Yes, you got that right we are talking 5 times more revenue. Let us now see, what can make the difference. Though B2C has taken off faster in terms of transformation to digital, B2B certainly has the edge to create persistent value.
How can B2B catch up?
First, digital leaders focus on right and ethical digital practices to enhance and quicken their back-office resource planning and workflows by continuously improving the IT architecture. However, these have only impacted the process efficacies and have not really made any difference to the customer experience. Once, the digital transformation moves to sales and customer support space, growth can be exponential.
Second, through digitization, B2B businesses should focus on creating and delivering wow-some client interactions which can be a certain differentiator in a competitive market. Currently, most B2B websites and marketing practices are content heavy, rich in product or process descriptions and use top-of-the lie technology. There is a change required therein making them customer-friendly in terms of navigation and ease of buying with a more persuasive approach.
Third, on the buying front, B2B should bring in more transparency in price and needs to contend with ever shrinking product shelf lives. This has to happen quickly as a parallel process to upgrading the customer experience.
Fourth, a B2B has to build the required capabilities quickly and resort to online branding or digital marketing process to ensure the changes are being announced to the target audience. While spend will be on the rise, a grown market will offset it in much lesser time compared to the B2C space.
Competition for new players like AliBaba and Amazon business have already started to realise this and are moving in the fast lane. Though not traditional B2B business, the amazing results they are bringing in are something to analyse and follow for any B2B business.
The author has an entrepreneurial experience of over 24 years of which 13 have been spent in Digital Marketing is CEO & Disruptive Digital Marketer @ eTraDeX, Founder & Chief Mentor @ Startup Essentials.
If you are looking for a comprehensive digital marketing strategy, execution or comprehensive content in any niche, drop an email.
As an experienced digital marketer, I look for a perfect blend of web, inbound and social marketing. Reaching a customer effectively by converting him into a customer is the objective. I believe in training and coaching my peers and juniors, since it enhances my own understanding and fortifies strategies through discussions and arguments. Pursuing my training or other numerous (range from cooking to para-jumping) hobbies, I am motivated by such pursuits which enables me to imbibe a lot of unwritten experience that I use in my profession.
In all my initiatives, my ideas are well supported by a capable and dedicated teams that build, execute and maintain planned development and marketing strategies.
Being an entrepreneur, I am always into a new business; however, I’m not new to business. I have marketed for a plethora of websites, helped build countless websites and helped online rock stars from all walks of life to label, brand, and market themselves. Still, the adolescent adrenaline-driven at heart, I have always been driven by my best friends – hope, determination and fear which I think every entrepreneur should keep close to heart.
Watching a teenage sensation create records of sorts, does not, for me, come close in terms of satisfaction, to the happiness of the little girl of a poor father who has bought home a Barbie made affordable through a coupon or a deal, otherwise ill-affordable. To my belief, my efforts at digital marketing create many such small pockets of joy across the demography. This belief, is what drives me and I am in my best element working with my colleagues, customers and providers who share my endeavor. I believe and expect that they contribute value to the society through which the world sees value in any business.
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