B2B marketing can be described simply as one business selling services to another.
The concept of business-to-business or B2B marketing is actually simple. A business can connect to another business through a digital channel. Then, the former can use the latter’s products or services for their business operation or resale.
What kind of business usually employs B2B marketing?
The success of B2B marketing largely depends on how you are able to embed your company into the industry, thereby making your product a staple to other companies. To achieve this, you need to get in touch with niche buyers. In the digital world, that means you have to reach more channels, track analytics, build your website, generate traffic, and utilize social media.
Undeniably, B2B marketing requires hard work. It’s commonly employed by companies that offer products such as steel, something which only other businesses would have a use for. Once in a while, however, you’ll see a company that caters to both B2B and consumes like Sprint.
Is B2B a large industry?
B2B has grown a lot of the years. In 2001, a study has found that earnings from B2B transactions are far greater than that of consumer transactions. In 2003, it’s confirmed that about $85 billion are spent by B2B marketers in promoting their services. However, the returns are higher. According to Dwyer and Tanner in Business Marketing: Connecting Strategy, Relationships and Learning (3rd Edition, 2006), purchases made by businesses, organizations, and institutions account for about half of all the economic activities in the US.
How to identify buyers and influencers?
If you’re convinced to try B2B marketing, it’s best that you know how to find the right buyers and influencers in the B2B space.
Seeking to understand your potential customers is the only way for you to create a plan to influence them. You need to put create buyer personas for potential companies that you can sell your product or service offerings to. Get their profiles and answer the following questions: Who are they? What are their jobs? How old are they? What interests them? What are the challenges they face?
Once you’ve fully know what ticks your buyers, you can now plan your campaign. One of the best ways to do this is through employing an influencer. Look for an expert on the industry. If you don’t have anyone in mind, you can read journals or ask potential buyers who they respect in their field. Once you’ve gathered this information, you should list all the names you’ve collected and then narrow down that list to choose one that best fits your company.
What is marketing automation?
Digital selling is usually associated with the building relationship with customers and clients online, communicating your brand, and generating leads. One of the ways to streamline this process is by using B2B ecommerce platforms to facilitate b2b selling.
Since B2B is a risky endeavor, a lot of businesses who are tapping into it prefer to use marketing platforms like these, as they have native CMS capabilities and allow marketers to manage robust catalogs of product and service offerings. Additionally, b2b ecommerce platforms can help in maximizing productivity and mapping content based on your business profile.
The Bottom Line
B2B marketing is a big industry, and it’s still growing. If you are planning to go into this kind of business, the best time to start is now.