Improve B2B Conversion Rates by Reducing Buyer Risk

By: Gaurav Batra In: B2B Last Updated: 2010-04-21

B2B marketplace has become highly popular and is acquiring large number of members every day. Online businesses are flourishing at a rapid rate, but not all of them get what they desire for? If you are an entrepreneur who has business online then you might wish to know why all businesses do not attain success.

This is largely because these businesses are not able to convert prospects into customers. The low conversion rates can be easily improved upon, how? By making the customers feel secure to trade or by reducing the buyer's risk. Here are some ways that will let you increase your conversion rates:

Try and understand what Business Buyer Risk is:
This is the very first step that a business shall take in order to improve their B2B conversion rates. Understanding what actually is buyer's risk? You should know that what seems to be risky to the customers: the products, services, transactions, terms and conditions etc.

Generally sites asking for email ID's and personal contact details are not preferred by the customers.

Companies who are expanding themselves in the bigger and prominent markets must consider improvement of the conversion rates.

Use Teaser Offers:
Even after you have an excellent marketing plan that is executed properly your leads do not convert into business. This is a matter of concern for the businesses as they have spent a lot of money yet they are not reaping any benefits.

Customers buy products from approved and already existing vendors. In such situation what will you do? Start providing 'teaser offers'. Teaser offers are trial memberships offered to the customers. It reduces the risk factor of the customers. You will become an approved vendor this way and attract more customers.

Spread Word-of-Mouth:
For businesses that are new to the B2B market, word-of-mouth serves as a powerful marketing tool. Buyers who are new to B2B, word-of-mouth can be comforting for them. Simply by adding customer reviews or success stories on your pages will help you in establishing the customer's trust in you. Word-of-mouth activities help converting leads into business and thus increasing the conversion rates. Use search marketing tool for spreading the word-of-mouth online and offline.

Thus by simply working on what we have discussed above you can improve upon on your B2B conversion rates and ensure increased business profits.