Technological development brings many new business models. Including B2B. So, what is B2B? Which companies are successfully using the B2B model in Vietnam? Readers, please educate yourself through the following article by Ms. Uptalent.

CONTENTS
1- What is B2B?
2- Companies using the B2B model in Vietnam
3- Lessons learned to succeed in B2B

3.1- Research to understand potential customers
3.2- Collect as much information as possible
3.3- Listen to the answer
3.4- Don’t keep selling
3.5- Eliminate the “always close” mentality
3.6- Give more

1- What is B2B?

B2B stands for “Business to Business”. It is a form of business in which transactions take place between companies (Business to Business). For example, sales transactions between manufacturers and wholesalers or between wholesalers and retailers.

In Vietnam, the B2B model is very popular in e-commerce. Thus, commercial transactions will take place mainly on e-commerce platforms, only complex and overly high-value transactions will actually take place on the basis of contracts, quotes and direct negotiation processes.

The B2B model is chosen by many companies due to its high efficiency, high reliability and many other advantages. On the other hand, the development of the commercial economy also increases the need to use B2B as a means of communication. The proof is that the number of commercial websites created is increasing.

Unlike other business models, B2B operates through a distinct purchasing process. Thanks to this, companies can save time and costs and seize many other attractive business cooperation opportunities.

In addition, the cooperation efficiency in the B2B model is also higher. The reason is that business-to-business transactions have eliminated the emotional factor and replaced it with logic and collective benefits.

>>> What is B2B? Everything about the B2B business model

2- Companies using the B2B model in Vietnam

It is impossible to deny the “burning” power of the B2B model for businesses in recent times. Many companies have focused, sought to develop and optimize this model to bring better business results.

In Vietnam, the number of companies creating their own websites and participating in e-commerce platforms to promote their products and reach customers is not small.

The most popular form used by many businesses today is the B2B intermediary model. This template is popular with many famous names such as Shopee, Lazada, Zalora, Tiki, Foody, Hotdeal, Cungmua,…

The working principle of e-commerce is that any company that needs to sell goods can register content, send products to the floor, and any company that wants to purchase can also contact through the floor.

The biggest advantage of trading through an e-commerce platform is that all sales transactions will be under the auspices of the platform. Thanks to this, it is very difficult for frauds and scams to occur. At the same time, all business activities take place in an open and transparent manner.

Basically, the B2B models used in Vietnam are very consistent with general global market trends. The most obvious point is that brands are also developing many unique selling methods such as buy two, get one free, vouchers, coupons, bargain hunting, inviting brand ambassadors. brand, etc., to generate customer interest.

However, the limitation is that Vietnamese companies still operate B2B in the traditional way. This leaves many opportunities for cooperation and exchange untapped. The reasons given are:

+ The company’s communication capability is still weak and does not effectively use social media tools to support the website.

+ Slow processing of customer feedback. This is a fairly common phenomenon that exists in businesses. Meanwhile, customer reviews will indicate whether a company’s products are selling well or not.

+ Lack of transparency in policies to protect customer rights leads customers to distrust e-commerce platforms.

Compared with traditional businesses, B2B in e-commerce brings many benefits to businesses, such as easily reaching customers, selling more, increasing revenue,…

For buyers, the B2B model also brings a lot of convenience. For example, you won’t need to go to the supermarket or store to buy what you need. All you have to do is have a device connected to the internet and click to buy anything.

Thanks to B2B in e-commerce, shopping saves a lot of time. Additionally, shoppers can easily compare prices and get it delivered to their doorstep.

To maximize the benefits of the B2B model, Vietnamese businesses must effectively overcome its limitations. At the same time, there must be a specific development strategy, breakthrough direction, and a marketing plan that is more creative and interesting than traditional businesses.

Additionally, B2B e-commerce is also considered an important export channel. Through e-commerce platforms, businesses can reach customers all over the world. Through this, companies can save on costs of traditional business promotion such as fairs, exhibitions and opening branches in the target market.

3- Lessons learned to succeed in B2B

To succeed with the B2B business model, you need to have the right sales method. Otherwise, you will experience failure from the start.

Here are the lessons that will help you sell successfully in B2B:

3.1- Research to understand potential customers

In the past, salespeople would talk to customers when they saw potential in them and decided whether to continue pursuing that customer or let them go after the conversation. Today, everything has changed. Because the decision is almost already made before the seller contacts the customer.

Nowadays, to be successful, you need to do thorough research on your potential customers. Find out what the needs of these businesses are. This will help your efforts get to the heart of the problem.

You should seriously get to know your potential customers and it’s a mistake if you always think you can understand them in a simple conversation.

3.2- Collect as much information as possible

The more information you have, the more proactive you can be in everything. With B2B customers, the key to success is to ask them as much as possible.

However, you should not ask too obvious questions or force customers to answer questions. Open-ended questions are the optimal choice. Find ways to get customers to talk about their needs as much as possible. From the information you obtain, you can use it to provide them with the most suitable products.

It would be a big mistake for a salesperson to think he knows the customer well. Please get rid of this thought and ask questions often.

3.3- Listen to the answer

Many B2B salespeople ask questions and don’t wait for the customer’s response. They believe this will make customers feel understood and will not waste their time.

However, you need to listen to customer responses. Learn to wait and listen a lot, you will definitely be surprised by what you receive.

>>> How to build an effective B2B model?

3.4- Don’t keep selling

In B2B, instead of focusing on selling, you should “teach” the product. Teaching always provides the highest value. If you can teach someone without asking, you will always be on their mind.

When you listen to your B2B prospects, you need to think about what they need and educate them. You can offer them advice, a course or a book that suits them.

If you know how to use the power of giving, you will build loyalty and develop natural preferences for customers in the B2B channel.

3.5- Eliminate the “always close” mentality

“Always close” is when a salesperson continually searches for new prospects, as well as products or services for those prospects, and ultimately finalizes the sale.

This is an archaic sales strategy that you should abandon. Because no one wants to be forced to buy something. You will only make them uncomfortable when you are forced to make a decision.

The best way is to know their goals, what problems your product can solve, and what is stopping them from purchasing the product. Then find out for yourself if the solution you are offering solves their problem and is affordable for what they can pay.

Even if the response you receive is negative, don’t think that this is the end. This is just the first step to help you approach sales. Opportunities are always ahead.

3.6- Give more

“Give before you can receive” seems to be the philosophy often cited when selling to businesses. If you can effectively apply this tactic from finding customers to closing sales, your sales success rate will definitely be higher and customer loyalty will also increase.

Although there are still limitations, the role of B2B in business success and economic development is extremely important. In the future, this model is expected to continue to grow strongly in Vietnam. This is why you now need to invest and build an effective sales channel for sustainable and long-term development. Good luck!

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