B2B marketing is a marketing strategy that is targeted towards other businesses or organizations. So, when companies sell their products or services to other businesses and organizations instead of consumers then they should use business-to-business marketing strategies. For instance, HubSpot’s business management solutions are targeted towards other businesses, and hence HubSpot engages in B2B marketing strategies.
What is B2B Marketing?
B2B marketing is the marketing of services, goods, or products to other organizations or businesses or companies, and it consists of many critical distinctions from B2C marketing, as B2B marketing leads are more ROI, expertise, and efficiency-oriented than B2C marketing which is driven towards deals, engagement, entertainment and lead generation.
B2B marketing content marketing strategies are more straightforward and informational than B2C marketing. So, any company that sells to other companies should use a B2B marketing strategy for example software-as-a-service (SaaS) subscriptions, tools, security solutions, office supplies, accessories, etc.
Difference between B2B and B2c Marketing
B2B and B2C marketing strategies differ in their applications, target audiences, and communications.
B2B marketing strategies cover the interests, needs, and challenges of individuals who are making purchases for their organization, so the customer here is an organization, business, or company.
While on the other B2C marketing strategies cater to the interests, needs, and challenges of individual users, customers, or consumers who are making purchases for, so that specific individual is a customer in B2C.
Examples of B2B Marketing Strategies
Some of the examples of B2B marketing strategies are
- The co-working space strategy leases the office spaces for the teams and the freelancers to work freely and remotely.
- Services such as screen printing service, fulfilment, warehousing are considered on-demand orders that use a B2B marketing strategy.
- Software marketing company uses this marketing strategy which sells their social media management software or tools, lead generation software, or other marketing services or tools to organizations or businesses for making a purchase.
How B2B Markets are different from Consumer Markets
Some key factors or reasons that make business-to-business markets unique and different from consumer markets are as follows:
1. B2B markets have a more complex decision-making unit
The decision-making unit in B2B marketing is very complex and has enough potential for being at a high level of complexity. A typical decision-making unit in the b2b market includes productive people, H&S Technicals, and buyers.
2. The B2B buyers are more rational
The buyers of the business-to-business market are more rational than consumer counterparts. For example, when we go to work, we might not be able to leave our emotions at home rather than attach them tightly and surely try to keep our emotions away from our work projects or organization members. B2B buyers are always more informed than b2c buyers, and effective B2B marketing strategies always make sure that b2b customers as the target audience are targeted in a personalized manner.
Similarly, why an individual will pay for a $300 leather jacket that is less warm and less durable than a $200 jacket available at the next shop? The truth here is the consumers are not well-informed or are less accountable than others. In b2b market strategies, a tendency of making a rational decision is built up to make a profit.
3. A limited number of buying is provided in this marketing
Most business-to-business markets confirm the Pareto Principle or 80:20 rule, where a small number of customers dominates ledger sales. A reasonable limit to the amount is fixed where an individual can use any product or buy any product as their wish.
Also, you can fit the buyers in the ‘typical spend per month’ category, including heavy spenders and a few light spenders considering the range between the largest and the smallest.
4. Personal Relationships are given more importance
The importance of the personal relationship in b2b markets is considered as an essential feature that differentiates from others where the representatives of sales and technical group visit the customers that develops personal relationships and trust among them that makes the customer stay loyal and committed to the company.
B2B content marketing or b2b social media marketing used by b2b companies try to develop personal relationships with the target audience. An example of b2b market personal relationship can be between China and Russia, having a little free information culture, branding, and the historic quality problems for the customers.
Steps to create a B2B Marketing Strategy
Step 1 – Try to develop a comprehensive vision
Making an all-embracing vision remains accurate eternally before any decision-making process. Also, you can select the measurable and specific objectives needed for business growth.
Step 2 – Define the market and your buyer personas
This step is a crucial step for b2b organizations whose products, goods, and services are marketed to a set of customers defining particular challenges and needs.
Step 3 – Identify b2b marketing tactics and channels
You will need to decide how and where to extend the reach to answer questions regarding your ideal prospects or customers.
Step 4- Create Assets and Run campaigns
With a proper plan, start to make the thing in motion to work by following best practices in your applied strategies with effective campaigns.
Step 5 – Measure and Improve
Start your business by moving in the right direction, considering your high performance, goals, and business growth.
Key Channels of Effective B2B Marketing
To get organic visibility and maximum reach at your site, it is needed to update your blogs regularly, and it should be the most important thing for the content team. You can try out any format for B2B content marketing such as infographics, written copy, videos, case studies, and many more things that can help you to attract people.
2. Search Engine Optimization
Using SEO can optimize b2b marketing efficiently, but it needs to account for it when needed. However, nowadays, the importance of keywords is decreasing, and more importance is given to metadata to the searcher intent signal.
3. Social Media
The paid and organic visit should be combined on social media because social network helps you engage in new prospects when performing in an active mode. And, the b2b buyers use social media channels for researching potential vendors.
4. eBooks or Whitepapers
The assets that contain important information should be eBooks that can give access to perform another access which can also be used as a b2b lead generation tool.
5. Email Marketing
In spam filters and inbox, an email will not disappear soon because it is very effective for b2b marketing. However, LinkedIn InMail is used for lead generation for sales and marketing purposes.
For b2b marketing strategy, you can follow some points that can help you and your team in the b2b marketing field such as-
Be Human-You want to sell to a company, and like other human beings, it can be possible to be driven by cognitive and emotional motivations to gain success.
Focus on your Target- Try not to waste your time because unnecessary wavering can make your target audience uninterested.
Leadership – Try to have senior-level decision-makers who can make your marketing efforts be more result-driven.
How effective do you find b2b marketing campaigns in generating sales? Share your views with us in the comment section below.
Pinky is an MBA in Marketing from the University of Mumbai. She loves helping people out in learning Marketing and sharing latest ideas and tactics for growing businesses.