The challenge that faces many marketeers today (in the business to business world) is that they are not just tasked with promoting the business, product or service, but also with being the first port of call for leads for that business. Marketers need to have their finger on the pulse of who is interested in the product or service, and then connect those leads with the businesses relevant sales team. And this can be challenging.
This is where B2B matchmaking plays an important role in building a solid pipeline for your business.
What is B2B Matchmaking
B2B matchmaking or 'business matchmaking' is a process that helps businesses find potential partners which involves identifying and contacting prospects (known or unknown), and then working with them to identify areas of cooperation before the sales team get in contact, giving access to potential customers that they may have not had site of before.
Before we dive into it, isn't business matchmaking and networking the same thing?
The short answer is no, they are not the same. Business matchmaking is a process that is specifically designed to help businesses find potential partners. Networking, on the other hand, is a more general term that refers to the act of meeting requests and connecting with people.
When is B2B matchmaking used at networking events?
B2B matchmaking often takes place at events, such as at a trade show or conference and is used to connect potential buyers and sellers. This is because events provide businesses with an opportunity to meet a large number of potential partners in a short period of time increasing business efficiencies (and saving on costs).
One of the greatest evolutions since the pandemic is that matchmaking software is more heavily adopted across more events so that you can start scheduling qualified meetings prior to arriving onsite allowing you to make the most of your time when you attend face to face.
Now that we've clarified what it's all about, let's take a look at some of the benefits of B2B matchmaking:
Helps businesses save time
The process of finding potential partners can be time-consuming, especially if businesses are not sure where to look for a new audience or prospects. B2B matchmaking can help businesses save time by doing the work of identifying and contacting potential partners ahead of planned meetings or events.
Increased exposure for your business
Business matchmaking can help you increase the visibility of your business and attract new customers which is why its so important to offer these matchmaking services at your events.
When businesses are looking for potential partners, they will naturally research the companies that they are interested in working with. This means that if a business is involved in a B2B matchmaking event, and they have built a complete online profile, there is a chance that it will be researched by potential partners and meetings will be requested.
Access to new markets
Matchmaking can help you enter new markets and find new business opportunities. For example, let's say that a business that manufactures electric vehicles is looking for potential partners in the automotive industry in a new global region. The business may not have any connections in that area, but by using an intelligent event B2B matchmaking service, it can be matched with businesses in that region, looking for new and innovative products and solutions!
Improved relationships with existing customers
Your business can build stronger relationships with your existing customers, and find new ways to work together as you may find your newest product is discovered by a customer in a new region and they want to know more.
Improved sales efficiency
By identifying potential partners and making initial contact ahead of time, businesses can save time in the sales process. In addition, by having an understanding of the needs and wants of potential partners, businesses can tailor their sales pitch to be more relevant and efficient.
Improved customer satisfaction
As businesses are able to connect with potential partners that are more likely to be interested in what they have to offer, there is a higher chance of a successful sale. This leads to improved customer satisfaction as businesses are able to provide products and services that meet the needs of their customers.
Cost savings
You can save time and event marketing budgets (and associated costs) with finding new customers and partners because it allows you to focus on your target audience more efficiently. Your prospective partners and customers are all in one place, and you can make the most of your time there by meeting with them and getting to know them. The improved efficiency of marketing spend to first sale is heavily improved and makes your business more productive.
Improve event experiences
Event organisers should be jumping over the moon with the increased adoption of matchmaking software. By utilising matchmaking tools at your event, you're connecting businesses with more relevant opportunities. This leads to improved overall event experiences for all attendees as they are more likely to have better quality meetings. Not only does this improve satisfaction but also leads to more ROI for your exhibitors.
If you're looking for ways to get your exhibitors adopting your event matchmaking opportunities, check out our article here "B2B Event Matchmaking Tools for your Exhibitors" https://www.grip.events/news/b2b-event-matchmaking-tool-for-your-exhibitors
In summary, B2B matchmaking is a great way to improve efficiency, increase exposure, and build stronger relationships with customers - both new and existing.
The Grip Matchmaking Engine uses artificial intelligence to understand the networking objectives of users and connect them with the most relevant businesses (or people) at your next event! Learn how to make the most out of the Grip platform at your next event here.
https://www.grip.events/news/grip-categories-for-b2b-matchmaking
