I recently published a blog post explaining the reasons behind the relative explosion of B2B marketplaces, along with recommendations for those considering entering this space.
In this follow up (the second in a series of three), I’m looking to delve deeper into the eight key elements that should be considered for any organization looking to take advantage of the significant B2B marketplace opportunity.
In the body of this blog post, I discuss the relevance of each of these areas in turn; before delving into the detail, however, let’s consider the critical nature of, and implicit connection between, the following three principles.
Follow the product
Follow the money
Follow the experience
For a successful marketplace, at a base level, one must follow the experience, follow the product, and follow the money. A strong focus on only one aspect will not make up for bad practices in the others. For instance, having a great user experience will not make up for poor supply chain management or laborious payment experiences.
Additionally, your experience isn’t just about the buyer. The vendors and employees who are interacting with your channels are of equal importance.
Getting vendor onboarding right is important to drive positive vendor experiences and competitive pricing advantages; employees, meanwhile, must be able to quickly and accurately track information, the right talent must be available, and they must have the training required to support operations and customers.
A winning user experience should successfully align the right vendors and prices with channel organization managed operations, and the ability for buyers to efficiently find and purchase the products and services they require.