Two keys to boosting your business-to-business revenues
Who would you say buys your company’s offerings - corporate buyers, private consumers, or both? People who are buying products and services on behalf of their organizations have different needs than those who are buying for themselves. Losing a single consumer is unfortunate. Losing a large corporate client can create financial fallout. With so much at stake when you are selling ‘business-to-business’ here are a few tips I share in my seminars and speeches on how to gain and keep the loyalty of corporate clients.
WHY PRICE ISN’T PARAMOUNT
Corporate buyers are not spending their own money; they’re spending their company’s. So paying a higher price doesn’t affect them personally. Corporate buyers are expected to choose the supplier who provides the best overall value. That brings us to two secret desires that your corporate customers won’t tell you. Nor will they mention them in tender offerings or in requests for proposal. Knowing them will give you an edge in boosting your B to B revenues.
MAKE THEM LOOK SMART TO THEIR BOSSES
It’s one thing to claim your products and services provide all kinds of benefits. It’s an entirely different magnitude of value when you quantify how much of an impact you are having on that company. So when possible, provide your customer with evidence of the actual cost savings, quality improvements, waste reduction, that your products and services are generating for their business. Your corporate client can then forward those numbers to their bosses and take the credit for the improvements. And for being smart enough to choose you as their supplier. Everyone benefits.
Making your customers look brilliant also means giving them what they need- not necessarily what they ask for. Presumably, you’re more attuned to the latest developments in your industry than your customers. Corporate customers typically only have expertise in their outputs- not in the inputs that you supply. So, it’s up to you to bring innovations and suggestions on better ways your customers can achieve their goals. Make sure when you present these enhancements, you give them plenty of credit for being open to this innovation. I call this approach the humility advantage. Corporate clients have jobs they’re trying to keep, turf they may be defending, and attention they’re trying to garner. Why not indirectly help them achieve those goals?
MAKE THEIR JOBS EASIER
None of us wants to work harder than we have to. So when your business clients need answers, how accessible are you? Can they easily find answers, check real time inventory, place orders on your website, knowing that you can deliver as promised? If not online, how long does it take your corporate clients to talk to a human when they try to reach you? Our research shows that two of the most powerful words you can use with corporate customers are: hassle-free.
Making your business customers’ job easier includes making their jobs more pleasant. In years past, making work more fun meant corporate entertaining... salespeople would wine, dine, and fly business clients to exotic destinations. Some would unfortunately go as far as offering bribes and kickbacks. Today’s first world business environment is thankfully, much more transparent and ethical. Plus, corporate customers are so busy with their workload, fighting traffic, and juggling busy personal lives, they aren’t particularly interested in socializing with their suppliers after hours. Private meal invitations can also create awkwardness.
With this in mind, one approach that’s gaining popularity for entertaining corporate clients is staging special events that include food. Consider bringing a lunch-and-learn to your client or hosting an open house to groups of clients. Include some degree of education relevant to their job such as a speaker who can inform and engage them. Feed them while you teach them and they will come.
One last word on making your corporate clients’ jobs more pleasant. In 1854 Henry Thoreau wrote that most people live lives of quiet desperation. To a certain extent I believe that’s still true. Your client may be stuck in a dead end job and receive little recognition. So consider the value of offering them a specific compliment. Give a clear example of something they as a person do that makes them a special client. In a job where no one notices, you may be one of the few to make them feel appreciated.
Bottom line - remember that companies don’t buy anything. It’s people within those companies who make decisions. Make those people look smarter to their bosses and make their jobs easier. Then notice how your prices suddenly become less relevant.