Categories
Team06

Cryptocurrency for B2B eCommerce Payment

The term “cryptocurrency” refers to the encryption technique which is used to generate the currency and to verify the payments. Cryptocurrency supports “smart” self-executing contracts and used for a wide variety of applications. It uses decentralized technology and also allows anonymous payments. It does not have any physical representation like euros or dollars, and it has no intrinsic value. And the supply of cryptocurrency is not controlled or manipulated by any central bank, financial institution, or government.

In regular B2C or B2B transactions, the payments usually use cash, wire transfer, check, money order, or credit card payment. Governments regulate all of these transactions. It involves the use of one or more intermediaries and is potentially subject to fraud. Cryptocurrency occurred without banks or financial institutions and made using blockchain technology. It exchanges through direct, peer-to-peer transactions that are executed and verified using a distributed algorithm. It is faster than checks, ACH, and wire transfers and is much more secure. It requires fewer players and fees. Currently, more B2C accepting cryptocurrency, however, it has a different situation for B2B e-Commerce. The company such as Microsoft, Newegg, Dish Network, Intuit, Overstock.Com, Subway, Expedia and PayPal already accept cryptocurrency.

The ability to transmit payments globally with more advanced security and eliminate the manipulation by banks or governments makes it an exciting solution for payments. While the majority of the world’s population is unbanked, with just a smartphone, a computer, and an internet connection, people can perform the transaction on an e-commerce website. And it has a considerable benefit in B2B e-Commerce since it can eliminate the risk fraud by making the transactions irreversible without the receiver’s consent. However, there are risks associated with cryptocurrency.

1.    Volatility

Since Bitcoin amount limited to 21 million BTC, it makes the value of Bitcoin and other digital currencies highly volatile. Previously, all governments have the authority to control inflation, employment, and investments. However, it is not with the Bitcoin. It is not affected by any manipulation from the governments. And since the players can enter and leave the market, cryptocurrency value can up and down within seconds.

2.    Government Regulation

Bitcoin, Ethereum, and other cryptocurrencies exist when governments allow their people to use it. Nowadays, no country recognizes cryptocurrency as a substitute for its official currency. In the U.S., the cryptocurrency has known as a money services business, and the government implements tax to the cryptocurrency.  Canada recognizes it as a commodity and treats the transactions as barter. While Russia, Vietnam, Ecuador, and Bolivia are the countries that have banned cryptocurrency payment.

3.    Competing Currencies

Bitcoin, Ethereum, and other digital currencies are competing against each other. The government of Iceland has its cryptocurrency.  And another Canada startup, Kik, introducing another currency. While Amazon, in October 2017, it purchased amazonethereum.com, inamazoncryptocurrency.com, and amazoncryptocurrencies.com. It potentially makes other cryptocurrencies to be unavailable in the future.

Even though cryptocurrency has several risks, it has several benefits to become an alternative for B2B payments. Besides security, it has zero banks or governments interference. It could eliminate fraud because it does not involve intermediaries. And it is also faster than the other payment method such as checks, ACH, and wire transfers. 

Categories
Team06

What You Can Learn From the Profile of a Modern B2B Customer

In order to promote your company and better reach your potential clients, you need to understand who they are. Here are five things that you should learn about a modern B2B customer in order to improve your marketing.

Prefer to do their own research: Almost 90% of all B2B costumers prefer to do their own research nowadays. Information is very easy to be obtained thanks to the Internet and social medias. A company can take advantage of this and be up-front about it by asking the customers what research they have done and what they are looking for exactly.

Prone to be skeptical: B2B prospects are more skeptical than ever. Since they have an easy access to a large amount of information all the time, they are becoming more familiar with their suppliers. Many of them would prefer to make purchases on their own rather than talking with a salesperson. A company should try to build trusting and strong relationships with their clients in order to earn their business.

Have patience before purchase: B2B costumers now take more time before making a purchase. A company should not be pushy when faced with these customers. Instead, it should reach out politely with emails and find out why the customers are being skeptical. Patience and professionalism will let you help you earn your customers’ trust and eventually their business.

Peer Influence: Social media has made it very easy for your customers to compare your brand with your competitors. A company should invest time in building relationships on social media, such as LinkedIn or Instagram. You are more likely to be chosen as a business partner if you have a solid reputation and a good rating online.

Eager for content: B2B customers are eager for information these days. A company can keep an active blog that updates regularly in order to keep the customers’ interest.

Categories
Team06

How to refine your video marketing to attract B2B customers

Social media marketing has become a key section of the marketing industry. One type of popular social media marketing is video marketing. According to Google, 70% of B2B customers watch videos before they move forward with a purchase. B2B customers are different from B2C costumers. B2B customers don’t make personal decisions and buy on impulse, instead, they make logic decisions that require a good amount of helpful information to form, and video marketing is a perfect tool for them to achieve this goal. Here are a few things a company can consider when it makes a marketing video.

Let the video show results: B2B customers care about how others use a product, but they don’t care much about promises. A company can use case studies to show the customers that their products have already lead to concrete results and improvement in performance.

Social proof: 84% of B2B decisions start with referrals. People are more likely to make a decision when they have seen other people making the same decisions. Even though this method is not always approachable, studies show that media such as video and images can boost your social proof.

Eliminate the salesperson: Most B2B costumers prefer to do their own research in order to avoid interactions with a salesperson because B2B costumers want to get information, not a sales pitch. A company that considers video marketing should keep this concept in mind and show its product or service in actions.

Make your video shareable: 3 out of 4 B2B buyers would talk about a purchase via social media with their peers before they make a decision. If your video is shareable, it is more likely for it to reach a larger pool of potential customers.

Convey emotion: Tell a story in your video that conveys emotions that could potentially alter your customers’ decision-making process. Here’s a great example of this concept:
https://www.youtube.com/watch?v=lLHhjcHf0jg

A fresh take: You don’t always need to follow protocols when making a video. You can try to think outside the box and come up with new approaches. For example, your video can be funny, heroic, or simply tells a story.

Categories
Team06

B2B Marketing Tactics for Millenials

Millennials are the generation that was born between 1980 and 2000. The majority of this generation experienced the evolution of technology and social media platform. And when it comes to buying behavior, millennials are often relying on sites like Yelp, TripAdvisor, Amazon, and YouTube. As of 2017, the U.S. labor market consists of 35% millennials, 33% Gen Xers and 25% baby boomers.  And more than 45% of B2B technology buyers are 25-34 years old, making millennials the single largest demographic, and followed by 30% in the 35-44-year-old age group. With more than 56 million millennials available in the United States, it is easy to understand the impact on the U.S. workforce. In B2B, 73% of millennials are involved in the technology purchasing process and as the decision maker.

With all this information, it is possible for everyone to think that all B2B vendors would cater to this unique age group. Nevertheless, over 23% of marketing and sales leaders are unaware of millennials. By considering millennials, it is time for B2B vendors embracing new best practices to sell and market its B2B services.

1.    Don’t be aggressive.

Before deciding to purchase a product, millennial buyers are 57% of the way through the buying process. And it could be a big turn off if millennials see B2B vendors as being too pushy and made an overdoing sale.

2.    Explore new channels.

 92% of millennials use social media to engage with B2B vendors, which is an opportunity to converse with the more genuine and trusting connection that could generate more sales. Third-party reviews are also crucial for the millennials before decided to create a transaction.

3.    Train for transparency.

Training the sales representatives to listen to the questions fully and transparent about limitations, educate them about the possibilities and opportunities, and being as honest as possible to build trust and lasting relationships with the millennial customers.

4.    Video as the content

52% of marketing professionals worldwide acclaimed video as the content with the best ROI. It is because millennials spend a disproportionate amount of the time watching the short-form vertical video. It means marketers need to focus on creating content that is native to social media platforms. 

5.    Events based campaign for social media

Millennials focus on capturing the perfect photos and videos for social media. B2B vendors could use the strategy to create events that ask the attendees to post photos and have a live video stream on social media. Afterward, B2B vendors could use user-generated content across marketing channels, whether using tweets from the event campaign or using hashtag post in social media.

6.    Influencer marketing

Influencer marketing provides validity for technology. Discover the correct influencers requires extensive research. To be effective, B2B vendors could use content marketing tools which have an influencer and outreach search function. B2B vendors could use influencer agencies and marketplace platforms and partner with analysts that could provide insights and authority

These new tactics are different from the old-fashioned way that used to be in B2B. In the end, if a millennial has a positive experience with the B2B vendors, it is more likely for them to buy the product, write a review, act as a referral to the next buyer who is considering B2B vendors’ product.

Categories
Team06

From the Wall to B2B

Facebook is well known as an application that enables people to connect to their friends and family with its wall where everyone can post their thoughts, views, and criticisms. The wall also has the news feed, displaying updates made by the user such as statuses, links, pictures, and other recent activities. Facebook has more than 2.38 billion monthly active users (MAU). And it has 1.56 billion people on average log onto Facebook daily (DAU). In Europe, more than 307 million people are on Facebook. With such great potential, the time has finally come for Facebook to look after and expand its business into B2B services. What are precisely the features that offered by Facebook for its B2B clients?

There are several features that available in Facebook for its B2B clients, such as:

1.    Facebook Adds

Clients enable to create a campaign which has specific goals (advertising objectives) and create ads within the campaigns to help the clients meet the objectives. The clients should have a good understanding regarding to the business goals, the market target, the daily or lifetime budget and photos or videos to feature in the adds.

2.    Facebook Pixel

It is an analytics tool that allows clients to measure the effectiveness of the advertising by understanding the actions people take on the client’s website. By placing pixel code on the header of the website. When a customer visits the website and acts, the Facebook Pixel will report the action. Therefore the clients know a customer action and will be able to reach the customer through Facebook ads. It has several benefits, such as it could help the clients to achieve the right customer, increase sales and measure the adds results

3.    Offline Events

With Offline Events, clients enable to measure the real-world outcomes of Facebook ads. To help clients understand the effectiveness of the campaigns, it matches interactions from client’s physical stores with metrics from a potential customer who saw or clicked the client’s ads. It has several benefits, such as clients could track offline activity and see how much it can attribute to the ads, it measures the offline return on the ad spending and reach potential customer offline, and show ads based on the offline actions, it also enables clients to create lookalike audiences to deliver Facebook ads to offline customers.

4.    Facebook Locations

With Facebook Locations, clients can connect and manage all client’s business locations on Facebook to local power pages and awareness of the ads. The clients enable to add new local pages, edit information for the sites and manage business locations. It will help the potential customer to find clients businesses faster, offer localized content, manage all sites at one place, aggregate check-ins on the main Page and manage Facebook ads

5.    Facebook Marketplace

Facebook Marketplace enables clients to create an online store on Facebook. The clients could add photos of the goods to sell, add a description, choose a category and confirm the store location. Items tab enable the clients to organize and manage the listings and queries to and from buyers easily. The marketplace will supply the customer with the client’s information to guarantee the transparency and credibility of the store.

With the massive potential of the users and transactions, Facebook has a chance to enter the competition in online B2B services against Amazon, Alibaba, and eBay. Especially with its connection to other applications owned by Facebook such as Instagram and WhatsApp. With the good strategy, it is possible for Facebook to defeat the giants in B2B business in the future.

Categories
Team06

5 Ways to Reach Potential Customers for Your Business

B2B marketing is different from B2C marketing. B2B marketing is mostly about getting introductions and building a long-lasting relationship. According to John Boitnott, a digital media consultant, and investor, there are 5 methods a business can use to help reach its potential business partners.

  1. Be a thoughtful leader: When a company chooses a business partner to work with, it usually looks for the most reliable firm with a solid reputation in the industry. A company can build its reputation and gain attention for its potential costumers by conduct workshops and market meaningful content online.
  2. Network like a boss: Networking is essential in the B2B world. Attend conferences and webinars often to attract customers. Set up a LinkedIn profile is necessary. The more often your potential customers see your brand, the higher the possibility that they will select you as a partner in the future.
  3. Tell a story: Instead of using facts and numbers, you can show your brand’s personality by giving a story that’s relatable to your customers. They will more likely to choose your company over your competitors if the customers feel more personally related to the services you provide.
  4. Use paid ads: Paid ads are not only for B2C-based companies and they can often be underestimated by B2B companies. One useful platform for B2B advertising is LinkedIn. Advertisers can target potential customers through company types and job titles. Paid ads can be much more effective than organic traffic.
  5. Use integrations: B2B businesses should work with professionals throughout an industry regularly. With the help of some plugins, one would be able to send out emails with the best fitting information collected by the third parties.
Categories
Team06

Amazon B2B Marketplace

The growth of B2B e-commerce projected to increase to $1.2 trillion by 2021, and currently, Amazon Business has focused on providing a convenient way supplying businesses with the items that may not have suppliers or predictable budget lines attached. The B2B market is responsive to the broad selection, robust product pages, and convenient online experience as consumers. Amazon Business provides suppliers to access over 85,000 sellers with hundreds of millions of products. Amazon Business gives them the features, such as payment methods and shipping addresses, approval workflows, and reporting options, depending on the business needs.

 Amazon Business sells all types of products from industrial supplies to the lab and medical equipment. Amazon ease of use and familiarity makes it easy for buyers to perform transactions. CEO Jeff Bezos has made it evident that Amazon Business is a priority as they look to continue to expand and see it as direct competition with the competitors.

Companies registered on Amazon Business have eligibility to get discounts on a wide variety of items. With a full suite, all sizes of businesses can find new ways to engage professional customers in supply chain relationships. It allows companies to cater to the specific requirements of business by providing features optimized for B2B transactions, such as:

1) Exclusive Business SKUs: Suppliers could create listings only for companies and visible only to business buyers.

2) Business Pricing and Quantity Discounts: Discounted business prices and tiered quantity discounts are available for the suppliers in the Amazon Business Seller Program.

3) Tax Exemption: Amazon has extended the tax exemption program to sellers.  Suppliers could provide tax exemption for qualified purchases.

4) Seller Credentials: As a seller, suppliers could also add credentials such as ISO 9001certified, small business, women, minority, and veteran to the profile.

5) Business Product Identifiers: Suppliers can provide manufacturer and distributor part numbers (MPN/DPN) to make the products easily discoverable by customers or National Stock Numbers (NSN) for purchases from government procurement.

One of the biggest roadblocks is to adopt B2B e-commerce is the complexity of B2B purchases, such as discounts, bulk packaging, invoicing, size variations. With Amazon Business, suppliers could restrict offers to businesses that are deemed by Amazon Verified Business Customers, and suppliers could configure product selection and offers. If suppliers need help with logistics or fulfillment, Amazon Business can be partnered with to assist, and it will provide analytics and customer support.

Amazon Business is critical for any B2B supplier’s toolkit for increasing revenue, growing market share and finding new customers. It has been developed to adopt B2C experiences while tackling the challenges and complexities of the B2B purchase. Besides, there are lessons within the business model for any supplier looking to sell directly to a business buyer online: provide an easy-to-use, compelling online experience that supports complex purchases, and suppliers can emphasize on the shift in purchasing behavior.

Categories
Team06

AI in B2B

When it comes to Artificial Intelligence (AI) technologies, the applications go beyond voice-activated electronics and self-driven cars. AI can be widely used in the B2B market, and the technology has been improved greatly in recent years.

While it is important to have a brand persona and a plan to answer consumer searches accordingly, the most important and urgent concern in B2B marketing is how decision making and data analysis can be improved in quality and efficiency. This is described as “automation-plus”. B2B marketing will play a crucial role in machine learning and automation-plus. B2B marketers may use the same machine-learning technologies as B2C marketers, the priority would always be serving the existing customers more efficiently and effectively while converting strangers into new customers by serving them the content they need.

Account-based marketing (ABM): This is the marketing method that personalizes messages that specifically target individual accounts rather than casting a wide net. Software such as Nudge and Demandbase can help a company sort through publicly available data to identify potential clients. The software then generates personalized comms to pass down to the salesperson and even select the most-qualified candidate for the job.

Innovative customer relationship management (CRM) systems will try to understand which accounts are more valuable than the others so they salesperson can target them specifically. Such data can be predicted from web browsing behavior, opened emails, and content downloads. One software that’s often used by B2B companies is Salesforce.

CRM and ABM software can help a company target lookalike audience and optimize for the best chance of success with customers. Not only the software can decrease the amount of time to locate the most valuable customers, but it can also increase the company’s overall efficiency greatly and help the company maintain healthy and long-lasting relationships with its customers.