This statement must seem like an abruptly threatening title to you, and yet it is true. You must be asking that who are these new competitors? Selling in the B2B world requires knowing your customers and competition well.
Traditionally local businesses sell locally, and the boundaries are well defined. Knowingly or unknowingly, small companies like dealers or distributors in every city have concentrated in a location, physically next to next door in every city, whether it is electrical or mechanical related supplies. Small to large businesses used to work with them depending on their sizes locally for the only reason of reach and cost aspects.
This change in the business environment has resulted in people breaking the geographical boundaries and reaching beyond physical limits.
However, due to the Internet, it has changed the way business done in the last decade or so. The next era of change in the industry is sure to be digitization as B2B e-commerce is all set to make its way into our business and with this shows that our new competitor is always evolving. However, on the other hand, B2B and manufacturing industry do catch up late to whatever current technology is in use.
Right now there must be one question on people’s minds- does it pose a threat to traditional businesses?
Well, the answer is both a Yes and a No. How? Let’s read on below:
The ones who understand the change and simultaneously adapt to it make progress and the ones who don’t or rather prefer not to see the changes have to accept losses in the long run.
The answer is yes and no as the ones who understand the change and adapt makes progress and the one who doesn’t see the difference or willing to accept losses in the long run.
However, there’s no need to worry too much about it as it isn’t a do-this-or-it-will-be-over-thing. Everyone has to take an informed decision to adopt the new changes and then make small changes to the way we are selling today according to our customer base. However, two important things to remember:
Everyone should remember that providing ease of transaction and pleasure of doing business to the customers is any business’s prime responsibility.
Remember that better service and customer support will win business.
Every business nowadays should have their digital presence so that they can engage with their customers. It is either through eCommerce or customer portals or digital product catalog. Take your first step in your digital journey and learn that your traditional competitors are not the only threat, there’s more out there.