July 20, 2022
“B2B marketing is more important than B2C. It’s what drives the economy forwards, not just outwards.”- Tom Gatten, CEO, Growth Intelligence and pioneer of AI-driven B2B marketing.
B2B Marketing is moving fast and is an exciting community with its buzzwords and tactics. Almost 23.6% of businesses in the US are in the B2B market, and the industry is currently estimated at $6.7 trillion. This shows how the B2B Market is on the rise.
While some of the strategies used by B2B Marketing are similar to B2C marketing, the road to success is a different approach for both. Let’s take a closer look at what makes B2B Marketing unique.
What is B2B Marketing?
Generally, we know that a company sells its products to consumers. They target the audience, show advertisements, and influence them to purchase a product from the company. This is the traditional Business to Consumer (B2C) model.
In B2B, there’s no direct transaction with the consumer. In B2B Markets, B2B buyers are usually retailers, stores, or wholesalers. Transactions take place between them.
In B2C, a finished product is usually focused on delivering, but in B2B, the finished product is not always the goal; raw materials and other components are often delivered.
What Makes B2B Marketing Unique?
A few marketing trends and strategies make B2B Marketing unique.
B2B Buyers are not a general audience who will research on Google before buying a product.
B2B Buyers are businesses with business needs. They know what they want and what they are dealing with. For instance, if you are a sports goods manufacturer trying to do business with a wholesaler, you do not have to talk to your buyers about the product features and quality. One look at the products and they will know if they want to do business with you.
Consumers do not shop from one brand for an extended period of time. They switch between different companies to check the various products in the market.
B2B Buyers are usually long-term consumers who make repeated purchases. B2B products often require installation or implementation service that helps businesses to retain buyers for a long time.
A small consumer base in the B2B Market means businesses can communicate more effectively with each other. The individuals involved in the B2B Markets are mostly on first-call terms, and one-to-one interactions are common.
In B2C, hundreds and thousands of consumers purchasing from one company is common.
However, B2B Market has a small number of clients compared to the B2C Market. It is common to have a handful of buyers who will likely make a difference to the business.
A new sub-brand may appeal to an individual consumer in B2C, but the rest of the consumers may choose to ignore it.
However, in B2B, businesses focus on growing and protecting the primary brand that has grown over the years. Other buyers will recognize the company by the umbrella brand and not sub-brands.
Consumers influence innovation. As a result, innovation is less common in the B2B Market. These businesses focus more on calculated strategies rather than ongoing consumer or market trends.
In B2C, commercial products are sold mostly. But in B2B, products are more technical and sophisticated, as a result, complex. Finding the right market for B2B products may take more than a year.
Buying complex B2B products and services include the expertise and involvement of multiple people. The business head or a single team alone cannot be responsible for making important decisions.
In B2B Marketing, communication is more personalized between buyers and sellers. As a result, different employees can access and interact with the buyers. As they network regularly, all business employees must be on the same page regarding the company.
B2B Buyers are more demanding than their counterparts in B2C. Since they are purchasing on behalf of other companies, they ensure the product quality is absolutely correct and tend to be demanding in terms of service.
The Bottom Line
To ensure that your company can effectively deal with other businesses, you must have a strong B2B strategy. A successful B2B strategy necessitates extensive planning and execution, which is why you cannot leave it to the hands of your employees. Experts likeRemoreReps247 specializing in B2B Markets can help you with the correct marketing strategy. With RemoreReps247, you can ensure that your company stands out in the crowded marketplace.