‘Over-demanding customers, increased operating costs, and pricing pressure are the top three challenges faced by B2B sellers.’

GoodFirms, a globally renowned research, ratings, and reviews platform, recently released its new research report – “B2B services: Intelligence, Competition, and Future,” which analyzes the current state of B2B services, including buyer/seller trends, industry competition, ongoing challenges, and future outlook.

The study highlights how B2B businesses can succeed using intelligent tools and data-powered insights, obtain cutting-edge solutions for beating the competition, mitigating challenges, and preparing themselves for future opportunities. The research findings will help B2B players better understand the current B2B business environment, buyer preferences, and intelligent technologies that power B2B businesses.

GoodFirms survey has attempted to explore the factors that influence B2B buyers to connect with any specific B2B services. Interestingly, 30.2% of buyers consider the reputation of the business (online and offline), 20.9% check the online ratings, 18.6% compare the price and service with peers, 14% look for authentic client testimonials, 7% of them look at the referrals, the information available on the websites and 2.3% of buyers check social media presence and reviews.

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Pricing, features or functionalities, seller’s customer service availability, reviews, ease of use, and deployment are the top factors that matter the most to B2B buyers.

Further, the research identifies that over-demanding customers, increased operating costs, and pricing pressure due to heavy competition are the top three challenges faced by B2B sellers. Consumers’ demand for sustainable products, collecting data for offering hyper-personalized buying journeys, analyzing voluminous data (unstructured, siloed, fragmented), and connecting with B2B prospects amidst their busy schedules are major  challenges in the B2B service landscape.

Price disagreements, product/service-based disagreements, and insufficient information are the top reasons that delay the B2B buying process.

The research further reveals that B2B intelligence tools such as data analytics tools, AI-Powered intelligence applications, AI-enabled customer relationship management (CRM), marketing automation software, web scraping tools, intelligence databases, and market intelligence software are indispensable for B2Bs.

GoodFirms’ survey also asserts  that the future will see more B2Bs using competitive, innovative technologies to guide their marketing strategies, align marketing and sales strategies, benchmark SEO, find quality leads, analyze competition and differentiate their content. Organizations will focus on hyper-personalization and exceptional customer experiences.

“Shifting from B2B to B4B is the emerging trend for more sustainable businesses with excellent customer satisfaction. Collaborations, omnichannel experiences, personalized interactions, and feedback are vital elements of the B4B model,” says GoodFirms.

GoodFirms concludes that B2B companies should embrace the latest trends and technologies to remain competitive. B2Bs must evaluate elements like current technology resources, personnel skills, data quality, etc., before identifying the most suitable tools for their purposes. B2Bs can combine tech capabilities and data to identify, explore and utilize hidden opportunities that will help them comfortably beat the competition.

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