These days, companies are increasingly shifting to the ecommerce model for their businesses. This is because COVID-19 accelerated the already rapid process of digitalization in the world. If you have such an ecommerce business, your primary goal is to make it as lucrative as possible. This includes having the right inventory, efficient shipping procedures, and solid communication skills. In addition, you need to accurately assess your business performance to plan better for the future.
However, in contrast to other business models, ecommerce did not really have a proper assessment tool. This prevented proper strategizing and planning. Resultantly, experts created the B2B Maturity Model. This model takes every step of the eCommerce business process in consideration, and lets you gauge how well you’re doing accurately. This works for both tangible businesses such as garments, e.g., Forever 21, and for cable services like Charter Spectrum internet. All you have to do is consider each step, as given below, and then grow your business to the next level.
Step 1: Understanding
First of all, you have to understand the status of your ecommerce business. You need to assess what your customer base is like and what your company culture is. Furthermore, evaluate your current resources and see how they can be utilized. In addition, track the current and previous progress of your company in the form of solid, readable data.
Then, analyze all of these findings, and create realistic end goals accordingly. This will help you prepare your business for the next step.
Step 2: Preparation
This is where you start to put things together. Use that data you gathered previously and utilize your findings. Furthermore, you need to ensure that the sales and marketing sides of your company are in synergy. All stakeholders need to discuss what the goals are, and agree on them.
In addition, you should also audit your current strategies and make plans according to your goals. This involves going over your content, your company’s user experience and customer service. Then, determine what you need to achieve these goals.
Step 3: Delivery
At this step, you and your team should put things into motion. This is where you’ll implement all those plans you made. Your sales and marketing people should do their best to meet the goals you all agreed upon. In addition, you should allocate your budget at this point and actually utilize it to get your business ahead.
Therefore, this step is where you can actually assess how viable your plan is. It is the true testing platform for your strategies. If all goes well here, you can move on and focus on expanding your business further.
Step 4: Upscaling
Once your plan starts bearing fruit, you can go on to the actual growth. Basically, you’ll take your existing plan and expand its boundaries according to scalable, trackable goals. You’ll take the success and profits you got from your planning, and widen the horizons.
For example, you can put more money into stocking popular inventory and shipping it. You can also allocate a higher marketing budget to get the word out there. This will help you scale up your operation and grow your ecommerce business. You should continue to gather and analyze data in this stage as well, so that you can see what works and can realign your operations, if required.
Step 5: Fine-tuning
Now that you have figured out what works for your ecommerce business, all you have to do is remain alert. Keep tracking your company’s performance, and have mechanisms in place for when you need to change gear on something.
In addition, this is also when you should have crisis management plans in place. COVID has taught businesses the hard way that there should always be a Plan B. You need to be able to respond to disasters and have leeway to realign your business if needed.
In conclusion, you can grow your business sustainably with the B2B Maturity Model. All it takes is intelligent planning and effective coordination!