 imposed constraints on face 2 face meetings, travel, and physical events and business leaders are getting scale up with technology. So, the traditional B2B sales model will be replaced by E-B2B.
E-B2B is a type of business model where exchange of goods and services take place between two or more businesses online.
What is the Required Skills for B2B (Business-to-business) in Future?
Near future, sales strategies will be different, and the resources that are used will increasingly be based on new technologies. The thing you need to master on Automation, Digital First and Artificial Intelligence.
Some digital skills that you must have to do well in B2B (Business-to-business) in future. Some examples are
- Analytics: This is required to know what is effective and what is not. You might have some data analytics tools but its critical to use analytics. It’s crucial to know what are the elements of successful campaigns and how to attribute that success to marketing efforts.
- Marketing Technology: There are lots of tools are available, you need to pick the best one. Google Analytics (free tools). Today new technologies like marketing automation, CRMs, and new marketing techniques like ABM are gaining ground.
- Research and Analytics: B2B professionals should have ability to conduct both audience and competitor research to construct successful campaigns. By thoroughly knowing your audience, you can create a highly targeted campaign with a much better chance of success than one without any research. Data Science & machine learning will play a vital role here.
- Social Media: B2B sales & marketing professionals can create their own brand in social media.
Below traditional skills will be also very effective
- Communication: Communication is very important skills for B2B (Business-to-business) Business. Communication may be verbal, written or even a video, but its always be a part of marketing. Quality content and communications will be tough to automate, so the skill will always be in top. Communicating to the right people with the right concepts at the right time and in the right forum is crucial for B2B.
- Adoptability: You might need to work with different people across various departments. There will be a variety of projects to handle – some easy, some not so easy. You will be required to manage different types of stakeholders – someone might be complex. But the work has to be done, without any compromise on quality and that is where adaptability comes in.
- Client Account Management: Retaining your existing clients is more profitable and important than acquiring new ones. You must acknowledge the benefit of this valuable pool and craft strategies that continue to nurture them even after their purchase. So, client account management through proper communication and after sales service is very important.