This article tells you about Business to Business Markting ( B2B Marketing).
What is Business to Business Markting ( B2B Marketing) ?
Have you ever considered how a Fortune 500 company offers new computers for its more than 1,000 employees? They would never simply send an office manager to Best Buy for such a large order, but these transactions are vital to the future success of the company.
Marketing from company to company (or B2B marketing, as it is commonly known) involves the sale of the product or service from one company to another company.
B2B marketing techniques are based on the same basic principles as consumer marketing, but they are executed in a unique way. While consumers choose products based not only on price, but also on popularity, status and other emotional triggers, B2B buyers only make decisions about price and profit potential.
Finding new ways to foster relationships through social networks is currently a hot topic in the world of B2B marketing. Social networking platforms have opened bidirectional conversations between companies. A survey organized by Chadwick Martin Bailey and iModerate showed that companies are more likely to buy from companies they track through social networks.
B2B companies that are knowledgeable about technology have continued to find innovative ways to use social networks to their advantage. Cisco Systems, Inc., a leading vendor of network systems, launched a campaign introducing a new router solely in social media advertising. The launch was ranked as one of the first five in the company’s history, and cut more than $ 100,000 from normal launch costs.
Who employs B2B Marketing ?
In essence, B2B marketing involves building valuable relationships to ensure lasting customers, an important goal for any company, be it a mega retail corporation or a smaller family business.
The B2B market is the largest of all markets and outperforms the consumer market in dollar value. Companies like GE and IBM spend approximately $ 60 million a day on products that support the operation of their businesses.
B2B marketing is used to a large extent in companies that manufacture products for which consumers have no practical use, such as steel. However, it is also used by companies that sell products and services purchased by consumers and other companies.
For example, Sprint (a consumer phone provider) provides wireless, voice and data services to businesses and consumers alike. In fact, VHA, a health care procurement network, recently agreed to extend a three-year, $ 1.2 billion contract with Sprint. Sprint continues to be a national leader in both B2B and consumer marketing.
B2B marketing specialists generally focus on four broad categories:
- Companies that use their products, such as construction companies that buy steel sheets to use in buildings.
- Government agencies, the largest individual and consumer objective of B2B marketing.
- Institutions such as hospitals and schools.
- Companies that turn around and resell goods to consumers, such as brokers and wholesalers.
A B2B marketer can put your product or service in the right hands by positioning your offer in an exciting way, understanding the customer’s needs and proposing the right solutions to combine the two (See also Persuasion Marketing).
It is important that B2B marketing specialists understand the needs of their clients before implementing any marketing or advertising tactic. In consumer marketing, an effective advertisement can be launched through broad channels, and a percentage of consumers will be forced to buy the product. However, since B2B marketing is much more specialized, marketers run the risk of alienating their potential candidates if they do not pay much attention to their needs before adapting their services to those needs.
How is a B2B marketing plan developed and used ?
A B2B marketing plan should focus on delivery and have a broad application. This means that while consumer marketing can advertise very specifically (a mass-consumed product advertised through print, TV and Internet ads) to a broad audience, B2B marketing can not do so. Instead, you need to promote yourself very broadly (via email, corporate image and technical specifications) to a very specific customer.
Business marketers can develop and decide how to use their B2B plan by identifying and understanding the importance of the following topics:
- The product or service: when it is marketed to consumers, there is an emotional component involved. Individuals are attracted to the products because of how they make them feel. With B2B clients, the buyers are trained professionals who care about the quality of the products, their benefits of cost savings and / or production of income, and the service provided by the host company.
- The target market: many B2B vendors can focus on very specific industries that reflect specialized needs. While this may make marketing a bit more direct, it also requires a high level of knowledge outside of marketing specialists.
- Pricing: companies are generally more concerned about the cost, value and revenue potential than consumers. However, they can also be more easily convinced to pay a higher dollar, as long as B2B marketing specialists do an excellent job of convincing them that the product, quality and customer service will be worth it.
- Promotion: B2B marketing specialists must be experts not only in marketing and advertising, but also experts in their fields. Once this happens, you will learn the best ways to market in this field, whether through blogs, magazines, trade fairs or word of mouth. B2B marketing rarely uses traditional media such as television and radio ads.
What types of careers work with B2B marketing strategies ?
A B2B career requires that marketers not only have a background in marketing, but also a solid understanding of business. B2B marketing specialists are often creatively minded individuals who feel comfortable working with numbers, statistics and results. Due to the varied and specific skills desired for this industry, there are a variety of careers that are involved with B2B marketing, both the seller and the buyer.
Maeketing Managers :
What do they do?
Marketing managers have the knowledge and training to manage and develop an effective strategy for a B2B campaign. They have acquired the marketing knowledge and managerial skills needed to fine-tune the specific needs of a niche or industry, and market their product or service effectively to meet those needs.
Marketing professionals must have strong communication skills, but in B2B positions, marketing managers also need training in economics and business. In this way, they can market more effectively to business and government experts.
Education and experience
Most marketing managers have at least a bachelor’s degree in marketing or a related special such as business, advertising, accounting, economics, mathematics or statistics. Marketing managers usually start in entry-level marketing positions and make their way into the professional career.
B2B Sales Representative :
What do they do?
B2B sales representatives are responsible for implementing the marketing plans that are implemented for your company’s product or service. They are the ones who develop and maintain relationships with potential clients.
As such, a B2B sales representative must have strong communication skills and be able to connect with a variety of people. They need to have an interest and talent in sales, negotiation and decision making.
Education and experience
A bachelor’s degree in marketing or business administration is required to become a B2B sales representative. In general, it is a role that also requires 3 to 5 years of experience in the B2B sales environment.
B2B Marketing Coordinators :
What do they do?
A B2B marketing coordinator organizes and implements the daily tasks of creating and marketing a B2B brand. This position is usually responsible for communicating with a variety of people to organize trade shows, webinars and other events, as well as to help produce written marketing materials, customer lists and email campaigns.
Marketing coordinators should feel comfortable with statistics, analysis and quality assurance, as they are generally responsible for the behind-the-scenes organization of a complete B2B campaign. They should also have good communication and writing skills, as they will send emails and telephone to a variety of contacts to organize events and promotions.
Education and experience
Most marketing coordinators need a bachelor’s degree in marketing, event planning or a related field, but generally need less experience than other positions in the B2B marketing field. They must have excellent time management and organizational skills, and they must be able to manage multiple projects in tight deadlines.
How can a marketing school help you succeed in a company that uses this type of marketing strategy ?
A degree in marketing can lead you to a career in a variety of positions and fields, including B2B. Experienced marketing experts are the key to developing a B2B strategy that meets the ultimate goal of selling the product or service to the right people.
Obtaining a degree in marketing exposes students to advertising and sales functions, as well as background in strategic business functions, statistics and analysis. This gives students the experience to discover what consumers and businesses are looking for, and the skills to produce and deliver it efficiently and pleasantly.
Marketing programs give importance to the four fundamental pieces for B2B success: product, promotion, price and place. In general, they also impart skills in mathematics, statistics, business and behavior, as well as in advertising principles. Students also learn more specific skills, such as how to conduct market research and analyze consumer data. It is important to understand the broad business perspective required to be successful in the field of marketing.
Because B2B marketing is so closely integrated with business principles, it may be advisable to earn a minor business, or at least take some business courses as part of your marketing education. This additional experience with principles of economics and business can better prepare you to build lasting relationships with other companies.
If you would like more information on how a marketing degree can help you develop a successful B2B marketing career, request information from schools that offer marketing degrees today.
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