B2B Marketing Strategies For Successful Marketplaces
B2B marketplace strategies are aimed toward growth and profitability. Mark (CEO UK Based B2B Market Place) puts it in simple words, “No matter what you do, and how much you do, it is never enough.” The sense of never enough and aiming high becomes the ultimate strategy for any B2B Marketing Effort.
The goal of getting more paying customers, and managing the overall experience of the user in itself is a challenging task from day one. It is hard, but if done correctly can give you easy access to a cash flow that can be channelised to create a flywheel of endless opportunity and success. Finding demand while maintains supply is often challenging for any marketplace. Sometimes the success of the marketplace also depends on various services you offer along with your core business, e.g. Amazon’s success is also attributed to its efficient management of supply chain and logistics. Fast delivery by Amazon helps its buyers and sellers to create a Win-Win environment and a perfect flywheel that is now a benchmark in B2B marketplace industry. Both B2B or B2C websites in the marketplace refer to a Multi-vendor website or E-commerce platform or basic lead generation platform, essentially a B2B marketplace.
The effort of reaching out to customers by emails, newsletters, SMS or another form of messages and also reaching out to sellers is still easy, the real effort lies in creating a world-class funnel that keeps track of every touch point from user experience to no. Of clicks, forms and buying behaviours of your different audiences within the ecosystem that you want to create - so-called B2B Marketplace.
Identifying a perfect marketplace platform is an essential step toward success. Is your marketplace platform evolving? Are you getting FREE updates? Is there any option for customisation? Is it payment friendly or E-commerce enabled?
Let’s look at the top 5 B2B Marketing Strategies that really start the process of success and lays a foundation for multiple strategies easily. The principle assumption being that B2B marketplace is for profit-making and all strategies should lead to the creation of fly wheel with minimum resources and maximisation of profit.
Top 5 B2B Marketing Strategies for a successful marketplace
Number 1: Identifying Niche and Target Audience:- When you start a B2B Marketing Strategy, it is often important to focus on particular Niche or Category of products or services that will be offered by your B2B Marketplace. While doing so, it becomes easy for a business owner to focus on strategies that lead to identifying target audience belonging to that particular Niche. E.g. Musical Instruments will be purchased by music students, musicians, music clubs, bands, songwriters, people who like to play, people who like to learn playing music and so on. However you can further dig deep and focus on one particular niche category in the overall Music Industry, e.g. Marketplace for Guitars, and target audience will be people who want to play, learn guitar, different types of guitar players like electric guitars or bass guitars and so on.
More you focus on Niche, easier it becomes for overall success. Amazon started by selling just books. FQZEE B2B Platform gives you a unique system to create B2B Marketplace only for particular Niche, with clear identification of Categories and Subcategories.
Number 2: Website Performance: Customers of B2B Website are both buyers and sellers. A high-performance website often means that website caters to both buyer and seller and fast speeds. Loading time is fast, the website is optimised for both website desktop view or mobile view and so on. Apart from speed, it is also important to have correct and engaging content for your users. If a user is on a product page, the user should not only have all data that he needs to buy a particular product but also needs to understand and educate himself before taking a buying decision. A good website is one with good content and also a good design. Gold design not only helps in keeping user engaged but also creates a sense of professionalism that is not easy to achieve otherwise. Website performance also implies how easy it is for search engines to crawl, and index your website. So in nutshell website performance is focused on Website speed, responsiveness, user content and UI design.
Number 3: Search Engine Optimisation (SEO): Everyone knows that SEO is the biggest and most important tool for any website. For B2B website, SEO is equally important. Improved SEO allows you to reach out to buyers and sellers when they are looking for services. It also has a multiplier effect on B2B marketplace because your sellers or vendors are listed on your platform. After all, they want to sell products or services, if they find their customers on your platform then it is a win-win situation that creates a long-lasting fly wheel. Imagine a buyer looking for Accounting Software and searching for “best accounting software“ on Google, and your website (marketplace) comes on the first result. Buyer clicks on the link and reaches a product page on your platform and makes a transaction. This has a multiplying effect on your overall goal and one of the most important B2B Marketing Strategies.
SEO strategies are of two types:
On-Site SEO Strategy: All SEO efforts that can be done on the website is a simple way to understand On-Site SEO strategy. SEO strategy as a B2B Marketing strategy is well established and on-site SEO strategy reflects upon the fact that use of keywords, long-tail keywords, keyword phrases are used within your B2B Marketplace, on Product pages, home pages and every page depending on what type of content is used makes it easier for the user to search on search engines like google or bing. Best way to improve SEO strategy is to identify and understand what your user is looking for and then use same keywords and keyword phrases that can help you improve B2B Marketing Strategies for improving SEO of your B2B Website. Here are key points to remember while working on SEO strategies for your B2B marketplace:-
Check every page for Meta Title, Meta Description, Keywords etc.
Check every page for relevant keywords and keyword phrases that user is searching or typing while looking for your services
Create an easy flow for search engines to understand your website. You can use products, prices, reviews and many more options in advanced SEO tool that can help you reach out to a maximum number of people searching for those products or services
Off-Site SEO Strategy: All SEO efforts that are not related to website can be termed as an off-site SEO strategy. E.g. backlinks, the recommendation of your website by a reputed and high domain authority website. Guest article, a guest blog that showcases your website or products within your website will lead to a higher ranking of your web pages.
Number 4: Social Media as a tool to maximise profit. For any business social media are an essential tool and part of key strategies for your B2B Marketplace. Identify where are your audience, are they on Facebook or LinkedIn, can you write a post that will be engaging. Can they read your post and click on the link that will lead them to your website. What action are you looking at from them? Are there any expectations from your buyers or sellers? Often, in B2B Marketplaces, there can be more than one type of target audience, e.g. A user who intends to buy and a user who intends to sell, How do you reach out to both of them on social media? Mark tells this in simple words, “Our users who come to our website to buy are often pulled from Facebook and Google SEO, while our sellers are on LinkedIn.” There are different social media platforms like Snapchat, Fancy, Twitter, Tumblr, Blogger, Twitch and many more where you can find your users.
Nowadays users can also be found in groups on WhatsApp and Telegram.
Referral marketing can be another strategy for your website where you create long term reward points, engagement bonus, coupons and discounts for your customers who bring in more customers. 17% of referrals come from social media, And this number is different for different industries.
Number 5: Advertisement. Now you have reached your ultimate strategy for B2B Marketing efforts, and that is an advertisement. Once you have identified, Niche, target audience and completed SEO related work and social media marketing, you can start advertisement. Before strategies advertisement, understand what is the likely outcome that you want to offer to your customers, Do you want to allow them to reach a call to action buttons like WhatsApp Now, Call Now, Buy Now or learn more? Where are your customers and how do you want to choose your advertising platform? Do you want to advertise on Facebook because your users are on Facebook? Or do you want to advertise on Google because your customers are on Google? Do you want to use Youtube or any other service for reaching out to your target audience? E.g. A marketplace for guitar can advertise on Spotify or iTunes? Or perhaps songs that are related to the guitar on YouTube? Or a software marketplace can advertise on LinkedIn with a target towards SEO of companies where there are more than 100 employees?
If you want a deep guide on advertisement strategies for your B2B Marketplace, then contact us on www.fqzee.com