The B2B landscape is changing
The latest B2B Pulse Survey by McKinsey & Company has revealed some significant insights – the greatest being that the landscape is undergoing a vast transformation across all key areas. Here are three of the biggest takeaways:
- B2B ecommerce leading the way. In-person sales are no longer the top revenue generator for B2B brands, with more than one-third of revenue coming from online sales for those that offer B2B ecommerce.
- A smooth omnichannel experience is everything. Over 50% of survey respondents expressed they're likely to switch suppliers if they don't have a seamless experience across multiple touchpoints.
- The rule of thirds governs buying preferences. One-third of customers want in-person interactions, one-third want remote comms, and one-third want digital self-serve options at every stage of the buying journey – a rule that holds across all countries, sectors, purchase sizes, and companies.
How to deal with a competitive landscape: 7 killer strategies
The rise of digital marketing and online marketplaces has made the business landscape far more competitive than it used to be. But it’s also unlocked opportunities for challenger brands to fight back against household names with unique offerings, better marketing, and strong positioning. Here are seven ways to gain a competitive edge.
1. Know your enemy. Conduct a thorough competitor analysis for each of your biggest rivals. Read customer reviews to understand the strengths and weaknesses of their products and identify opportunities to outperform the competition.
2. Differentiate your offering. Based on your analysis, ensure the products you’re selling fill the gaps where your competitors’ products fall short – while also measuring up to their strengths. Look for unique problems their products don’t yet solve and see if you can incorporate a solution into your offering.
3. Differentiate your brand. Clearly communicate what makes your business unique, and why it’s better than the competition. Focus your marketing on your unique selling proposition, the pain points your products solve, and what you do better than anyone else.
4. Encourage customer feedback. Establish a system for encouraging and analysing customer feedback. Use what you learn to inform your sales and marketing strategies, including where and how you source or produce your products – and how those products work.
5. Prioritise the customer experience. Focus on delivering a superior buying experience for your customers to improve loyalty and retention. Great customer experiences lead to more brand advocates – customers that willingly promote your products to their friends and family.
6. Implement a competitive pricing strategy. Regularly analyse the current market prices for the products you sell and adjust accordingly. It’s up to you to decide whether you become the cheapest option on the market, the more expensive option that delivers the most value, or somewhere in between.
7. Leverage unique partnerships. Collaborate with complementary brands, influencers, and industry groups to build better brand awareness and market reach. For example, you might create a bundle offering that pairs your luxury watch with a popular jeweller’s diamond necklace. Now your brand is being marketed to their audience and vice-versa – it’s a win-win.
Talking 'taboo' – meet Robyn McClean
We recently chatted with Robyn McLean, CEO and Co-Founder of Hello Period – a period care brand based in New Zealand – to learn what life's like for a founder of an award-winning Kiwi business. Here's what she had to say:
What inspired the Hello Period journey?
"When I tried a menstrual cup, it changed my life. I wondered why they weren’t mainstream. After a bit more research, I realised there was a huge opportunity to introduce new products into a space that hadn’t had any innovation in years. I called my best friend Mary, a registered nurse, and floated the idea of starting a business selling menstrual cups together. We got to work straight away and launched a few months later.
"For decades people have been told that single-use pads and tampons were the only option when it came to managing menstruation. We established Hello Period to change the industry. Our products are more comfortable, and they’re reusable for years. Better for the user and the environment – a win-win."
Sustainability is central to Hello Period’s mission. How do you ensure that your supply chain aligns with your environmental values?
"We look carefully at every step of the supply chain and ask if we can do it better. We were one of the earliest businesses in Aotearoa New Zealand to get B-Corp certification. We make our Hello Discs and Hello Cups in New Zealand which allows us to have close oversight. We also want to ensure we reduce waste without compromising anything for our customers. To date, we have diverted over 600 million single-use period products from the world’s landfills and we are aiming to reach 1 billion by 2030. Every product we sell has a real impact on the environment, so we always want to ensure our supply chain is equally environmentally friendly."
How important is brand to you?
"Developing the brand has been my favourite part of the journey. Periods have been taboo for too long and we wanted to change that. From day one, our taglines have been ‘bloody brilliant’ and ‘no strings attached’ – cues to the fact we want to have fun with a subject matter that has traditionally tried to be avoided by many. While there were a few other brands in the same space, they were very vanilla in their approach and branding. We have stood out from the start and that has really helped us."
What challenges have you faced in maintaining a sustainable supply chain, particularly as your business has scaled?
"The biggest challenge has been in logistics. During and after COVID, shipping was haywire. We had to use airfreight more than we would have liked for items made offshore, such as our period underwear and organic cotton storage bags. There’s always a constant challenge of balancing our stock levels. We don’t want too much tied up in stock. We have always tried to keep as much of what we do in New Zealand, and work with local suppliers, which means we can get things faster, develop good relationships, and support the local economy. "
As a leader in sustainable period care, what advice would you give other companies in terms of greening their supply chains and reducing carbon footprint?
"Work with good supply partners who operate in a transparent way. This enables you to make conscious choices about what materials you use and how your products are made. Don’t be afraid to ask questions. If they're a good supplier, they’ll be happy to provide you with the information. And invest in a good ERP system because it’s impossible to make improvements to your supply chain and reduce your carbon footprint without good forecasting and planning tools."
What’s next for Hello Period? Are there any upcoming innovations or projects you're excited about?
"We are really excited about the Bloody Good Workplace programme which allows workplaces to provide sustainable period care for their staff. The feedback we have received to date has been amazing. We’ve developed a system where businesses can opt-in but are only charged for the employees who take up the offer. The ordering system is easy and private and we can’t wait to have more businesses join."
On the lighter side
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