How To Command Higher Rates in B2B Business
B2B business, unlike the b2c business, does not deal with direct end users of a product. Their intent is to help their clients achieve success in service delivery to their customers. A B2B business has its interests to pursue just like any other business. It is however tricky in that if customers have a thought that you are more concentrated in pursuing your interest than theirs, they will do a replacement. In B2B enterprises, clients interest should be the drivers. This helps to create trust which is one step on how to command higher rates.
Gallup consultancy firm has conducted a study to investigate how B2B business can increase their profitability. They established that how business was performing was directly relates to how much they are willing to pay the B2B companies for services provided. They found that customer engagement was responsible for increase in customers performance. Their recommendation was that the best way to command higher rates was through increasing customer engagement.Customer engagement featured as an integral factor since it enhanced cooperation between the service provider and the client.
The increased level of openness ensured that the service provider understood the status and circumstances of the client at all times. Hence, they could offer advice that is timely and solution to current problems. When the client goes about a situation successfully as a result of the advice given, there is increase in trust. Their services become essential in daily activities of the company. As a result, they find it difficult to operate without your assistance. When your services are indispensable; it is easy to command higher rates from your customer.
It is imperative that you understand your clients in and out to achieve this. You should study the business, clients, and market. Armed with this, you can render services that push your client higher above the competitors. According to Gallup research and consultancy, you should concentrate on your most important customers. Defining the most important customer is a bit subjective but must incorporate areas that best match your expertise and the most cooperative client. If you realize that most customers have a certain need, this can be the defining factor of who are your most important customers.
Achieving success for your customer should be your main goal. In the long run, price competition is not very fruitful. Clients will make a move and go to a higher priced competitor who has better services. If you think that price is a great factor for your niche, do a self-analysis first. It will allow you to spot gaps that your clients might be looking for a sealer. Customers are more than willing to pay a premium charge if they get more.