The B4B Mindset
If your company sells to other businesses, you probably refer to your company as ‘B2B’ or ‘Business-to-Business’. But it has been found that reframing the business as ‘B4B’ or ‘Business-FOR-Business’ can increase revenues, customer retention, and employee morale.
Why would such a small change drive these results?
Because thinking of your business as B4B forces a shift in mindset.
Identifying as Business-FOR-Business provides an organization with a sense of purpose.
And that drives innovation and creativity.
When a business identifies itself as a business that sells to other businesses, it leads to a competitive mindset.
Pushing commodity products becomes the sales strategy.
Success is measured in volume.
Price becomes the primary criteria for offering value.
Volume discounts become the name of the game.
Which makes the business vulnerable to bigger manufacturers offering lower prices.
B4B thinking forces a complete mindset reboot.
It forces businesses to switch from a competitive mindset to a collaborative mindset.
When an organization thinks of itself as a business that works for other businesses, it deepens the relationship they have with their customers.
Its primary measure of success becomes how it helped its customers grow.
The business aligns its own success with the success of its customers.
Even if that means investing in customer training.
And providing value-added services.
At no cost or minimal cost for some time.
Why does this make business sense?
Because revenue growth of a business depends on two main factors:
- The volume of the cash flow ā€“ how much cash is flowing in during a given period
- The longevity of the cash flow ā€“ for how long that cash flow will continue
Companies with a ‘Business-for-Business’ mindset that organizes their activities around the success of their customers generate a long and dependable cash flow that helps them grow sustainably.
If you would like to know more about how ConvergeHub can help you switch to a B4B mindset by helping you stay in close touch with your customers, talk to us.
Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.