By Brandon Spear
For small and midsize businesses (SMBs), competing against big-name brands can seem difficult, if not impossible. Numerous advantages, including greater brand recognition and larger budgets, often stack the deck against SMBs.
But thanks to the emergence of advanced technologies, a level playing field may be closer than it seems. From analytics platforms to chatbots, new innovations now enable SMBs to go toe-to-toe with industry leaders.
Simplify the purchase process
B2B customers crave convenience, and they’re not afraid to look elsewhere if the purchasing process is too complicated. In many cases, SMBs increase conversion by working with a payment provider capable of expanding payment options.
While traditional options like checks and credit cards are a good place to start, you may also want to consider new payment technologies that are poised to provide customers with a seamless checkout experience. One such solution is Credit as a Service™(CaaS). By enabling you to offer payment terms, issue credit lines and onboard customers almost instantly, CaaS goes beyond just payments to pave the way for a top-notch customer experience and faster growth.
If you’re not sure what other payment technologies might fit your target audience, just ask. Focus groups or post-purchase surveys can unearth valuable information about the payment options that matter to your customer base.
Make the most of data
While 74% of businesses want to be data driven, just 29% are adept at using analytics to inform their decisions. Capitalize on information collected across your organization with an analytics platform that highlights key insights.
For example, instead of assuming a specific segment of customers will be interested in a product or service, use purchase history data to identify the offerings that are most relevant to the segment.
When selecting an analytics solution, opt for the platform that offers the greatest flexibility. From a data perspective, customizable technologies are far more effective at unearthing actionable insights than solutions that cannot be easily configured to your unique requirements.
When competing against larger companies, fewer employees coupled with a less robust budget means your business will have to find ways to operate more efficiently. Not sure where to start? Try marketing automation technology. Rather than spending time manually steering leads through the pipeline, your employees can reallocate work hours to more important initiatives, such as enhancing the online experience or addressing customer concerns.
Outsourcing offers another effective strategy for freeing up employees’ time and saving money. Recruiting platforms can identify qualified freelancers to tasks like accounting and risk assessment and subsequently lighten the load of full-time employees. Better yet, portions of your budget that may have been set aside for roles like A/R and collections can instead be applied to more pressing needs. This decline in labor costs will help you achieve the financial flexibility required to compete with more established organizations.
Get the last one in the full article on SmallBiz Daily.
In the Press
In B2B, suppliers and getting them paid is a friction-filled process.
The friction is especially acute in manufacturing. The relationships between manufacturers and their suppliers often cross borders, and payments can involve several different currencies.
The “clash of the titans” is a metaphor that is used to describe situations in which two powerful forces refuse to yield to the wishes or conditions of the other.
By Martha Salinas
MSTS is out with a new report on B2B sellers and buyer payment preferences. There are valuable insights and solutions to some of the challenges faced by B2B sellers, but one statistic shocked me.