Participation in B2B Exchanges is increasingly becoming one of

the fastest growing marketing methods for businesses looking for

augmenting their client base beyond their local markets. Any

good B2B Exchange offers direct contact with thousands of

prospective buyers in a single location. For some new

participants of a B2B Exchange, it appears to be a goldmine as

they discover unexpected quantity of readymade clients without

much effort from their side. Of course, there are many other

great benefits companies can reap from getting involved in a

B2B Exchange. What is a B2B Exchange?In a broader sense, Business to Business Exchange is an online

platform where buyers and sellers come to communicate,

collaborate and make business transactions. B2B Exchange caters

a large number of participant companies as a community. The main

objective of a B2B Exchange is to create a venue, filled with

features that allow members to efficiently conduct business

processes through the Internet. B2B Exchanges are also known

as e-marketplaces. What are the benefits?B2B Exchanges are capable of helping companies in buying,

selling and streamlining their business processes. The benefits

of participating in a B2B exchange may include:a) Efficient inventory management:Integration of your products and

services with the Electronic Catalog of the Exchange will help

you manage inventory more effectively. b) Better customer relationship management:Ability to have constant interaction through the Exchange allows

you to serve your customers better. You can track the whole

ordering process from payment to delivery and bring greater

efficiency in customer service. c) New sales channel:By becoming a member of a B2B exchange, you open a low cost,

highly functional and easy-to-use sales channel for your company.

You expose your company to a new targeted audience which

otherwise would have been untapped to you. d) Save significantly from reduced paper works:Automated supply chain management helps trimming down paper work

greatly. e) Eliminate rogue spending:Consolidated and automated procurement and approval method stops

unauthorized purchasing in a company. f) Community participation:You can receive valuable feedbacks from other fellow buyers,

receive industry-related information, build new partnerships

and use the networking ability of a community. Tips for SuccessThe key to ensuring success with B2B Exchanges are in planning,

active participation, learning the tools necessary to use the

Exchange effectively and dedication to work through it. 1. Choosing the Right B2B ExchangeAlthough, there are huge benefits in participating in a B2B

Exchange, you have to be careful in selecting one. Not all B2B

Exchanges might work for you. There are thousands of B2B

Exchanges available on the Internet. Some are industry specific,

some cater only certain geographical areas, and some concentrate

more on delivering business tools to the participants. The

challenge is to select the right B2B Exchange, which will serve

your particular needs. In order to conduct the selection process you must establish

certain goal. Possible objectives for you should be to:?Generate sales?Get access to a large numbers of buyers or sellers?Find distributors and importers?Enhance customer relationships through online tools?Develop product awareness?Extend market shares?Conduct market research?Streamline supply chain?Automate selling process?Adopt e-procurementYour goal should combine several of these objectives. In evaluating a B2B Exchange you also should consider whether

it has following features, as these features are vital elements

for any good B2B exchange. 1. Product catalog based on an industry-standard classification system2. Product search capability within the marketplace and e-catalog3. Directory of members4. Product content adding and editing interface5. Ability to promote products and servicesOther key characteristics of a B2B exchange also include:Simplicity? Primary tools of the exchange should be easy to

learn and use. Significant membership base? The quantity of members should be

big enough, so that new participants can expand their business

from the very first day. Flexibility? The Exchange should add new and modify existing

tools according to the market need. Neutrality? The Exchange owners should be unbiased and maintain

absolute neutrality. Providing an open and transparent market

for all the participants is an important constituent of the

value proposition of a B2B exchange. 2. PreparationParticipation in a B2B exchange in order to achieve successful

result is a serious commitment. Study the exchange of your

choice thoroughly. If they offer trial membership, subscribe!

Spend time on learning the tools - how they work? Are they

beneficial to you business?Proper preparation will help you:- saving money- making seamless adoption- increasing productivity right from the beginning- reaching your goals fasterHowever, poor preparation can get you into serious trouble. - You may encounter higher costs- Productivity may suffer significantly- You even may be forced to abandon the whole idea3. AdoptionThe primary factors of company productivity are Revenue Increase

and Cost Cutting. Both are easily achievable if you adopt a

quality B2B exchange, train your stuffs to use it effectively,

integrate exchange? various tools to your advantage and slowly

but consistently make it one of your primary channels for buying

and selling. For more information on B2B exchanges or E-marketplace and how

these Internet based platforms can help you, read other articles

located at http://ezine. rusbiz. com/topic/2. htmlNowshade Kabir is the founder, primary developer and present

CEO of Rusbiz. com. A Ph. D. in Information Technology, he

has wide experience in Business Consulting, International

Trade and Web Marketing. Rusbiz is a Global B2B Emarketplace

with solutions to start and run online business.

You can contact him at nowshade@rusbiz. com

Author:
Nowshade Kabir