B2B eCommerce Business Opportunities in 2021
COVID-related shutdowns started in March 2020. Since then businesses have scrambled to go online. Obviously, B2B businesses are taking a long time to make the transition. This can lead to opportunity costs and losses.
B2B Sellers Must Go Digital
What is the opportunity in 2021?
If you are a B2B business and if you feel like Amazon is not your competition, think again. They and other billion-dollar corporations are coming after you. Such giants include Amazon, Walmart, Wayfair, Jet, Overstock, and Houzz. They have a large amount of search volume in B2B eCommerce products and selections, however, not that many results.
How can a B2B business earning from 5 million to $25 million compete with the corporate giants?
One, you can move a lot faster than they can. They’re moving slow. There’s no reason for you to move slow. Now’s the time to move fast, get online, implement an SEO and content marketing strategy, start advertising on Facebook, Google Shopping, Google Ads, start doing that now.
Two, you can optimize functionality. With giants like Amazon, Walmart, their functionality is near-flawless. How is your website going to compete with free two-day shipping, with Bundle & Save? With B2B, the target audience orders mainly in bulk or extremely high price point products.
Opportunities and Hesitations in B2B Digital Transformation
Where is the opportunity?
The giants are going to move slowly. You can transition faster. Many small to medium-sized B2B businesses are not moving to digital. They’re not even ten percent digital, let alone one hundred percent. They’re taking a long time to make that decision. You must not emulate that.
What do you think is the primary reason for this? Is it the cost, fear, or lack of an Internet setup?
It has nothing to do with cost or fear. They assume that potential customers are not searching for these types of products online. In fact, marketers have tons of data, research, and clients that prove otherwise.
The managers remain stuck in this mindset that the business owners in the target market are not going to be searching for these products online. Instead, they will call and place orders.
That’s not the case. You need to be visible online. If you lack a digital storefront in 2021, you won’t survive the ups and downs.
Using Social Media On Mobile Apps
On average, US citizens spend about 58 minutes a day on social media. The majority of that is on Facebook and Instagram, with the same business manager or ad manager running the account. 99.9% of B2B businesses do not retarget or advertise on social media.
They think or feel like they will not get leads from it. In reality, you can get $25 leads on Facebook if you market for B2B customers like Optimum7 does. The team’s average sale or average ticket item is $10,000. Most of the leads are not ready to sign up for a $10,000 job like that, but that’s where nurture helps.
Retargeting And Nurture In The B2B eCommerce Market
How can B2B businesses leverage that opportunity?
They need to get started. You can’t start running retargeting campaigns if you don’t have a website. Build your storefront whether it’s a service-based or B2B eCommerce. Implement the Facebook pixel on the site, that’s going to start tracking the user data that’s coming to your site.
Retargeting and nurture are important for this reason. You think that your customers aren’t on Facebook. That is incorrect; they’re visiting your site and Facebook’s now retargeting them. You’re going to see the results right away and gratification from Facebook retargeting.
Using Attribution & Nurture Funnels to Optimize Digital Sales and Lead Generation
Set up your website, tracking, and Google pixels. Make sure that you have all of the attribution set up properly. That way you can get that eureka moment and opportunity to sell.
Currently, fifty percent of the country is shut down. Despite that, ninety-nine percent of the businesses that operate online are thriving.
If you are a B2B business and you are not online, you need to start today. 2021 is going to be the year of opportunity for you. Implement retargeting and nurture.
How much nurture should a business do?
Aim for ten to twelve weeks in a row. B2B companies don’t know how to do nurture. If you don’t do nurture Amazon, Walmart, Wayfair, Jet, Houzz, Overstock, they’re going to come and they’re going to take your business. They’re already planning their B2B launches.
Send your questions about the B2B marketplace in 2021. The Optimum7 team will talk to you next week.