1. In B2B market, what is the real key to being successful?
2. How did Eaton strategically manage the global financial recession in 2008 and 2009?
3. Go to Eaton's Canadian web site www.eatoncanada.ca. List some of their market segments in Canada. What types of industries are they involved in?
The way to be successful in a business to business (B2B) relationship is to be able to solve your customers' problems. It isn't about selling something you have; it is about selling a solution customers require.
Take Eaton for example; they have been doing business this way since 1911 when founder Joseph Eaton first started the company. Boasting more than 70,000 employees in 150 countries (including Canada), Eaton wants to make sure it continues to be a solution provider for its clients. Segments Eaton provides solutions for include: electrical, hydraulics, aerospace and motorized vehicles.
When working with customers, Eaton ensures it fosters a strategic relationship with the client. They do this is by: finding out what their client's top strategic issues are, how Eaton fits, and then tailors proposals based on the client's needs, leading to better and longer-lasting partnerships.
Eaton is not the type of firm which rests on past successes. When the global financial crisis hit in 2008 and 2009, numerous companies were looking for ways to save money by reducing overhead costs. Eaton realized they had to help their partners figure out ways to save money using Eaton's products. Eaton took the initiative to go out and ask their clients how Eaton could help. From discussions with their customers, Eaton modified their production strategy based on client's needs, solidifying the relationship already in place.