In part 1, we let you in on a proven strategy that we developed that our most successful clients use to dramatically boost business. We call it our ‘Triple C’, or Competition Crushing Connections, Strategy.
Use it correctly, and you can easily sew up lifetime customer loyalty from existing customers and the bigger clients and fatter contracts you’ve always dreamed of.
Now, let’s talk about the most potent connection you can make with any customer. It involves considering their deeper needs – beyond your products and services.
What deeper needs are we talking about?
At the heart of any business, particularly with bigger companies and purchasing organizations, are three core objectives; save time, save money, and reduce risk.
Those core objectives are the basis for the spend management plans and goals of purchasing departments and, by extension, the buyers you do business with.
The most obvious contribution suppliers make to those goals is to give the best price, which saves them money. But what if you could do more… what if you could help with all their spend management goals… including saving them money through more than just price?
Do you think that might put you light years ahead of your competition?
Ordinarily, such a monumental feat would be fantasy. But innovations in e-commerce technology have literally changed the game for suppliers who are forward thinking enough to implement them into their e-business strategies.
In part 2 of this series, we discussed customer specific e-commerce sites, which allow you to deliver the unbeatable convenience as part of the ‘Triple C’ strategy. But behind the scenes of those private marketplaces are powerful spend management tools that truly set you apart from a typical supplier.
Advanced functionality allows you to take an active role in supporting your customers’ and prospects’ spend management efforts.
These functions save time, save money, and reduce risk:
- Detailed tracking and reporting – allows managers to monitor purchases real time, as well as report on specific expenditures and trends
- Automated audits – provide purchasing managers more up front accountability and visibility of your catalog management, eliminating the need for costly and time consuming manual audits
- User access/authority controls – give purchasing managers the ability to control who can buy what, which completely eliminates rogue spending and maverick spending
As you can see, these advanced functions, which are built in to the private marketplaces, allow you to help your customers/prospects meet their core objectives by supporting their spend management goals.
And remember… you’re also saving them time and money by providing an ideal buying environment – a private marketplace – that conforms to their purchasing methods and requirements, while streamlining the entire buying process.
And the biggest payoff; you become much more than just a source of products/services… you become a trusted partner, and an integral part of the way they do business.
The benefit of this cannot be overstated. When you ingrain yourself as a supplier that supports their deeper needs and goals, you make the deepest connection of all.
So imagine the contrast your customer/prospect sees when facing one of your competitors:
Your competitor presents a typical online catalog that forces the customer to conform to their way of doing business, with none of the personalized items, prices, or functions that your private marketplace has.
PLUS… they see none of the spend management supporting functionality that helps them meet the critical needs of their purchasing goals – all of which is included in your private marketplace.
Can you see how weak and ineffectual that competitor must seem compared to you? And once they’ve seen the full potential of a supplier who is on the cutting edge of e-commerce, other suppliers won’t even be able to get their foot in the door.
If you have any questions about anything you’ve read about the ‘Triple C’ strategy or the private marketplaces we’ve described, take advantage of our e-business strategists and e-commerce experts.
There’s no cost to consult with them. And as we’ve learned by talking with thousands of business owners like you… sometimes simple conversations can turn into breakthrough business ideas that get you to where you’ve always wanted to be.