When organizations begin a digital transformation and eCommerce journey, they often focus solely on technology. In reality, there are business decisions to be made and opportunities to explore before technology even comes into play. After setting your objectives, you must evaluate your market. Keeping up with the competition can be difficult in an over-saturated marketplace full of innovative competitors. Traditional selling methods are no longer the only way to do business. Consider where you can corner the market.
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A compelling digital strategy finds a balance between maintaining what you already offer while providing new, disruptive ideas that will get you to next level, hold off competition, and entice new customers. We present five digital essentials to help you rise to the challenge.
The “Amazon Effect” is upending many retail markets. Non-traditional competitors are coming in and securing market share. One example of this phenomenon is the bed-in-a-box companies that are changing the market for traditional brick-and-mortar competitors. This shift is also prevalent in B2B markets. Some very innovative B2B sellers are even competing against their own traditional brick-and-mortar business by segregating what they sell online and what they sell in-store. In light of these new market forces, you must identify your true value to the market.
To match pace with these new and unconventional competitors, you need to explore your customers’ unmet needs. Now more than ever, B2B businesses selling through multiple channels need to understand the value of these variable channels. While it may seem obvious, brick-and-mortar businesses have inherent advantages. How can you best leverage the resources non-traditional vendors don’t have? This may mean re-thinking how those resources are used.
Many companies are expanding into previously unexplored opportunities for selling, such as bypassing distribution channels and going straight to market with their products. Given the tools available today, this strategy is something you should consider.
Every B2B customer is unique, whether it be in size, industry, product mix, or target customer. Consider how best to serve their needs and the value you can provide. For instance, many businesses create a self-service system for smaller accounts and focus their manpower on large clients. The objective is to provide excellent customer service, even if you have multiple models to serve your clients. There are new tools and processes that can deliver great experiences even if they aren’t a part of the traditional B2B sales and service model.
Digital leaders often begin by creating personas that are too broad and need to be broken down to a more granular level. There is no one-size-fits-all solution. For the next steps in preparing for digital transformation in B2B, check out our guide.