Modernization of International Retailing Industry
International Retail Industry’s evolution can be traced to the period around 1990s with the ECR – Efficient Consumer Response initiatives that led to the evolution of new supply chain trends and gave the industry a new dimension. Europe is said to have spearheaded the evolution closely followed by US. The implementation of new supply chain […]
Pros and Cons of Convertible Notes
In the previous article, we studied what convertible notes are and how they are used in the context of financing a startup firm. The various terms and conditions which are generally a part of the convertible notes agreement were also explained along with the working of the note. However, before investors and founders make a […]
Risks Faced by International Businesses in Developing Countries
Political Instability The recent case involving GMR Group in Maldives wherein the new government cancelled the license of the company for the Male Airport illustrates the biggest risk that international businesses face when they operate in developing countries. It is often the case that the change in government leads to a reevaluation of the contracts […]
Managing the Sales Cycle
What is a Sales Cycle ? Sales cycle refers to the various processes which help the products reach the end users. Customers go through a sequence of activities before the product finally reaches them. Such activities are a part of the sales cycle. A sales cycle has the following steps: Identifying Prospects The first step […]
Training and Development – Meaning, its Need and Importance
Training and development is vital part of the human resource development. It is assuming ever important role in wake of the advancement of technology which has resulted in ever increasing competition, rise in customer’s expectation of quality and service and a subsequent need to lower costs. It is also become more important globally in order […]
Business marketing refers to the sale and purchase of goods and services between two businesses.
Let us understand the complete process of Business to Business Marketing
No client would like to invest in your brand unless and until it stands apart from the rest. Your products and services must stand apart from the rest to be an instant hit among clients. No amount of convincing helps in business marketing. Be very sure about your brand. You yourself need to believe in your brand for others to believe in the same.
If your organization sells Dell Laptops to other organizations it would be really nice if you also use the same. Carrying a Lenovo laptop while pitching for Dell laptops might not go very well with the client.
Give something of value to your client.
Make a nice presentation of your offerings. Do not make a confusing presentation. Get some brochures, pamphlets; write-ups printed which can be circulated among your clients. Understand how your products and services would benefit your clients. Think of innovative ways to make your brand popular and easily acceptable. Run contests, give add on benefits, prizes to clients to make your brand stand out. Promote your product through social networking sites-facebook, Linkedin and even twitter.
Choose the right mode of communication. Remember mass mailers or bulk SMses are not applicable in business to business marketing. Carefully prepare your client list. Make sure your client list has the basic columns like name of the concerned person, designation, office address, contact number, email id and so on. Add remarks column as well for you to write comments after every meeting or discussion. Try to browse the websites of your potential clients. It will help you during meetings as well.
Call up the client and try to seek an appointment for a meeting. Before going for the meeting, you should also send information about your organization and products through email for the client to go through it once. Never send general emails. Address the client by his/her name. Once you send an email, call up the client and find out whether he/she has received the mail or not?
Always go well prepared for your meeting. Take all necessary documents along with you. The client can ask you anything; after all he would be investing in your products! You can’t complain! Learn to be a good and patient listener. Do not interrupt while the other person is speaking. Let him finish first.
Being rigid does not work in business to business marketing. One needs to be flexible to some extent. Remember your client is king and you just can’t annoy him if you really wish to survive in the trade.
Be prompt in your actions. Don’t keep on waiting for approvals from higher authorities or mails from other departments. Call them immediately and get things done at the earliest. There is no dearth of other organizations for your client.
Provide the best price to your client. Don’t think your client would not find out what your competitor is offering. If need be immediately take approvals from your reporting boss and try to close the deal as soon as possible.
Don’t forget your client once the deal is closed. Call him or visit him once in a while. Wish him on his birthdays or other important functions. He will always be loyal to you. Ask him to write a testimonial for your organization. It will help you attract new clients.
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