When we talk about B2B marketing, there are a few questions that come up to our mind, what is it? How is it done? Who does it? In this article you’ll find the answers to a few of these questions.
Business to Business marketing (of known as B2B marketing) involves the sale of one company’s product or service to another company. The methodologies and techniques rely on basic principles of consumer marketing but are executed in a unique manner. While doing B2B marketing, a marketer needs to keep in mind that the focus of the buyer is on price and profit potentials. The tech-savvy B2B companies have continuously been finding innovating ways of using social media platforms to grow their sales especially in the time of epidemic.
Undoubtedly, B2B market is the largest of all markets and exceeds the consumer market in dollar value. But if talk about who uses these marketing skills then we may take example of companies like GE and IBM who spend an estimated value of $60 million a day on goods that supports the operation of their business. Another example of B2B marketing can be a manufactures of wheels as these products can’t be used directly but are sold to various auto mobile companies.
The B2B marketers focus on majorly 4 categories of consumers:
- Companies that use their products
- Government agencies
- Institutions like hospitals and schools
- Companies that resell the products
Just like any other marketer, a B2B marketer should concentrate on understanding the needs, wants and demands of a customer , before implying any sort of marketing strategies or advertising tactics.
Unlike consumer marketing, a B2B marketing plan must be focused on delivery and broad in application, that means a B2B marketer cannot advertise very specifically to a larger audience.
However, the plan should be got into action by keeping the following factors in mind:
- The Product or service
- The Place
- The Pricing
- The Promotion
There are the 4 major P’s of B2B marketing.