When you own or run a business, customers aren’t the only ones with whom you need to build a strong partnership. Positive B2B relationships are beneficial for generating new online and walk-in leads and improving your business’s reputation.
While B2B relationships are a solid foundation for business success, it’s necessary to build these relationships with mutually beneficial partners in order to prosper in today’s marketplace.
B2B partnerships give your business a wider reach and puts your products and services in front of more potential customers than individual consumer marketing.
Find the right partner
A common mistake made by many businesses is misunderstanding what makes a good B2B partnership. Too often companies court relationships with unsuitable companies that don’t provide a reciprocating benefit.
Before pursuing a strategic B2B relationship, ask yourself these questions.
- Can what I offer help other businesses expand the products or services that they offer to their customers?
- Can I use a product offered by the other business as a selling point to my clients?
The right partnerships help you build your business, generate more clients, and expand the reach of your brand, products, or services.
These tips are proven in the B2B marketplace. Try them all or use a few that are best for your business.
It must be mutually beneficial
A business worth building a relationship with understands that the relationship must be mutually beneficial, not just for their advantage. When you approach another business for a partnership, be clear as to how your organization can benefit from their business as well as how their business can benefit from yours.
Understand that the benefits may not be immediate. Don’t stress if you don’t see immediate results or if you see your partner’s results first. An effective B2B relationship is long-term, so your efforts may take a little while to be rewarded. If your partner is seeing results before you, do not step away from the relationship. You will have wasted a lot of time and effort, and it will make you look greedy and impatient.
Leverage social media
Leveraging a public platform solidifies your B2B relationship and organically brings more customers to both you and your partner business. Give your partner “shout outs,” review or photograph their products, announce a collaborative project to your followers, and encourage your partner to do the same.
Make your B2B relationship a priority
Like personal relationships, B2B relationships need to be a priority if you want them to work. Don’t ignore other responsibility to focus solely on you B2B partnership but make it a regular item on your to-do list. Answer calls and emails in a timely manner; keep up with social media duties; and refer new customers as you find them. Never let your partner think you’ve dropped the ball.
If you and your partner company share a community, work together to improve it. From a customer’s point of view, few things are more impressive than a business that tries to improve its community. A business that works with other businesses is regarded highly by customers. How you do it is your choice—host a neighborhood event, charity fundraiser, or pitch in for a community cleanup. Your business and your partner will grow closer, and you’ll make the world a better place.
Put it in writing
Whether your B2B relationship is a casual one or one based on strict guidelines, you can benefit from putting it down on paper. Writing down your goals and intentions (and the other business’s) will clear up any confusion on what the relationship may entail. Just like a business plan, what you write will guide you when you feel a little lost, and it’s something you can update as each business’s goals change.
Positive, effective B2B relationships are proven to grow business. As your business grows, you may find that growing pains have you in a pinch, Allied Financial Corporation is here to help you with day-to-day expenses, expansion capital, or a line of credit.
Contact us today.