4 Things To Consider Before Starting a B2B Business

1. Set Clear Goals

You need to have clear goals starting out. Otherwise, your targets will be too vague, and it will take you longer to achieve them. Each B2B business serves a unique purpose, and the best way to clarify yours is to set S.M.A.R.T. goals.

Smart goals have five components:

• Specific - Set precise goals for the number of customers, amount of revenue, or other financial aspects of your business.
• Measurable - Saying that you want to have “great customer service” or “strong sales” is not enough. Attach metrics to each goal; otherwise, there is no objective way to measure it.
• Attainable - Are your goals realistic? Big plans are great for thought exercises, but you need smaller and more feasible daily, weekly, monthly, quarterly, and yearly goals along the way.
• Relevant - Don’t fall into the temptation to copy the goals of other B2B businesses. Consider your unique talents, needs, and market to craft custom goals.
• Time-Based - Without a deadline, goals can stretch out indefinitely. Make sure each goal has a finish date in your calendar (even if you need to adjust it later on).

One extra note on goal setting: ensure that you have a strong “why” behind each one. What’s the real reason you’re going after this objective? This will inform everything you do in your business, such as the specific tasks and actions that need to take place.

There is a certain art to goal setting. With this template above in mind, you’ll be able to quickly set goals that serve your personal and business needs in a repeatable fashion.

2. Create a Business Plan

Once you have your goals defined, you’re ready for the next step — creating a business plan. A business plan not only gives you a great reference point for your goals and vision, but it also helps when pitching to potential investors or business partners.

There are several points of difference between a B2C business plan and a B2B business plan. You need to show that you understand the unique requirements of a B2B market and the modern realities of your marketplace with your proposal.

Businesses tend to buy larger quantities or higher-tier services. You might only have a few hundred or thousand B2B prospects, whereas in B2C markets there could be millions. Investors will want to see that you have the appropriate approach to marketing.

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For instance, Apple appeals to the masses, whereas HP tends to focus on direct sales and marketing. Consider which marketing channels and funnels connect you with the right decision-makers.

Keep in mind that having the patience to nurture leads first instead of “one-stop” sales can sometimes be more effective for long B2B sales cycles.

3. Analyze the Competition

Analyzing your competition can be a great way to get ideas for your B2B business. Use software such as Ahrefs or SEMrush.

With a simple search bar, these web apps allow you to see certain traffic statistics, such as how many backlinks (links from other websites) your competitors have, and how much they are paying for clicks on platforms like Google Ads.

If it seems like a competing brand is continuing to use the same strategy over time, that’s a good sign that it’s working well for them. That means you can easily incorporate it into your brand.

You might also find weaknesses in their strategy that you can exploit.

4. Know Your Target Audience

Marketing 101 is all about knowing your audience. This will affect everything you do. From your sales to marketing and your customer service, knowing the people you serve will help you do better on all levels.

For instance, your B2B buyers may have more than one decision-maker at various levels. They will also have unique buying cycles and budgets.

A great place to start when researching your market is with high-quality reports from companies like Gartner. You will have a much better idea of pricing, sales scripts, and business models that are more likely to work for a B2B market.

Additionally, in B2B sales, you are likely dealing with decision-makers at different levels. The sales cycle will usually take longer since the customer has to justify their spending to other board members.

This varies from simply B2C sales where there are only one or two decision-makers to keep in mind, and purchases are often made on an impulse.

Consider creating a customer avatar that shows empathy for your market, and keep this avatar in mind throughout the sales process. This way, you keep the individual prospect in mind while maintaining the bigger picture of selling to an organization.

5. Hire the Right People

When it comes down to it, business is all about people. Even if you are selling it as “businesses”, these businesses are merely made up of different people.

For example, seek skill sets that you don’t already have in your business. This could mean that you hire consultants, freelancers, or bring someone in house longer term.

You can always choose the former option until your business takes off to a point where you can justify committing more of your payroll.

Make sure you are also hiring sociable and personable staff for every aspect of your business. In each department, they will interact with other people internally or externally, so this is a vital part of a successful B2B company.

Conclusion

Starting a B2B business certainly has its advantages. After all, a company has pooled resources and a larger budget than an average individual consumer. If you can solve their problems, there is more opportunity for revenue and profit.

However, the B2B business world is already saturated. You need to carefully think about your market, your approach, and your execution. If you avoid pitfalls that many entrepreneurs fall into, you can achieve excellent results.

Review the five tips above and implement them into your business process from the beginning. That way, you can set yourself and your whole team up for more income, happiness, and growth in your new endeavour.

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This article is written by Ashley Wilson, a content creator writing about business and tech. She has been known to reference movies in casual conversation and enjoys baking homemade treats for her husband and their two felines, Lady and Gaga. You can get in touch with Ashley via Twitter.