B2B Marketplace - How to launch & start making money from B2B Online Business
Are you an entrepreneur about to start B2B Marketplace? Do you want to make money online, by selling leads through your B2B website? Let's dig deep and see what it takes top make money from B2B Marketplace.
B2B Marketplace companies around globe make more money then usual e-commerce websites because they are selling leads to enterprises that need qualifying leads. A good qualified lead can cost over 1000s of USD depending on what niche categories you are focusing on.
The concept of B2B Marketplace is two sided, you have a vendor or seller on the website that is offering product of service, and you also have a customer or buyer who visits your website in search of those products. Seller is focusing on qualified leads and buyer is focusing on competitive pricing and right product mix.
Since you have two target audience, a buyer and seller therefore we will need to create sales funnel for the two key target audience.
Both sales funnels will be different, there will be short term and long term cycles for these sales funnels which will focus on these 5 stages:-
Identify the Problem
Evaluation of Alternatives
Our goal will be to make funnels for each of the two main key target audience and understand how they interact with our business in each of these stages.
Let's go through each of these stages for the two target audience:-
Identify the Problem
This is the first stage of the buying process. The target audience will initiate purchase only after recognition of the need or want.
Needs arise as there is a problem. For example for your Medical Supply B2B Website, a buyer needs a mask because of Covid Pandemic.
Wants arise either because you have need a product or just because you are influenced by external factors. For example, you need a mask, you see an advertisement of an influencer and like the mask colours and buy a face mask online.
In this stage, the marketer should identify the needs of the consumers and offer the products based on the desire.
Identify the problem for buyer: A buyer is your website visitor who can contact, request info, send RFQ and show need for a particular product or category.
Identify the problem for seller: A seller is your website vendor or seller who lists products to sell. He wants buyers to buy his product or wants qualified leads where he can contact buyer and understand buyer needs before selling the products.
I you like this post and want more information on other stages and how to create a seamless sales funnel for both target audience then comment below. I will be happy to elaborate on strategies that we use for success.