Top 5 Mistakes B2B Businesses Should Stop Making Right Away

Published on: 22 November 2020 Last Updated on: 30 October 2024

Many experts point out that running a successful B2B business is easy if you avoid making some important mistakes. Even if you are not running exceptionally sophisticated campaigns to woo newer clients, simply avoiding mistakes can give your company the much-needed boost.

This is more important in the new scheme of things, especially for a post-COVID-19 business world.

With 2021 just around the corner, it is essential that you pay heed to the contents of this article and ensure that you are able to avoid some if not all of these mistakes.

In this article, we speak to some of the leading minds from the B2B world of marketing, sales, and logistics. We ask them about the mistakes and the way forward.

List of Top 5 Mistakes B2B Businesses should stop making right away

1. Maintaining Data on External Disks-

We all know how data is important to the success of any business. In the case of B2B companies, data can be the deciding factor between success and failure. Most B2B companies are still averse to maintaining data on the Cloud and prefer to use hard disks.

Experts are of the opinion that in addition to the risks of data getting corrupted or being destroyed by human error, this strategy is flawed and outdated. Maintaining data on the Cloud does not only increase its security but also ensures cross-department usage of the same.

2. Using Outdated ERP and Inventory Management Tools-

The next set of mistakes concerns B2B businesses still relying on age-old strategies for inventory management. With AI, ML, and Automation being offered by the best vendors, it is high-time, B2B businesses should opt for the best inventory optimization software.

This will allow B2B businesses to accelerate the pace of their functions, boost the efficiency of the team, and improve customer experience. Looking after simple things like reducing the turnaround times can have a major impact on any B2B business in the world.

3. Manual Task Assignment and Follow-Ups-

If you are a B2B business owner, you will agree that following up with your team members or checking the progress of their work can be a pain. Using phone calls, emails, WhatsApp and other outdated mechanisms promotes inefficiency and prevents clarity.

This is why automated task assignment workflow software should be used to better employee performance. From Trello to Asana, there are many credible ones in the market, which are simple to use and will allow you to keep track of the work assignments of your employees.

4. Doubting Digital Platforms-

Most business consultants point to the fact that B2B businesses and their owners are still hesitant when it comes to pursuing digital transformations. They still feel that the internet will not be able to help them fulfill their sales and marketing objectives.

However, nothing can be further from the truth. Using search engines and social media in a strategic fashion can help you with a number of advantages. From reaching your target audiences to improving branding and lead generation, there is a lot to achieve from digital.

5. Taking help from External Specialised Vendors-

B2B businesses think they must set up internal teams to start digital transformation or automate their processes. They fear hiring specialists. However, it does not have to be that way.

By working with specialized digital marketing agencies, they can bring on an external partner firm, which can help them in multiple ways. This will ensure that they do not have to hire teams, give them systems, and spend on their office spaces.

Once you start avoiding these mistakes, you will see a qualitative and quantitative transformation in your B2B business. You need to understand that the world is increasingly moving towards a digital framework, and as a business, you need to make the most of it.

Common B2B Marketing Terms you Should Know

Still a beginner at your B2B marketing strategies. Here is your dictionary to understand the different B2B marketing lingo.

1. What is the 80/20 Rule in B2B?

The 80/20 rule simply states that 80% of a company’s revenue comes from 20% of its customers.

In a business-to-business model, this highlights the need to identify and cultivate your key accounts.

Therefore, concentrate on your sales resources on those customers who generate the most profit for you rather than trying to be all things to all people. You truly cannot impress anyone!

2. What is the 95/5 Rule for B2B?

The 95/5 rule suggests that at any point in time, 95% of your target market is not actively buying, and only 5% are.

As a result, B2B firms need to focus on consistently building brand and supplier awareness.

This also includes developing relationships with customers so that they will think of them when they do go into ‘buying mode.’ B2B customers are different than dealing with one customer. Therefore, it is important you are always in their mind.

3. What are the 4Cs of B2B Marketing?

The 4Cs are Client, Cost, Communication, and Convenience.

In B2B marketing, it’s all about understanding the client’s needs, keeping costs in check, opening channels for communication and making sure your product or service is convenient and of value to the customer – this is what customer relationships and loyalty are built upon in the world of B2B.

4. What are the 3 Most Important Qualities of a Successful B2B Salesperson and Why?

Knowledge, Persistence, and Empathy!

Successful B2B salespeople must be knowledgeable, persistent, and empathic. The more knowledge you have about your product but also about the development in your industry or the general economy – the more credible person you become for your client.

Because let’s face it, only real knowledge gives you power over the situation (matched with superb confidence). Every business out there looking for answers is desperately looking for someone who has all the answers.

However, as we talk of successful B2B salespersons, we need to consider that they often also deal with long sales cycles. In those cases, persistence is what will make you stand out from the competition.

If I shower my leads with attention every day, no other competitor can gain a share of attention.

While we’re in relationships, people buy from people they “take care of them.” Therefore, a successful B2B salesperson must adopt empathy when dealing with their clients.

5. How to Gain B2B Sales Experience as a Beginner?

As a beginner, you can gain sales experience in B2B by shadowing your experienced sales reps, going to networking events, and taking internships or entry-level sales positions.

The most valuable lessons are learned through real-world interactions, so concentrate on developing exceptional communication and negotiation abilities.

Plus, never stop learning, self-reflecting, and staying on top of industry news if you want to become an expert.

6. What is the B2B Lifecycle Strategy?

The B2B lifecycle strategy refers to an end-to-end management of the customer journey.

This starts from leading to post-sales support by providing value at every stage, ensuring client satisfaction and loyalty through attracting, engaging, converting, and retaining clients with consistent, personalized experiences.

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Mashum Mollah

Mashum Mollah is the feature writer of Search Engine Magazine and an SEO Analyst at Real Wealth Business. Over the last 3 years, He has successfully developed and implemented online marketing, SEO, and conversion campaigns for 50+ businesses of all sizes. He is the co-founder of Social Media Magazine.

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Eco-Conscious Insights And Innovations From Emerging Trade Show Trends

In a world increasingly attuned to the urgency of environmental sustainability, trade shows have become crucial platforms for showcasing eco-conscious insights and innovations. According to Sustainable Review, Sustainable Live London, SDG Summit, and Climate Week NYC are some of the biggest sustainability conferences and exhibitions. These exhibitions not only provide a glimpse into the future of sustainable practices but also serve as catalysts for change within industries. As we navigate the challenges of climate change, emerging trends in trade shows shed light on groundbreaking initiatives that prioritize the planet. In this article, we will explore the evolving landscape of eco-consciousness within the world of trade shows. Sustainable Materials Redefining Exhibits Trade shows are witnessing a transformative shift in booth aesthetics as sustainable materials redefine the exhibitor landscape. Gone are the days of disposable plastic and wasteful displays. Exhibitors are increasingly turning to eco-friendly alternatives like recycled cardboard, bamboo, and even mushroom-based materials to construct visually striking and environmentally responsible booths. As noted by Bis Research, mycelium-based materials have the potential to significantly contribute to the green economy and environment. They save energy and offer insulation. These materials not only reduce the overall carbon footprint of the event but also serve as powerful statements on the viability of sustainable design. From modular structures to biodegradable banners, the creative use of sustainable materials is fostering a new era of conscious exhibition design. This inspires both exhibitors and attendees to consider the ecological impact of every element in their displays. Energy-Efficient Booth Designs Innovative booth designs are taking center stage at trade shows, with a spotlight on energy efficiency. According to Exhibits Northwest, exhibitors are incorporating cutting-edge technologies such as solar panels and energy-efficient LED lighting to power their displays. As noted by the Department of Energy, LEDs consume up to 90% less energy than standard lights while lasting up to 25 times longer. This move toward sustainable energy not only minimizes the environmental impact of events but also sets a precedent for practical, eco-friendly solutions. These energy-efficient designs serve as a visual spectacle while demonstrating the feasibility and benefits of incorporating green technologies into everyday business practices. As attendees experience the visual impact of renewable energy solutions firsthand, the ripple effect is a heightened awareness of the potential for sustainable practices. Sustainable Innovation With Local Trade Shows Across the United States, locals are leading the charge in embracing sustainable innovation. Cities and states are increasingly recognizing the importance of environmental responsibility, with communities actively engaging in eco-conscious practices. From the adoption of renewable energy sources to the implementation of green building standards, the commitment to sustainability is evident. Certain cities and states have become pioneers in this movement, setting ambitious goals and implementing comprehensive plans to reduce their ecological footprint. From California's stringent emissions standards to New York's initiatives promoting green infrastructure, these regions are at the forefront of the sustainability revolution. To further champion eco-conscious practices, trade shows focused on sustainability have become a hallmark across the United States. These events serve as platforms for sharing knowledge, showcasing innovations, and fostering a nationwide dialogue on the collective journey toward a more sustainable future. Nestled in the heart of the Pacific Northwest, Portland stands as a beacon of sustainable living and innovative environmental practices. Portland's residents have long embraced a lifestyle that prioritizes nature, sustainability, and community engagement. This extends to businesses and public institutions, making the city an ideal host for events dedicated to environmental responsibility. Known for its commitment to eco-conscious urban planning, Portland has earned its reputation as one of the greenest cities in the United States. According to Green City Times, Portland has created almost 92,000 acres of green space. This includes a network of pathways and parks excellent for walking and riding. Against this backdrop of eco-awareness and forward-thinking, the Oregon Convention Center (OCC) has emerged as a cornerstone of sustainability within the city. The OCC embodies the city's values through its commitment to green building and sustainable business practices. It frequently holds trade shows with numerous eco-friendly Portland trade show displays. As we explore the OCC's dedication to sustainability, it's essential to recognize how it integrates into the broader landscape of Portland's eco-friendly initiatives. Virtual Experiences for Reduced Carbon Footprint In response to the global call for reduced carbon emissions, trade shows are embracing virtual and hybrid experiences. This evolution allows for broader participation while significantly decreasing the carbon footprint associated with travel and logistics. Virtual components include interactive online exhibits and virtual networking spaces. This enhances accessibility while underscoring the importance of adopting eco-friendly alternatives in the face of climate challenges. As industries set sail toward more sustainable event formats, the positive environmental impact becomes evident. The shift toward virtual and hybrid experiences represents a dynamic step forward, proving that connectivity and eco-consciousness can go hand in hand. Circular Economy Initiatives in Product Showcases Trade shows are becoming key battlegrounds for the promotion of circular economy principles, particularly evident in product showcases. Exhibitors are spotlighting products designed for longevity, repairability, and recyclability, challenging traditional linear production models. From electronic gadgets with easily replaceable components to fashion items made from recycled materials, the emphasis is on creating a closed-loop system. This shift not only aligns with consumer preferences for sustainable products but also compels industries to reevaluate their approach to production. With circular economy principles, trade shows are driving home the message that sustainable consumption is not just a preference but a necessity. Eco-Friendly Packaging Solutions The spotlight on sustainability extends to the very packaging that houses products exhibited at trade shows. Exhibitors are increasingly adopting eco-friendly packaging solutions that prioritize biodegradability, recyclability, and minimal environmental impact. From compostable wrapping to innovative designs that reduce excess packaging, the emphasis is on minimizing waste throughout the supply chain. This commitment not only resonates with environmentally conscious consumers but also prompts industries to rethink their packaging practices. The ripple effect is a broader shift toward a more sustainable and mindful approach to how products are presented and consumed. Collaborative Sustainability Initiatives Among Exhibitors The ethos of sustainability is thriving in trade show spaces, where exhibitors are forging collaborative initiatives to champion environmental responsibility. Shared efforts include waste reduction programs, carbon offset partnerships, and the establishment of industry-wide sustainability standards. This collaborative spirit not only amplifies the impact of individual exhibitors but also fosters a culture of environmental responsibility across diverse sectors. Exhibitors are pooling resources, sharing best practices, and collectively working toward a common goal of reducing the ecological footprint of trade shows. As this collaborative momentum grows, trade shows are no longer just platforms for individual businesses. They have become hubs for collective action toward a more sustainable and resilient future. In conclusion, trade shows are driving transformative change through eco-conscious trends. From innovative booth designs with energy-efficient technologies to virtual experiences reducing carbon footprints, the industry is evolving. Local initiatives, like Portland's commitment to sustainability and collaborative efforts among exhibitors, highlight a collective dedication to environmental responsibility. Trade exhibitions have evolved into more than just a platform for businesses. They have also become focal points for collaborative efforts toward a more sustainable future. As the industry continues to prioritize greener practices, it contributes significantly to a broader global movement for sustainable business models and conscious consumer engagement. Read Also: What Type Of Inflatables Should You Opt For At Your Business Event Getting a Return on Investment From Using a Trade Show Booth A Well-Oiled Trade Show Machine: The Ones Running the Show

Developing An Effective Preventive Maintenance Program: Key Steps And Considerations

In today's industrial landscape, the role of preventive maintenance is often underestimated. Yet, a robust preventive maintenance program is vital to the overall productivity and efficiency of any plant or facility. It ensures equipment reliability and reduces the chance of costly downtime due to unexpected breakdowns. This article sheds light on the steps and considerations in developing an effective preventive maintenance program. So, read on! Understanding Preventive Maintenance Preventive maintenance can be seen as the cornerstone of maintenance management. It is the routine, scheduled maintenance of equipment to prevent potential failures before they occur. This practice leads to several significant benefits: Reduces sudden equipment breakdowns: Regular inspections and maintenance tasks enable you to identify and fix issues before they escalate to more serious problems. For instance, replacing worn-out parts during a scheduled service prevents more severe damage. Increases equipment longevity: By keeping the equipment in optimal condition, preventive maintenance extends the life of your machines. This means fewer replacements and lower investment in new equipment. Improves plant efficiency: With less unexpected downtime, your plant operations run more smoothly, improving the overall efficiency of your operations. Key Elements of a Preventive Maintenance Program Creating a preventive maintenance program involves several key elements. Understanding these components helps build a solid foundation for your program: Maintenance Management: Effective planning and scheduling are crucial in maintenance management. It ensures that maintenance tasks are organized and completed in a timely manner. For example, scheduling a maintenance check when the equipment is idle can prevent production interruptions. Maintenance of Equipment: Each piece of equipment requires different maintenance procedures. Understanding these specifics is vital to maintain the equipment's functionality. In a food processing plant, for example, certain machines might need daily cleaning, while others might require weekly lubrication. Plant Maintenance: Preventive maintenance should be a plant-wide strategy. This includes not only production equipment but also HVAC systems, power supplies, and even safety equipment. A holistic approach to plant maintenance ensures that all aspects of your facility are running efficiently. Steps in Developing a Preventive Maintenance Program A preventive maintenance program requires several phases. An overview: Identification of Equipment: The first step in developing a preventive maintenance program is identifying which machines require regular maintenance. This could range from complex production machinery to simple office equipment. Scheduling and Planning: This involves creating a maintenance schedule for each piece of equipment. For instance, certain machines may require weekly maintenance, while others need it quarterly. Proper scheduling minimizes disruptions to production processes. Executing Maintenance Tasks: After scheduling, do maintenance chores. Lubricating and replacing worn parts are examples. Tracking and Analysis: Lastly, it's important to keep track of all maintenance activities and periodically review the effectiveness of your preventive maintenance program. This could involve updating a maintenance log or using maintenance management software. Role of Reliability Assessment in Preventive Maintenance An essential aspect of a preventive maintenance program that is often overlooked is reliability assessment. In a well-managed maintenance environment, equipment reliability can make a significant difference in plant operations. A thorough reliability assessment can serve as a proactive measure to identify potential issues, ensuring optimal performance and minimizing unexpected breakdowns. Predictive analysis: Predictive analysis is a one-way reliability assessment that can be carried out. For example, by monitoring vibrations in a machine, anomalies that might indicate a future failure can be detected. By addressing these anomalies in advance, equipment downtime can be minimized, and the machine's reliability is enhanced. Regular equipment inspection: Regular inspection is another facet of reliability assessment. For instance, an operator might notice unusual noises from a piece of equipment. If left unchecked, this could lead to a catastrophic failure. However, noting this in a reliability assessment could lead to early intervention, boosting equipment reliability. Maintenance history review: Reviewing the maintenance history of equipment can provide insights into its reliability. Suppose a machine frequently requires a specific type of repair. This may signal a problem that has to be fixed to improve equipment reliability. For instance, frequent conveyor belt alignment modifications may indicate installation or operation difficulties. By integrating reliability assessment into your preventive maintenance program, you can make more informed decisions about maintenance planning and scheduling, ultimately improving equipment reliability and reducing operational disruptions. The Importance of Training and Communication in a Preventive Maintenance Program In the context of preventive maintenance, the importance of clear communication and comprehensive training cannot be overstated. An informed and trained maintenance team can perform tasks more effectively, minimizing the risk of errors or oversights that could compromise equipment reliability. This enhances industrial efficiency and safety. Training on Equipment Maintenance: Equipment-specific maintenance training should be delivered regularly. For example, if a new high-speed packaging machine is introduced, the maintenance team needs to be familiarized with its components, operational principles, and common issues that may require preventive maintenance. This enables them to identify potential problems early and conduct maintenance tasks accurately. Communication about Maintenance Schedules: A well-coordinated preventive maintenance program requires clear and regular communication about maintenance schedules. For instance, if a vital production line is due for a maintenance shutdown, all relevant parties, from production to logistics, need to be informed in advance. This facilitates smooth operation with minimal disruption to the overall workflow. Feedback Mechanisms: Open channels for feedback are also crucial. Maintenance personnel, being on the front line, often have valuable insights into potential issues or improvements. For instance, a technician might notice that a certain piece of equipment tends to fail more often just before scheduled maintenance, suggesting the need for more frequent servicing. Capturing and acting on such feedback can significantly enhance the effectiveness of the preventive maintenance program. By prioritizing training and communication, you can ensure your preventive maintenance program is not just a process, but a culture, where everyone understands their role and contributes to the program's success. Final Thoughts In summary, an effective preventive maintenance program plays a critical role in enhancing equipment reliability and plant efficiency. By implementing a systematic approach to maintenance management, scheduling, and execution, organizations can significantly reduce unexpected breakdowns and extend the life of their equipment. It is a strategic investment that pays off in the long run, promoting smoother operations and a healthier bottom line. Read Also: Travel To Birmingham And Explore Second Largest City in The UK Is Major Banks A Good Career Path In 2021? Is Steel/Iron Ore A Good Career Path In 2021?

Social Entrepreneurship – Entrepreneurship Strategies And Many More!

We are living in a world where becoming an entrepreneur is pretty common, and launching your own venture is perhaps more ordinary than we usually assume it to be! So naturally, when concepts of entrepreneurship, investment portfolios, and bootstrapped startups are ruling the business world, it acts as a catalyst for relatively more intrinsic concepts to come up. One such concept is that of social entrepreneurship, something we all must have heard somewhere - from Ted Talks to office meetings, you must have come across this term. Yes, you know what entrepreneurship means or, for that matter, what socials mean. But when the two terms are put together, what does it imply? Keep reading to find out more. What Is Social Entrepreneurship? Let’s Find Out! So what is social entrepreneurship, and who’s a social entrepreneur? Social entrepreneurs are people who pursue novel applications which has the potential for solving problems that are community-based. These individuals are people who want to take the risk and put in the effort for creating the right changes in society through positive initiatives. Social entrepreneurship is based on the idea of finding the road to connecting with the purpose of your life, helping other people find their purpose in life, and ultimately making the right difference in this world. In addition, these entrepreneurs implement several ethical purposes like conscious consumerism, social responsibility in corporates, and impact harvesting. Key Understanding: Social entrepreneurs aim to start businesses for a greater good and not to earn profits. Social entrepreneurs invest in ventures that are often environmental-friendly or philanthropic or even deal with underprivileged communities. Social entrepreneurship is a trend that’s constantly growing, accompanied by SRI (Socially Responsible Investing) and ESG (Environmental Social & Governance Investing). Understanding Social Entrepreneurs: The social entrepreneurship definition points out how social entrepreneurs are not inspired by the whole profit-earning motive of running a business. In fact, these individuals are different from ordinary entrepreneurs who are motivated by profit-earning abilities and have no mandatory intention of leaving a positive impact on the society around them. Notable economist Adam Smith, in his well-known book, The Wealth of Nations, commented, in this context, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest.” What Smith wanted to point out was that when people go after their best interests, there is an automatic inclination toward making decisions that usually benefit others. For instance, a florist wants to earn a livelihood for supporting her family. In order to accomplish the same, the florist will produce products that help thousands of people. Read More: How To Become An Entrepreneur? Social Entrepreneurs And Their Goals: Social entrepreneurship seeks to address imbalances such as determining all root causes of major social issues, the social stigmas associated with being part of any community, and the like. The primary goal of social entrepreneurs is to not earn profits. Rather, these entrepreneurs aim towards implementing vast improvements in the society around them. Naturally, social entrepreneurs must be financially savvy for succeeding in their causes. This is where both the ESG and SRI forms of investing make an appearance to save the day. Strategies And Entrepreneurial Ventures: How To Become A Successful Social Entrepreneur? In case you wanted us to define social entrepreneurship, then we are guessing you have understood that part. But what’s the point of finding out the definition if you want to become a social entrepreneur. Moreover, it’s only natural if you are still here, it means that you are curious about the strategies relevant to social entrepreneurship. So without wasting any further time, let’s check out a few effective strategies relevant to social entrepreneurship. Think About The Future Instead Of Being Stuck In The Past The past can be tempting. You can spend days dwelling in the past, reminiscing about social entrepreneurship ideas that made so much sense back. Instead, prioritize the future - become future-oriented in setting your goals. If you are not forward-thinking with your vision, then how will you evolve as an entrepreneur. Secondly, the world we live in is constantly evolving, and if you don’t keep up, how will you make a difference that matters? Be curious and attentive. Observe everything that goes around. Social and creative entrepreneurs are intuitive about future trends and needs. Commit To Making A Difference: The world we live in is always suffering from exploitation and inequality in terms of the availability of opportunities and resources. If you are not committed to making a difference, then are you even doing anything? The whole purpose of social entrepreneurs is to make a difference. These entrepreneurs are always creative in their approach and staunch dedication to creating a positive impact with their work. You May Like To Read This: Small Business Entrepreneurship – Small Business, Strategies And Many More! Did you know that the movement of social entrepreneurship has evolved to include methods and tools for creating an impact and making a difference. If you are interested, then you must check it out. Pursue Opportunities Not Products Or People Peter Drucker is an Austrian-American economist, often known as ‘the father of modern management’ who had pointed out in the past how the catalyst for innovative developments has nothing to do with finding new people or products. Rather, it lies in need to transform the environment. You can either choose to pursue opportunities that matter or run after employees who will bring you profits or, even worse, new products. All the difference lies in your ability to make the right choice. Social entrepreneurship companies around the world followed what Mahatma Gandhi said ages ago, ‘Be the change you want to see in the world.’ You will be able to see and even opt for the opportunities precisely at the right place, only if you want to do so. Frequently Asked Questions (FAQs): 1. What Are The Strategies Of Social Enterprises? The strategies of social enterprises are as follows.1. Focus on the future2. Try to make a difference3. Purse opportunities 2. What Are The 4 Types Of Social Entrepreneurs? The four types of social entrepreneurs are as follows.1. Community Entrepreneur2. Non-Profit Entrepreneur3. Transformational Entrepreneur4. Global Entrepreneur 3. What Are The 5 Strategies Of Entrepreneurs? The 5 strategies of entrepreneurs are as follows.1. Set initial goals2. Create a vision3. Network around4. Keep learning5. Don’t quit 4. What Are The 5 Characteristics Of Social Entrepreneurship? The five characteristics of social entrepreneurship are as follows.1. Deep empathy2. Innovation3. Systemic planning4. Sustainable approach5. Changemakers Logging Out… The world is now filled with social entrepreneurship examples, and if it interests you, then what are you doing, lurking behind blogs, when you can start your venture! Time’s ticking - why wait when you can invest time, money, and efforts in making a difference for a change? Don’t forget to let us know your thoughts on social entrepreneurship in the comments below. Read More: Top 9 Reasons Your Sales Training Isn’t WorkingHow Many Types Of Entrepreneurs Are There In 2022?10 Must Have Marketing Tools To Add In Small Business Growth Strategies!

Top 5 Mistakes B2B Businesses Should Stop Making Right Away