Also known as E-biz, business-to-business (B2B) is the exchange of services, information, or products between businesses, instead of between consumers and businesses. Unlike many business-to-consumer marketing efforts, business-to-business initiatives must take into consideration that several executives are likely to weigh in on a single-purchase decision, thus campaigns ought to address multiple audiences in that same enterprise. In addition, B2B marketing should cater for (generally) longer transaction periods.
When new businesses pop up in the market for new methods or solutions aimed at enhancing their operations, then the demonstration of value of is crucially essential. Credible research shows that economic justifications are needed for 90% of B2B purchases. Moreover, easy integration options and promoting product usability are key elements of B2B marketing crusade.
Still, business-to-business marketing calls for flexibility aimed at personalizing service and product pitches to the companies that are purchases. While trade events are oftentimes quoted as a top stage for B2B marketing, e-commerce marketing is also turning out as vital based on recent figures. 93 percent of customer’s state that they use the internet to when searching for the products they want to buy.
B2B Marketing Up-Close
There are real differences in B2B marketing when the service or product being promoted comes with a high price tag. It is a considered purchase with a long sales process. Rather than promoting a bar of detergent that consumers purchase in a supermarket, B2B types of marketing help sell industrial machinery or a service contract worth even $1000,000.
Here’s a summary of how B2B marketing is different from others
. B2B services and products may call for a more significant investment
. B2B services and products are often challenging with a sheer learning curve
. The B2B assessment process can be broad and perhaps include a proposal or quotation request
. The purchasing decision oftentimes involves many individuals from different levels in the organization and departments
. Each industry possesses a unique jargon, cultural conventions, and thought leaders that B2B marketing must take into consideration
Evolution of B2B Marketing
Marketing news say that before the rise of social media and internet, the job of B2B marketers was simpler. As a matter of fact, marketing was oftentimes charged with merely providing sales and branding collateral, advertising, trade events and PR. The sales team developed and found their own marketing leads for the most part – via connections, on the golf-course, or by cold-calling into focus accounts, or trade shows (if you are looking for whom would make your exhibit presentation outsdanding, then look no more, just contact experts like Exhibe Portable).
However, with the rise of the internet, buyer behavior – how they understand, identify, evaluate, and purchase products – has greatly changed. The change has brought about a revolution in business-to-business marketing tactics, really making B2B marketing function more essential to the sales process.
In fact, marketers have been taking responsibility for much the “relationship-building” that salesperson used to do “face-to-face”. They are using data-driven methods such as marketing automation and tracking digital-body language to identify leads that are qualified, and provide them with the info they require, and then figure out the precise moment to pass every lead over to the sales. It is only then will that a sales person meets the prospect and closes the sale in trade show marketing.