Leaning in
B2B companies can try to engage the marketplace by, for example, introducing new platforms and starting to build communities. To be successful in competition with such players as Uber or Airbnb, they need to gain a competitive advantage. The platforms themselves may be relatively small and experimental.
For example, Accent Group, a retailer of footwear in Australia and New Zealand, created an online shop for a certain brand. Initially, their franchisees didn’t like the new e-commerce website, which they perceived as unwelcome competition.
Accent therefore changed the model and started delivering all orders through franchisees. That worked superbly. This is a typical horizontal value creation carried out as it should be, according to an article on the management-issues.com website, originally published by the INSEAD business school.
Start small
As B2B businesses often operate in a more complex environment, any digital transformation will probably be more difficult than with a B2C company. So how to make it work?
- Demystify digital: introduce change slowly. Start by having weekly meetings with online influencers. Invite digital experts to help you foster acceptance of disruption.
- The CEO must believe in it: if the CEO is not fully convinced that a shift in thinking is needed, as well as a significant budget, they must change their way of thinking and realise how important this is for the success of digital transformation.
- Become learning agents: companies need to be willing to learn. Especially with a platform economy, small scale experiments are a good start. No company will become another Amazon overnight; however, some elements can be added to enhance the value of their business.
-jk-