Business to Business, or B2B marketing as its commonly known, involves the sale of one business’ products or their services to another business. Although B2B marketing techniques use the same principles as consumer marketing they are executed in a unique way. We see consumers choosing products and services using a myriad of characteristics such as price, popularity, status and so forth. However, businesses choose products and services, and make these powerful decisions, based solely on price and profit potential.
Shedding some light on B2B marketing
B2B marketing involves building value added relationships to foster lasting customers. This is an essential goal for any business, whether a large corporation or a small to medium sized business.
In B2B marketing, the marketer can effectively sell their products or services to the right buyers by positioning their offering in an added value manner and by understanding the customer’s needs and proposing the solutions.
It is vital that a B2B marketer understands their customer’s needs before implementing any marketing initiative. In consumer marketing, an effective advertisement campaign can be put out over wider channels and the target market will be driven to buy the goods or services. However, B2B marketing is more specialised and marketers in this area need to pay close attention to their prospect’s needs before tailoring their services to those needs.
A B2B marketing strategy is very different to a consumer marketing strategy. While consumer marketing can advertise specifically to its target audience in a way of print, televisions and the internet, B2B on the other hand requires its offering to brand itself very broadly. This is done in the way of email, corporate image and to a very specific customer.
B2B marketers can develop their marketing initiative strategies by identifying and understanding their product or service, their target market, their pricing and their promotion. This article explains the unique features of B2B marketing in greater detail.
Product or service
When marketing to consumers there is often an emotional component involved. People are drawn to products and services because of how they make them feel, empowerment by status and so on. With B2B customers, the buyers are more sophisticated and trained professionals who care about the quality of products, their bottom line and the service provided by the business they are buying from.
B2B marketers focus on very niche industries that have specialised needs. Although this can make marketing more straightforward, it requires an extensive level of knowledge outside of marketing specialists.
Businesses are concerned with cost, value and revenue potential more so than their consumer counterparts. However, they can also be more convinced to pay the big bucks as long as B2B marketers do an exceptionally good job of persuading the business that their product, quality and customer service will be worthwhile.
B2B marketers are experts at marketing and advertising within their specific fields. They employ the best ways to market to their fields by choosing the right channels such as building relationships, blogs, trade shows, and eventually word of mouth. B2B marketing rarely executes traditional media like TV and radio commercials.
It is vital to understand that B2B marketing differs from consumer-orientated marketing. With these key principals explained, you can now tailor your business offerings to other businesses accordingly.