B2B or Business-to-Business Marketing is a commonly known concept and involves the selling of products and services from one company to another company.
The techniques involved in B2B marketing rely on the principles same as that for consumer marketing, but they are executed in a different way. Consumers choose products according to their price, status, popularity, and other triggers, but B2B buyers decide to purchase on the basis of price and profit potential.
Finding the ways to foster relationship via social media is an emerging topic in the world of B2B marketing. Social media platforms have provided a two-way conversation between businesses. Chadwick Bailey and iModerate conducted a survey, which showed that businesses are buying from companies that they track via social media.
Tech Savvy companies are finding innovative ways to get advantage from social media. Cisco Systems Inc, a leading networking systems seller, launched a campaign that is introducing a new router on social media advertising. This launch was one of the top 5 in the history and shaved about $100,000 than normal expenses.
Though, the interest aiming at the retailing growth on the Internet, also called e-tailing, forecasts showed that B2B revenue will far exceed business-to-consumers revenue.
B2B websites have been divided into below-mentioned categories:
- Company Websites: Many company sites have target audience as other companies or their employees. These sites can be considered as “round-the-clock-mini-trade”. Most often, a company website also serves as the entry point to the exclusive extranet, which is available only to the customers and registered users.
- Product supply – Procurement Exchanges: These are the exchanges in which a company can shop for their supplies from request proposals, vendors, and even bid to make purchases at desired rates. These are also called as e-procurement sites. Some of them serve a number of industries and others just consider a niche market.
- Brokering sites: These sites are intermediate providers and potential customers who need specific services like equipment leasing.
- Specialized/ Vertical Industry Portals: These are portals that provide sub-web information, discussion groups, product listings, and many other features. These sites have a broad purpose as compared with procurement sites. They may support buying and selling purpose.
- Information sites: These sites are known as infomediaries. These sites are providing information about a specific industry to a company or employee. These sites also include specialized search sites as well as about trade and industry standard organizations.
B2B sites fall into these groups. Models for these sites are also evolving.
Building B2B websites need software that includes templates, site building tools, methodologies, and database.
B2B marketers focus on following four categories:
- Companies using their products, for instance, construction companies purchasing steel sheets for the building.
- Institutions like schools and hospitals.
- Government agencies.
- Companies that resell and turnaround the goods to consumers like wholesalers and brokers.
A B2B marketer can put their products into the hands of right consumers if they position their offers in an exciting manner, understand the customer needs, and propose the best solution.
It is necessary for B2B marketers to understand the clients’ needs prior to implementing marketing tactic. In consumer marketing, attractive and effective advertisements can be spread out over broad channels, and the consumer percentage will increase too but the product. Though, as B2B marketing is more specialized, marketers take the risk of alienating their prospective candidates.