B2B: Why trust in business is so important
Trust is involved in every transaction in the economy, from a small purchase in a shop to the acquisition of a multi-billion dollar company. No one would buy from a company or person they do not trust. However, in business-to-business (B2B) transactions, trust becomes a fundamental and indispensable asset.
Relationships with B2B customers are long-term, so trust needs to be fostered in order for these relationships to be sustained over time. To this end, it is essential to pay attention to aspects such as customer service, transparency or even the culture to which the customer belongs.
The most important thing to remember
Relationships with B2B customers are long-term and therefore require a higher level of trust than with B2C (business to consumer) customers. A company will think more than once before signing a contract with a supplier.
In increasingly globalised markets, it is necessary to find ways to break down cultural barriers [external link to: https://www.amolingua.com/culturalintelligencetraining] to gain the trust of B2B customers. The customer experience must be tailored to the cultural environment in which the customer operates.
It is no longer enough to offer good quality products and services, attention needs to be paid to aspects such as customer service and transparency. For example, in case a customer has a question or a problem with the product he/she bought, an employee who is fluent in the customer's language and technical language will make a great impression.
Trust is essential in B2B transactions
If there is one thing that all markets have in common, it is competition. All companies seek to differentiate themselves and attract new customers. However, B2B companies face an even greater challenge than B2C companies: they must earn the trust of customers.
Today, a large part of B2B transactions are done remotely (Source: Bruce Mars/unsplash.com).
Without trust, no transaction is possible
Trust has always been a factor in business success. Trustworthy companies have more loyal customers, less employee turnover, higher profits and higher market value.
In B2B transactions, the buyer relies heavily on the products and services provided to make your company perform well. Therefore, they will look for the supplier company to be as reliable as possible.
Customers' trust in your company can be a competitive advantage.
According to a survey conducted by Salesforce, 6 out of 10 consumers think that companies have bad intentions. In other words, the survey indicates that most consumers distrust companies, making trust a critical sales asset and a way to differentiate yourself from the competition.
The survey also indicates that once a customer trusts a company, they stick with it and never let go. According to the survey, 94% of consumers who say they trust a company are loyal to that company and would recommend it to someone else. In short, trust is a great way to differentiate yourself from the competition and generate loyal customers.
In B2B business, trusting relationships are long term.
Unlike B2C business, the relationships built with B2B customers are long-term. This requires an effort on the part of the supplier to earn the trust of its customers.
Keep in mind that this type of transaction involves contracts that could be disadvantageous to the buyer if the service or terms are not in their favour. Therefore, they will think more than once before making a decision.
The performance of companies often depends on the quality of their suppliers (Source: Gabrielle Henderson/unsplash.com).
How to gain the trust of B2B customers
Relationships built with B2B customers are long-term, so they require more effort and certain techniques to retain them. Here are some tips on how to gain the trust of B2B customers:
Create customer value
In today's world, consumers are more informed and do not find many differences between all the products and services on the market. It is no longer enough to offer good quality goods and services. To gain the trust of the B2B customer, it is necessary to create value.
Sales representatives no longer have to look for customers' needs, but anticipate them. To do this, they must be better informed and able to see needs that the consumer is not seeing. According to a Mercuri International survey of 1,000 executives from the most successful companies in Europe and the United States, these are the best ways to create value for the B2B customer:
1. Be proactive and listen to the customer. The best way to discover new customer needs is to listen to them in order to better understand their situation.
2. Educate, inspire and challenge the customer to change. Having all the information about your customer, you should be able to explain why you have to be their new supplier. For example, if you work in a global company and have international customers, getting to know your customer's culture better can help you a lot.
3. Research your client's industry. Knowing the technical aspects of your client's industry will give them the impression that you know what you are talking about.
4. Create customised solutions for your client. With all the information you gather about your client and their industry, you should be able to come up with a solution tailored to their needs.
Be accountable, consistent and deliver what you promise.
In simple terms, being reliable means that your words match your actions and that your promises are kept. This is exactly what a company looks for in a supplier: that you are available and deliver the products and services in the way you promised.
According to Mercuri International, there are three ways in which a company can earn the trust of B2B customers:
1. Deliver what you promise consistently. When customers buy a product or buy a service, they have certain expectations based on their needs and what you promised them. You must be careful with your promises and be efficient, because promising too much and delivering too little is a recipe for losing your customers' trust.
2. Provide excellent customer service. Good customer service can boost customer retention and increase sales, so adapt as much as you can to ensure a great customer experience. For example, if you have international partners, learning their language and getting to know their culture better can help you a lot.
3. Provide good quality products and services. It seems the most obvious point, but many studies reveal how important this is. According to an Edelman survey, 87% of consumers trust a brand based on the quality of the product. Always remember that quality is a key factor in gaining the trust of customers.
Integrity is key
One of the most important things for a company to be trusted is that it is transparent and has principles and values. According to Mercuri International's survey, 9 out of 10 executives believe that integrity is important to the success of their business.
No one wants to do business with dishonest and unprincipled people. It is essential that you are always transparent with information about your products and that you have a company culture that you stand by.
Create a purpose for your business that goes beyond profits
In recent decades, we have witnessed a brand crisis and a growing distrust of companies by consumers. This lack of trust is even seen in the companies themselves, who distrust each other.
The main reason why many people distrust companies is because they believe that their only concern is to generate profits. Therefore, you must show customers that you have a purpose that goes beyond profit. A trustworthy business is one that is founded by people who seek to make a living by helping people, or one that has a policy of respect for the environment.
Conclusion
Trust has always been fundamental to the success of a business. In B2B markets, however, it becomes an indispensable factor, almost as if it were a bargaining chip. Companies pay a lot of attention when choosing their suppliers. Therefore, always remember that the quality of your products is as important as the customer experience, transparency and customer service. In short, you need to take care of many aspects of your company to give the most trustworthy image possible.
