B2B Sales : Meaning, Buying Process & Strategies
Last updated on:In the new age businesses no longer just wish to survive but rather thrive and reach new potentials. This applies to every industry. Recognizing the advent of digitisation, a large portion of B2B firms has already shifted to online business. And B2B marketing industry is a lot bigger than you might assume. The impressive success of B2C enterprises is inducing B2B businesses to do the same and it is happening at full blast.
By 2025, Statista projects that the Indian B2B online sales to reach $60 billion. This data represents the fast-paced growth of the B2B market in India.
The B2B and B2C buying processes are not cut from the same cloth. B2C buying is simple as it only involves 1 or 2, decision-makers. The consumer's decision usually depends on the quality of the product and its monetary value. But this is not the case when it comes to B2B as it takes a lot of aspects into consideration. Usually, it is an information-based purchase that is complex and formal.
In this article, we familiarize you with the meaning of B2B buying, its process and the strategies involved.
What is B2B buying?
If you are reading this then it is unlikely for you not to know the meaning of B2B sales. For those who do not know, B2B sales are dealings between 2 business entities, unlike business to customers. The transaction can be of multiple products and/or services altogether. The level of sales is quite remarkable, including multiple stakeholders and a longer sales cycle.
Who Are B2B Decision Makers?
A decision maker is someone who finalizes and approves the purchase. For the most part, a group of individuals are behind a B2B purchase and each plays a different yet vital role. Since it includes more than a person, the individual's position, authority, opinion and perspective may influence the final decision. At a times external stakeholders are also responsible for the decision.
The B2B buying is riskier and puts a lot on the line. Therefore, it makes sense that it goes through several stages.
Now, let's take a look at the B2B buying process.
The B2B Buying Process
Discovering the problem
This is the first stage of the B2B buying process and it is when the customer discovers an issue in their organization. The solution to these issues in most cases is imminent as it affects the overall functioning of their entity. For example, the problem can be a lack of office supplies in a firm, a construction firm requires urgent raw materials and many more.
It can either be a need for new products/services or a change in the existing ones. The main goal here is to address the root problem and solve it using the required product/services.
The initial research
Since the problem has been identified in the first stage the second stage begins. Here the customer conducts detailed research to find out the negative and positive impacts of solving the problem. And if it is worth it or not.
Next, the B2B buyer will explore the available options for products/services that fit their problem. Price, product options, quality, shipping time etc are taken into consideration while selecting a potential match. This search is generally conducted online these days as everything is available on the internet. Although, some businesses will also look out for offline options. But in this case, having a strong online presence can help you with B2B sales. Website, social media handles, white papers, case studies, etc are resources for the customer to obtain relevant information about your business. Then a list of potential options will be made that gets narrowed down.
The potential solution comparison
At this stage, they are crystal clear about their exact need and have already established a list of probable suppliers. By keeping in mind, a specific point all the solutions are analysed to find out the best among them. The effect of choosing one of the solutions above the other for the business will also be a prime focus throughout this stage. Moreover, for them, a great solution will help them get closer to their internal business goals.
The purchase justification
The person who is behind the product research is usually not the decision maker. Thus, they will have to justify their decision in front of the senior officers. Usually, a product sample or presentation from the seller's side is sent to move forward with it. If the decision makers are satisfied with the product and deem it the perfect solution for the issue then the decision is made.
Completion of purchase
This is the last stage of the B2B buying journey as the customer has finalized their decision of purchase. It is a transactional stage where official documentation, contracts and dealing take place. But before the payment of purchase certain things are discussed and agreed upon by both parties. The negotiation of price, and sorting out the order delivery on the base of quantity and location are discussed.
Moreover, the B2B solutions are mainly personalized as they address a specific issue that might not exist for everyone. As the level of transactions is huge, the customization of the solution is possible
With the moving B2B market trend, the sellers must progress and offer innovative solutions to resolve pain points!
The B2B Buying Process Is Changing
One of the reasons behind the success of B2C eCommerce marketplaces such as Amazon and Flipkart is their rich user experience. The B2B consumers want the exact thing, as it simplifies the rather complex buying process. This particular reason is changing how B2B sales take place these days. Businesses now want a consumer-like experience as it also saves them money and effort. It is not an idea nor a theory, but instead, a reality that is happening because more and more businesses are preferring it this way.
So where do these business entities seek the solution?
Zyapaar Is the Answer
Zyapaar is a revolutionary B2B marketplace put forth to deliver a rich buying and selling experience to businesses. It intelligently connects the supply with demand to ease the buying process. Business entities can verify themselves using government-recognized identifications such as GST no. their business on Zyapaar. Henceforth they post requirements for raw materials, semi-finished products, services and more. The other Zyapaaris from across the nation will reach out to you with their solutions. Likewise, businesses can post their products & services on Zyapaar and can even promote them in a variety of ways.
The streamlined user interface allows businesses to conduct sales and purchase hassle-free. Traditional B2B buying limitations cease to exist on Zyapaar. In fact, as a buyer or a seller, you get to experience several advantages that help you get closer to the business goals.
Final Words
In essence, the B2B buying process is nothing like B2C as it is longer and involves a number of important aspects. It is also a fact that the B2B industry is steadily shifting towards a B2C buying and selling experience. To help businesses leverage these advantages Zyapaar has been in the market. The innovative and dedicated solution of Zyapaar makes the B2B buying process easier than ever before.
Because Zyapaar Se Ab Daudega Vyapaar!