The Online B2B (Business-to-Business) Marketplace is arguably the best thing that happened in the world of B2B business. Selling on an Online B2B Marketplace differs from selling directly to customers. B2B companies have massive catalogs that they need to manage responsibly, so they continue to be trusted vendors for their customers. It would be beneficial to be more strategic when putting yourself out on an Online B2B Marketplace. Before you get started, here are the few points that you need to ponder over.
- Choose the right service model. You can opt for either a commission-based model, where you pay a certain percentage per transaction or you could go for a subscription-based model, where you pay monthly/yearly subscription fees to the B2B Marketplace Platform/Website. The latter is more suitable for marketplaces that have a high volume of visitors.
- Look for storefront support and any other technical help that you might need on the marketplace. Some marketplaces assign support for sellers, while others provide you with all “Do it Yourself” (DIY) tools and tutorials to guide you through the entire setup process.
- Check for all other costs like listing fees, promotional costs, and other terms and conditions that come with your B2B Store.
- Find out how much traffic the marketplace generates daily. Does that suit your business? Do they have other sellers from your field? Get answers to all these questions before onboarding.
Selling on Online B2B Marketplaces
An online B2B Store is a perfect platform to connect with industry buyers. But many B2B businesses still heavily rely on aggressive outbound sales. But on an Online B2B Marketplace, you can do much more to attract the right customers. You can make the most of online marketing to sell your products. With the proper Search Engine Optimization (SEO) and Keywords strategy, you can get your products in the top search results. Moreover, you can combine the impact of SEO and Pay Per Click (PPC) Advertising to attract more visitors to your online B2B Store.
Choosing the right Online B2B Marketplace
Imagine your online B2B Store as a brick and mortar shop and the marketplace as your neighborhood. If you want quality customers to walk in, you need to be easily accessible, have an attractive storefront in a decent area, and so on. Similarly, when choosing an Online B2B Marketplace, make sure that the platform comes with advanced security, excellent customer support, and easy site navigation, so your customers can easily reach you. While they are there, other site features like user profiles, product listings, multiple payment methods, etc. can enhance their buying/browsing experience. It would be best if you also looked for a messaging/chat option that lets you connect with your buyers and communicate in real-time.
List your Store on Online B2B Marketplace
You can join directory listing on Online B2B Marketplaces and become visible to local, domestic, and International markets. While becoming a member and creating a profile, make sure your company profile and product pages stand out with quality and descriptive content. Inside any Online B2B Marketplace there is often a big competition to rank higher on result pages. Some Marketplaces offer features to manage products and services, do real-time communication with buyers, get a verified seal of trust, promote products and services, access analytics, manage company profile, get genuine and relevant inquiries and enhance your digital presence.
Classifieds on Online B2B Marketplaces
Classified Advertising on an Online B2B Marketplace is a great way to promote your product or service. You can make use of Classified Advertising to promote your online B2B Store by visiting one of these Online B2B Marketplaces and registering your company/brand. After completing registration, you can post your Classified Ad. Some Online B2B Marketplaces allow you to include a complete description, contact information, and a product photo.
- Highlight key features and a unique selling proposition (USP) of your product.
- Special offers attract people. If possible, create a unique offer.
- Most people won’t go to the bottom of your listing and hence don’t keep your call to action (CTA) or contact information at the bottom of your Classified Ad.
- Consider uploading multiple Ad versions to validate your top-performing ad.
Promoting your online listing outside Online B2B Marketplace
Once you list your store on an Online B2B Marketplace, you get a dedicated link/URL and a landing page. Now, this is like having your company/product website. It has all the necessary information about your company and products along with essential contact details. You can promote this link/URL on your email signature, brochures, visiting cards, flyers, banners, and other marketing materials.
An online B2B marketplace is a useful way for B2B businesses to connect to their clients, vendors, suppliers, and customers. It’s all about choosing the right platform and making the best use of it.