Here’s the scariest bit about starting a business- 90% of startups will fail. Certainly not what you’d like to hear, but that’s a fact.
As an entrepreneur, you’ll probably be optimistic about everything at first. And that’s commendable. Unfortunately, the problem with optimism is that too much of it clouds your judgment.
Consequently, you won’t be able to foresee the possible challenges that you might encounter along the way. And that’s how people end up committing mistakes that cost them their entire businesses.
Come to think of it, running a B2B business is not that difficult after all. The recipe for survival is pretty simple. You only need to mix a little bit of that optimism with a great business idea, a perceptive and analytical mind, effective marketing, plus superb mentorship.
Now, the marketing part is arguably the most straightforward among these. Learn what works with your target market, and find ways of leveraging the most effective tools for each strategy. For a rough idea of what you need, you could check out some of the startup tools for marketing that Leadfeeder recommends.
And speaking of generating leads, one of the biggest hurdles for B2B businesses is landing that first batch of clients. So, how do you market yourself effectively?
Capitalize On Your Existing Connections
Fact is- before you even start networking, you already have a number of friends and business acquaintances. They are very valuable if you want to hit the ground running.
Begin by creating a comprehensive list of the most impactful connections. Think about everyone who’d be interested in your type of business, then approach them individually.
You could organize a short meeting as you have lunch or coffee. And if that proves to be difficult, a quick phone call can do the trick. Then remember to keep your pitches short and interesting.
Create An Informative Blog
Blogs have always been one of the most direct routes to establishing a business as an authority in its field. B2B companies running active blogs, as a result, are generating 67% more leads than their non-blogging counterparts each month.
A typical blog, however, might not be that effectual. To get a continuous stream of clients, you need to develop a readership base by providing real value. Start early and maintain a consistent flow of informative videos, images, plus articles.
Build a Following on Social Media
Sure, Facebook is popular. And so is Twitter and the likes. But when it comes to B2B, you should focus mostly on social networking forums for professionals like LinkedIn. Apart from offering insights on people’s credentials, such sites provide an array of tools for establishing solid connections.
You could, for instance, take advantage of the group feature to set up communities of professionals in your field. Actively engaging the subsequent participants with valuable content will eventually win you a couple of clients.
Participate In Conferences And Business Events
The whole purpose of conferences and other business events is to facilitate socialization between delegates from various companies. The subsequent links they form have been proven to be the biggest source of leads for B2B brands.
Therefore, you should keep close tabs on all the developing events in your specific field. A good strategy for attracting clients is participating actively by perhaps giving interesting talks or creatively showcasing your products. And remember- engage as many people as possible if you intend to create an extensive network of connections.
That said, it’s always advisable to assess your competitors while you hunt for clients. Learn how the most established companies are attracting leads, then capitalize on those insights. Most importantly, try to stay ahead of them at all times.
And while you’re at it, seek mentorship from established business leaders. There’s a wide variety of them in pretty much all fields and entrepreneurship models.
If you’re a lady, for instance, you could start by reading something like Fabulous Fempreneurship- which is as a great resource for female entrepreneurs. Such books will teach you a thing or two about the entire B2B ecosystem, including its challenges.
Nurturing leads and guiding prospects through the sales conversion funnel is the future of marketing and getting widely adopted by marketers all over the world. Our focus should be on the personalized journey of prospects until the conversion stage and have minimum human intervention by automating repetitive tasks like lead generation, social media engagement, and other manual tasks.