Business marketing is when a company markets and sells its goods and services to other companies or organizations. These other organizations may resell these goods and services or use them in their own business to support their operations. Business marketing is often referred to as industrial marketing or B2B (business-to-business) marketing.
The perfect example of business-to-business marketing is the automotive industry. Automobile companies buy various spare parts such as tires, batteries, electronics and door locks that are independently manufactured by other businesses and sold directly to automobile manufacturers for assembly.
Even the service industry is also involved in a large number of business-to-business transactions. For example, companies specializing in household chores provide services exclusively to other organizations, rather than to individual consumers.
Business-to-customer marketing is when a business markets and sells its goods and services to retail consumers for personal use. While most companies that sell directly to consumers can be called B2C companies. The business-to-business model as a business model differs significantly from the business-to-business model, which refers to transactions between two or more companies.
Business Market (B2B) vs. Consumer Marketing (B2C)
B2C marketing differs from B2B marketing in several key respects. A business market has very few customers compared to a consumer market that has a large number of customers. A business market usually sells a customized product in which, as a consumer market, a homogeneous product is sold. A business-to-business transaction is a large value transaction, as the purchase quantity is very high, while a business-to-consumer transaction is a small value transaction. The price can be negotiated in business markets where the price is usually fixed in the consumer market. Business markets have a long and complex selling process with multiple decision makers, but in the consumer market buying decisions are simple and are made by individuals.
The keys to success in business markets are:
1) Value creation and customer satisfaction
Business begins with the creation of value. The company’s primary objective is to create and deliver value in an efficient manner that ultimately leads to profit. Value leads to customer satisfaction. The customer experience is an integral part of B2B marketing. The customer experience is the key differentiator of the brand, even more than the price and the product.
2) Social Media Marketing
Social media marketing is when a company uses social media platforms such as Facebook or Twitter to market its products or services. Social media marketing is one of the best and most efficient platforms for marketers. Most social media platforms have built-in data analysis tools that allow companies to track the progress, success and engagement of advertising campaigns. Companies target a wide range of stakeholders through social media, including current and potential customers.
3) Mobile Marketing
Mobile marketing is a digital marketing strategy whose goal is to reach a target audience on your Smartphone, tablets and other mobile devices via email, SMS and multimedia messages.
The use of smartphones has increased several times in recent years, and the use of applications has also increased considerably. Therefore, mobile marketing professionals have increasingly taken advantage of Smartphone applications as a marketing resource. The goal of marketers is to optimize the visibility of an application in a store, which will maximize the number of downloads. This practice is called App Store Optimization (ASO).
4) Marketing of multimedia content
Marketing with multimedia content attracts more customers. B2B marketing professionals are widely adopting this trend. The main driver is the desire to make content more attractive, compelling and shareable than traditional modes. The most common forms of visual content include 360-degree videos.
5) Effective personal selling and executive branding
The distribution channel is the path through which the product reaches the end customer. Personal selling is the preferred form of distribution and promotion used by B2B sellers The sellers