Marketing is a complicated aspect of running a business. There are so many different types of marketing available. This is just the tip of the iceberg regarding issues you might face. You’ve got budget limits, channel decisions, creative demands, and other things that require intense juggling.
At the end of the day, it boils down to you and the audience you’re marketing to. So one of the types of marketing we need to talk about is B2B marketing which means business to business. So what is B2B marketing? Well, we’re going to answer that and so much more!
Let’s get started:
What is B2B Marketing?
B2B marketing is various marketing strategies that are geared towards a business instead of direct-to-consumer. This might mean that your business is marketing products or services that aid certain businesses or industries. The average consumer might not have a need for these products or services, so you need to market to the entities that do: businesses.
B2B vs. B2C Marketing
There are many noticeable differences between business-to-business marketing and business-to-consumer marketing. Let’s take a look and compare the two:
B2B
- Goal = The customers subjected to B2B marketing are often more concerned with their own return on investment for the business, expertise, and efficiency.
- Purchase Motivation = There’s a logical and financial incentive driving customers.
- Drivers = A desire to be educated on the product and services to understand its value and purpose.
- Purchase Process = Most customers usually prefer to work directly with a sales agent or an account manager.
- People Involved In The Purchase = Purchase decisions in B2B marketing settings are usually more spread out. Many different chains of command might need to sign off on a purchase which can make sales a long-term process.
- Purchase Purpose = The purpose of a purchase, thanks to B2B marketing, is long-term solutions. As a result, a sale can result in longer sales cycles, longer contracts, and fruitful relationships with brands.
B2C
- Goal = Consumers will be seeking out deals, entertainment, etc. Therefore, the marketing is less focused on practicality and benefits and is instead infused with a healthy dose of fun.
- Purchase Motivation = Consumers are more emotionally driven as opposed to the logic-driven approach of B2B.
- Drivers = While customers can appreciate the value of product education, they’re less inclined to need it to make purchase decisions.
- Purchase Process = Customers will prefer direct purchases.
- People Involved In The Purchase = A customer very rarely needs to consult with others when making a purchase decision.
- Purchase Purpose = There’s far less need or desire for long-term solutions or relationships required from consumers.
Understanding B2B & B2C
These are two vastly different approaches, and that makes sense considering who they’re trying to sell to. However, at the same time, these two marketing types do intersect in multiple ways. They can easily learn from one another to make each other’s methods stronger and more targeted.
Conclusion
B2B marketing starts with B2B market research. This is how you build the foundation of your marketing strategy and build it out as you implement your vision. B2B market research is an area where we at Priority Metrics Group shine! We’ll be able to help you achieve the best B2B marketing strategies in the business. So, get in touch, and let’s work together to achieve the desired results.
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