1) Create a new set of transactions (think of who's not making money and try to help them) 2) Understand the psychology of the buyer (B2B buyers and sellers are more aware and think long term when it comes to margins) 3) Clever pricing strategies 4) Use new network or business interruptions e.g. new regulation or new economical reality to kickstart change. 5) Start on the outskirts (smaller players are more open to change then the ones the status quo favors) 6) Build friendships with the players 7) Seek fragmentation 8) Relentlessness and Patients 9) Become a broker yourself 10) Build software for brokers 11) Free trail (apply with caution) 12) Clear growth plan that you articulate to the market as well 13) Create trust by knowing your customer 14) Add consultation 15) Add coordination 16) Create SaaS workflow tools (aim for the traction not quick money, so preferably try giving it for free) 17) Find the white hot center, appeal to a focused niche 18) Focus on the harder side of the Marketplace (one side is always harder, you will know which one it is and just focus all efforts on that) 19) Implement fintech enablers e.g. payment or loans to get you extra traction and rake % 20) Go Mobile (most companies dont do it) 21) Give visibility to each side: Notification Maps, to increase dependency on your marketplace 22) Add warehousing 23) Apply the best sales people I've just wrote it down for myself mainly, but also posted it here. Still I'd recommend watching this video, it's pretty much golden.
Over the last weeks I have been doing heavy research in B2B marketplaces. This video is by far the best content I have found. It is obvious that the video is done by an experienced businessman and not by a consultant repeating the lesson just learnt! It would be also great his about the shift from e-procurement to b2b marketplaces.
ok, Now I am building a b2b marketplace linking between engineering service providers and purchasing specialists in the companies … most of these services do not have a fixed price, it depends on it's size and a lot of factors, my question is how can I save my rights in the commission in every single deal especially that the purchasing will not pay me in advance
1) Create a new set of transactions (think of who's not making money and try to help them)
2) Understand the psychology of the buyer (B2B buyers and sellers are more aware and think long term when it comes to margins)
3) Clever pricing strategies
4) Use new network or business interruptions e.g. new regulation or new economical reality to kickstart change.
5) Start on the outskirts (smaller players are more open to change then the ones the status quo favors)
6) Build friendships with the players
7) Seek fragmentation
8) Relentlessness and Patients
9) Become a broker yourself
10) Build software for brokers
11) Free trail (apply with caution)
12) Clear growth plan that you articulate to the market as well
13) Create trust by knowing your customer
14) Add consultation
15) Add coordination
16) Create SaaS workflow tools (aim for the traction not quick money, so preferably try giving it for free)
17) Find the white hot center, appeal to a focused niche
18) Focus on the harder side of the Marketplace (one side is always harder, you will know which one it is and just focus all efforts on that)
19) Implement fintech enablers e.g. payment or loans to get you extra traction and rake %
20) Go Mobile (most companies dont do it)
21) Give visibility to each side: Notification Maps, to increase dependency on your marketplace
22) Add warehousing
23) Apply the best sales people
I've just wrote it down for myself mainly, but also posted it here. Still I'd recommend watching this video, it's pretty much golden.
thx:)
24) Focus on new product on your market...
Over the last weeks I have been doing heavy research in B2B marketplaces.
This video is by far the best content I have found. It is obvious that the video is done by an experienced businessman and not by a consultant repeating the lesson just learnt!
It would be also great his about the shift from e-procurement to b2b marketplaces.
At 66 I must be the dinosaur of marketplace ownership. Hooray for Old Guys ....
James really on point advice .
Wow...thank you. As a greenhorn this really helps.
Thanks a lot for sharing !
thanks James
Partsbase must be one of the rare survivors from the 90’s.
ok, Now I am building a b2b marketplace linking between engineering service providers and purchasing specialists in the companies … most of these services do not have a fixed price, it depends on it's size and a lot of factors,
my question is how can I save my rights in the commission in every single deal
especially that the purchasing will not pay me in advance
Hi, James,
I have a question about NO.13 "Create trust with KYC": what is the one KYC tool that you would recommend to B2B marketplace?