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5 challenges to overcome in developing a B2B marketplace - E27

Here are 5 challenges that are useful for aspiring entrepreneurs to know before getting into the thick of developing a B2B marketplace:

1. Chicken-and-egg problem

2. Shifting the mentality behind legacy processes

As much of the industrial world is still very much entrenched in dated methods of running day-to-day operations, many of the businesses are still relying on paper order requisitions, hand-written inventory counts, phone calls and a scribble on a notepad. 

3. Getting the word of your marketplace out there

4. Larger stakes involved in decision-making

Unlike the decisions made in B2C or C2C marketplaces, choices made in B2B bear heavier responsibility, as it can affect the lifeline of the company. Stakes are higher, too. A simple decision by an employee can extend beyond an individual impact to wider implications on the department and even the entire company.

5. Lower adoption rates and slower process behind buying and selling
CYDigital/marteq.io's insight:

Not a new concept, so a bit of research into pre-bubble #1 would show some examples/case studies.

 

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[FREE] The B2B Buying Disconnect - TrustRadius

[FREE] The B2B Buying Disconnect - TrustRadius | The MarTech Digest | Scoop.it
TrustRadius surveyed 600 technology buyers and vendors to identify areas of alignment and disconnect in the B2B purchasing process. The study provides new insights into how technology buyers research products, where vendors are falling short, and what you can do to have greater impact on purchasing decisions.

Key findings include:

  • Vendors are focusing on providing materials that buyers don’t find very useful or trustworthy
  • Buyers want hands-on experience with the product and insights from customers
  • Vendors have an arsenal of satisfied customers they are not leveraging
  • Download this free report today to see how your team stacks up and what you can do to influence today’s B2B buyer.
CYDigital/marteq.io's insight:

TECHNOLOGY buyers and vendors. But still...

 

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marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs. #MarTech #DigitalMarketing

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The Data Digest: Do You Know Your New Technology Buyer? - Forrester

The Data Digest: Do You Know Your New Technology Buyer? - Forrester | The MarTech Digest | Scoop.it
When asked why they are spending more of their business budget on technology, North American enterprise BDMs cited three critical reasons. First and foremost, technology is too important for the business not to be involved:

Second, the rising expectations of customers require the business to push IT to keep technology current. And finally, business executives’ understanding of technology is increasing; so, they can interact more effectively with IT.
CYDigital/marteq.io's insight:

MIA: the business case cannot be articulated by IT as effectively as the business side.

 

Email your comments to joe@marketingIO.com. I’ll publish it here. marketingIO: One Source for All Marketing Technology Challenges. See our solutions.  

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[FREE] 2016 B2B Buyer's Survey Report - Demand Gen Report

[FREE] 2016 B2B Buyer's Survey Report - Demand Gen Report | The MarTech Digest | Scoop.it
Countless studies demonstrate that today's consumer demands an exceedingly high level of customer service from brands. Our annual survey reveals that B2B buyers are becoming similarly scrupulous when making purchases.

According to the results of our Sixth Annual Demand Gen Report 2016 B2B Buyer's Survey, B2B buyers are scrutinizing potential vendors more closely than ever. While timely deployment, personalized messaging and potential for ROI have always played a crucial role in the buyer's decision, this year respondents cited the factors as even more important than in previous years.

Download the report to gain a holistic view of how today's B2B buyers are evaluating and making their purchase decisions.
CYDigital/marteq.io's insight:

NEW: Experience Remarkable Planning Accuracy With New, FREE Growth Hacking Tool. Go here: http://goo.gl/UjcA8x  

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Study: Millennials prefer Facebook, video for B2B research FierceCMO

Study: Millennials prefer Facebook, video for B2B research FierceCMO | The MarTech Digest | Scoop.it
B2B millennials are playing an increasingly large role in purchasing decisions, a role that will only grow larger moving forward. New research shows that millennials prefer video content and channels like YouTube when researching B2B products and services.

"B2B Report: Millennials" from Sacunas polled 2,000 millennials on their B2B buying habits and what is important to them when making purchasing decisions, and unsurprisingly found that they are decidedly digital-first.

More than half (56 percent) of responding millennials said that digital channels such as search engines, vendor websites and social media are the most important channels for researching new products and services, according to the report. Mobile devices are also playing a big role in their B2B research processes.
CYDigital/marteq.io's insight:

And there's greater than a 50-50 chance your potential purchaser is a millennial.

 

NEW: Experience Remarkable Planning Accuracy With New, FREE Growth Hacking Tool. Go here: http://goo.gl/UjcA8x 

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Which Departments Wield the Most Influence Over Purchase Decisions in B2B - LinkedIn

CYDigital/marteq.io's insight:

Nice!

 

marketingIO: One Source for All Marketing Technology Challenges. See our solutions.  

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Three Steps to Better Sales Technology Investments - SiriusDecisions

Three Steps to Better Sales Technology Investments - SiriusDecisions | The MarTech Digest | Scoop.it

marketingIO: One Source for All Marketing Technology Challenges. See our solutions

CYDigital/marteq.io's insight:

This structure applies to any MarTech investment.

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B2B Purchase Decisions: Logic Driven by Emotion - Kapost Content Marketing Blog

B2B Purchase Decisions: Logic Driven by Emotion - Kapost Content Marketing Blog | The MarTech Digest | Scoop.it

iNeoMarketing’s MarTech Managed Services drives more leads faster. Contact us to see how.

CYDigital/marteq.io's insight:

Emotion underlies the Logic. Bottom line: we're human.

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Influencing B2B Technical Buyers [Infographic] - Smart Insights | #TheMarketingTechAlert

Influencing B2B Technical Buyers [Infographic] - Smart Insights  | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

____________________________________________________

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Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html  (your privacy is protected).



CYDigital/marteq.io's insight:

This is tech-buyer oriented. Regardless, the growing influence of social continues to impress.

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Understand How Buyers Buy: Marketing With the 'Buying Center' Concept [Infographic] - Profs | #TheMarketingTechAlert

Understand How Buyers Buy: Marketing With the 'Buying Center' Concept [Infographic] - Profs | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

____________________________________________________

FREE: AgileContent™ delivers more quality content to your market! Get your FREE 14 Day Trial NOW!: http://goo.gl/rzeg79. No credit card required!

 

Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html  (your privacy is protected).



CYDigital/marteq.io's insight:

Interesting concept, especially associated with personas.

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[INFOGRAPHIC] What's Influencing B2B Tech Buyers? | SterlingKlor | #TheMarketingAutomationAlert

[INFOGRAPHIC] What's Influencing B2B Tech Buyers? | SterlingKlor | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it
B2B tech buyers are increasingly influenced by social, mobile, and video content when making purchasing decisions.
CYDigital/marteq.io's insight:
  • See the article at visual.ly
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
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  • iNeoMarketing drives more revenue and opportunities for B2B companies using marketing technologies. Contact us
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Which Sources Are B2B Media Users Leveraging For Buying Decisions? - MarketingCharts | #TheMarketingAutomationAlert

Which Sources Are B2B Media Users Leveraging For Buying Decisions? - MarketingCharts | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Excerpt...


3 in 4 B2B media users say they use both digital and traditional media industry sources to learn tips and best practices and to gain valuable information they can use in their work, finds ABM in a new study assessing the value of B2B media in connecting buyers and sellers. The report shows that B2B media users are making use of an array of industry sources, ranging from mobile-optimized sites or applications (63%) to e-newsletters (92%) and print magazines (96%). Some sources are more useful than others for buying decisions, though.


CYDigital/marteq.io's insight:

Stunning: the role of email newsletters! Please don't let anyone tell you that email newsletters are dead and have been replaced by social media.


  • See the article at www.marketingcharts.com
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
  • If you like this scoop, PLEASE share by using the links below.
  • iNeoMarketing drives more revenue and opportunities for B2B companies using marketing technologies. Contact us
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Acquity Group Study Finds B2B Suppliers Unprepared for Gen Y Procurement Preferences | Acquity Group

Excerpt...


The study revealed Gen Y buyers are more likely to shop online than their older counterparts, with a consistent trend of online purchase increasing in younger generations:

 

    90 percent of buyers age 18-35 make company purchases online

    68 percent of buyers age 36-45 make company purchases online

    45 percent of buyers age 46-60 make company purchases online

    29 percent of buyers age 60+ make company purchases online


CYDigital/marteq.io's insight:

Not often when you see pertinent B2B demographic data. Fascinating information that makes you pause.


  • See the article at www.acquitygroup.com
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
  • If you like this scoop, PLEASE share by using the links below.
  • iNeoMarketing drives more revenue and opportunities for B2B companies using marketing technologies. Contact us
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