How to build a Successful B2B marketplace – A Seller Perspective

A B2B Marketplace is an online platform for business to business transactions, which includes dealings between manufacturers, suppliers, wholesalers, and retailers. It has made international trading easy and plays a significant role in doing international business over the internet.

B2B Marketplaces help sellers to promote their business/products in global markets and help build rapport with buyers from around the world. Although not all trade portals operate at international level (some also work at regional level), the chances of getting good business opportunities with right target market is equal in both scenarios.

If a seller wants to carryout business at a global level, online b2b marketplaces play a vital role. The investment cost is less and a comprehensive database is easily available on such portals. Online trade portals provide an easy ground for sellers to interact with potential trade partners and generate business leads.

The best part of business to business portals is that it provides trade alerts to all registered members. It gives sellers, details of all the interested business prospects concerning their account on the portal. So the seller need not waste time in searching and contacting interested trade partners individually.

Getting the right leads on trade portals is no big task, but the challenge is to commit to those deals in the specified time, failing which the b2b seller loses the b2b buyers’ trust that took a long while earning. Delivering what the trade partner wants at the right time helps in building trust. A seller should only promise what he is capable of supplying.

B2B Marketplace

Here are few very simple steps in building a successful B2B business:

1. E-commerce channels.
Social networks are the easiest ways to drive conversations and manage relationships. The sellers can easily boost the reach and results by integrating these social channels into e-commerce strategy.

2. Adopting new ways to reach the B2B trade partners
According to a recent survey by Selling Powers, in B2B business, the reported level of revenue can increase by 36% in new accounts and 40% in existing ones by adopting new ways to reach potential trade partners, like webinars, trade shows and social media.

3. Hiring the right skill set:
It has been observed that the skill sets in sales professionals change as they get engaged in e-commerce and online channel strategies. So it’s very important for a B2B marketer to continually assess and adjust competencies to sell business effectively on a long term basis.

4.Growing the team’s sales skills and tactics:
A seller should continually upgrade his sales team’s skills in order to match the business needs and customer demands. Functions which the sales staff usually managed- like handling orders or configuring products and services are now handled online, so strategies, roles and responsibilities should be altered accordingly.

5. “Product” to a “Solution” approach:
The job of a good b2b seller is to meet the demands of the trade partner and to work closely with them to meet the buyer’s requirements. Business networks provide the b2b sellers an opportunity to stay close to their customers. So working and collaborating around the same information and implementing it on a timely basis allow the speedy completion of the b2b buyer’s demands.