When companies begin selling their products and services, they often naturally come to a decision if they will be selling to other businesses (B2B) or if they will target consumers (B2C). Your Middle Market organization has likely already made this decision. Yet, as you continue to grow you may realize that you can or need to expand your horizons.
What To Consider
Changing your customer base or adding additional product lines isn’t a small undertaking. Before you set off, you’ll want to thoroughly evaluate your current situation, future plans and the market.
B2C sales have a longer sales cycle. Typically there are more people involved who will need to approve or decline your offer. They also often have a smaller list of potential customers. B2C sales may require a lot more refinement and education on your specific desired customers’ business models. However, the potential for a much longer customer relationship exists.
B2C sales typically have short sales cycles, many more customer opportunities, and short or non-returning customer cycles. Additionally, you may face a much higher rate of individual rejections and you’ll need more general data about your desired customers.
How To Know If You Can Successfully Adapt
To start, you’ll want to make sure you have an extremely thorough idea of your bottom line. You need to know what your Middle Market organization could withstand financially. Swapping entirely from B2C to B2B or vice versa is probably not in the cards. But, you’ll still need to make sure your company can be financially sound through the process.
Next, can you physically produce the goods and services for the new customer lines? Do you have the infrastructure, necessary employees, know-how and abilities to succeed? What changes will you need to make & what inefficiencies do you need to resolve?
Have you completed necessary market research and do you know your potential customers, as well as you need? Do you have any inkling of competition or potential success factors?
Is It Time For Outside Help?
Since this adaptation is likely unknown territory for your Middle Market company, it might be a good time to bring in some assistance and advice. You are potentially talking about a major shift to many areas of your business so having someone or a group to turn to will likely be invaluable.
No matter what you sell or how your business is organized, it might be time to look into changing, updating or adding to your customer base of B2B or B2C sales.
So what’s in the Mighty Middle Market for me? — get it right now at www.Go4ROI.com.