What is B2B marketing? (Business to Business)
So what is B2B marketing and what does it involve?
Business to business marketing or B2B marketing is pretty simple. It can be defined as all activities involved in communicating the value of a business’s product(s) and service(s) to another business.
Business marketing relies on the 4P’s:
These elements enable a business to competitively position the product offerings, promote the brand and efficiently use company resources.
The idea is pretty straight forward and not half as complex as most Marketers make out. First there must be and understanding of the marketing mix for the chosen business and secondly an integrated marketing communications strategy should be created to ensure products and promotional methods compliment and support each other.
B2B marketing spans an extensive range of businesses and industries across the globe but generally speaking B2B sales tend to be much larger than consumer purchases so it is important that business marketers use innovative channels to reach their target audiences.
The tactical marketing plan usually includes a whole host of promotional activities such as: industry white papers, trade shows, corporate websites, and webcasts which are often used for the purpose of building brand awareness and enhancing lead generation. Nowadays, the majority of B2B brands also employ social media, including podcasts, social networking, and blogging in order to drive web traffic to their online channels and draw prospective customers to their brand.
So how do you measure B2B success?
Customer relationship management (CRM) systems…
This is something which most brands are now familiar with and they are often used to analyse marketing performance in B2B businesses.
B2B sales cycles can last for months and sometimes years and involve numerous pipeline stages before they reach conversion. CRM systems help business marketers integrate marketing metrics (measurement criteria) to accurately assess how marketing directly contributes to the overall result. To read more benefits, click here.
In a nutshell…
- Business marketing is often directed towards individuals within an organisation – who act on behalf of the needs of the organisation.
- Business-to-business marketing involves any product(s) or service(s) which a company purchases to resell, use as components in their own products or services, or to support their daily operations.
- Any given business-to-business transaction can involve years of complex marketing efforts, including both online and offline promotions.