How to help your buyers win using B2B software marketplaces
The B2B software landscape is rapidly shifting, and B2B software marketplaces are at the forefront of this change. These platforms offer buyers a streamlined and efficient way to discover, compare, and purchase the software they need. We see the momentum every day and are excited for what it represents.
In our recent blog post about what makes a great marketplace (and what doesn’t), we referenced research that solidifies marketplaces as more than a trend in the B2B GTM landscape. Diving deeper, here are some fast facts about B2B software marketplaces we found in that research from IoT Analytics:
In 2023, B2B software marketplace revenue grew 90% year-over-year.
By leveraging marketplace programs like co-selling, sellers on marketplaces have been able to grow their revenue 10-15%.
By 2030, 10% of all global enterprise software purchases will take place in marketplaces (compared with less than 2% today).
With numbers like these, it’s no wonder more brands are seeking to build marketplaces or optimize their presence in them. But simply building a marketplace isn't enough. To thrive, you need to understand your buyers' needs and create a series of exceptional user experiences.
So how do you optimize marketplaces for B2B buyers? In this post, we’ll highlight some of the factors we identified as making marketplaces great as well as some of the pitfalls and apply them to provide you with tools and strategies to succeed. We anticipate revisiting these factors and how they’re changing throughout the coming year.
Building a Buyer-Centric Ecosystem
The whole point of B2B marketplaces is to make transactions easier for buyers. We’re all busy and it’s highly unlikely that anyone, regardless of their role, has the time to click around a clunky marketplace that doesn’t have a clear purpose.
Clearly defined value proposition: Communicate the unique benefits your marketplace offers buyers, such as wider vendor selection, competitive pricing, and simplified procurement. Your buyer should not only understand what your marketplace is and how to use it, but also why it’s the best way to transact with your organization. Once you’ve crafted a solid message, meet your buyers where they are: educate them about your marketplace with a thoughtful campaign that informs them of the benefits and how to engage using this new path, and that ultimately drives them into marketplace to transact.
Intuitive platform design: Ensure your marketplace is easy to navigate with clear search functionalities, detailed product listings, and user-friendly comparison tools. It’s helpful to segment solutions listed in your marketplace by a variety of categories to meet the needs of different buyers so they spend less time searching and feel confident in what they find. Some good places to start include by solution type, industry, cost, and compatibility.
Robust vendor vetting: A marketplace is only as good as what’s in it. Implement a rigorous process to ensure vendor legitimacy and product quality. This builds trust and empowers buyers to make informed decisions. It may help to provide vendors with templates and guides on how to make the most of their marketplace listings so once they’re in marketplace, they’re providing maximum value to your buyers. If buyers have a negative purchase experience with one of your partners within your marketplace, they’ll likely lose trust and will be less likely to return or recommend.
Transparent pricing and terms: What’s the point in skipping the normal sales cycle if you have to contact someone in order to learn basic information like pricing? Display pricing information clearly and upfront, avoiding hidden fees or complex contracts. This fosters trust and simplifies the buying process.
Invest in building strong relationships with your partners: There is no marketplace without partners and their solutions. Encourage yours to actively engage with buyers, provide excellent customer support, and offer competitive pricing and flexible terms. In addition, empower them and make it easy with tools, such as examples, best practice guides, etc., needed to go to market in collaboration with you using their marketplace listing(s) as a main call to action. This creates a win-win situation for both buyers and sellers, solidifying your marketplace as the go-to destination for B2B software procurement. (P.S. – Knack can help with this!)
Empowering Informed Decisions
Just throwing various software solutions onto a page and sorting by category just isn’t enough. Endless logos and weak descriptions can give a marketplace more of a flea market vibe—and we’re not hating on flea markets; they just have a time and a place, which isn’t in B2B software sales. Here are a few ways you can use content to make your marketplace more useful for buyers:
Curated content library: Provide valuable resources such as white papers, case studies, and industry reports to educate buyers and address their specific challenges.
Vendor-generated content: Encourage vendors to create informative product descriptions, demos, and customer testimonials to showcase their solutions effectively. Creating content for partners as a guide to follow can work wonders in getting all the right information on a listing.
Expert insights: Partner with industry thought leaders to offer valuable commentary and analysis on market trends and best practices, helping buyers stay informed. Use these insights to help augment particular solutions in the marketplace or even highlight the breakthroughs you’re making with your marketplace itself.
Fostering a Thriving Community
For many buyers, the best part of any marketplace is the community-feel. Here are a couple of ways to get your buyers engaged within your marketplace to help foster that vibe:
Interactive forums and communities: Create spaces for buyers to connect, share experiences, and ask questions. This encourages collaboration and knowledge sharing in spaces where buyers, regardless of their participation can see.
Educational webinars and events: Organize online or offline events featuring industry experts and successful marketplace users to provide valuable insights and best practices. This can help buyers and partners use your marketplace more effectively.
Remember: Building a successful B2B software marketplace is an ongoing process. Continuously gather buyer feedback, analyze usage data, and adapt your platform to meet their evolving needs. By prioritizing transparency, education, and community building, you can create a marketplace that empowers buyers and ultimately fuels your success. You’ll also show real evidence of how important your marketplace is to your business and the ways you’re putting buyers first.
Have you made purchases through a B2B software marketplace yet? If so, how was your experience? We’d love to hear more about it! Share your thoughts with us on LinkedIn!