Business marketing is when a business markets and sells its goods and services to other businesses or organizations. These other organizations may resell these goods and services or use them in their own businesses to support their operations. Business marketing is often referred to as industrial marketing or business-to-business (B2B) marketing.
A perfect example of Business to business marketing is the automotive industry. Car companies buy various spare parts such as tires, batteries, electronics and door locks that are produced independently by other businesses and sold directly to car manufacturers to assemble cars.
Even the service industry also conducts many business-to-business transactions. For example, a company specializing in housekeeping provides services exclusively to other organizations, not 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 referred to as B2C companies. Business-to-consumer as a business model differs significantly from the business-to-business model, which refers to transactions between two or more businesses.
Business market (B2B) vs. Consumer marketing (B2C)
B2C marketing differs from B2B marketing in several key ways. The business market has very few customers compared to the consumer market which has many customers. The business market usually sells customized products whereas the consumer market sells homogeneous products.
Business-to-business transactions are transactions of large value because the number of purchases is very high, while business-to-consumer transactions are transactions of small value. Prices are negotiable in the business market where prices are usually set in the consumer market. The business market has a long and complex selling process with many decision makers, but in the consumer market the buying decisions are simple and made by individuals.
The keys to success in the Business market are:
1) Value creation & customer satisfaction
Business starts with value creation. It is the primary goal of a business to create and deliver value in an efficient manner that will ultimately result in a profit. Value leads to customer satisfaction. The customer experience is an integral part of B2B marketing. Customer experience is a brand’s main differentiator, even more so than price and product.
2) Social media marketing
Social media marketing is when a company uses social media platforms like Facebook or Twitter to market its products or services. Social media marketing is one of the best and 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 ad campaigns. The company addresses various stakeholders through social media marketing including current and potential customers.
3) Mobile marketing
Mobile marketing is a digital marketing strategy that aims to reach a target audience on Smartphones, tablets and other mobile devices via email, SMS and multimedia messages.
The use of smartphones has increased several times over the past few years, the use of applications has also greatly increased. Therefore, mobile marketers are increasingly making use of Smartphone applications as a marketing resource. Marketers aim to optimize the visibility of the app in the store, which will maximize the number of downloads. This practice is called App Store Optimization (ASO).
4) Multimedia Content Marketing
Marketing using Multimedia content attracts more customers. B2B marketers are widely adopting this trend. The main driver is the desire to make content more engaging, engaging and shareable than just traditional fashion. The most common forms of visual content include 360-degree videos.
5) Effective Personal Selling & Executive Branding
The distribution channel is the path through which the product reaches the final customer. Personal selling is the most preferred form of distribution and promotion used by B2B marketers. The seller promotes the product through a certain attitude, appearance, and product knowledge. Executive Branding is when an executive demonstrates his professional strength as a way to attract customers. Executive branding is also known as reputation management. Especially in the B2B environment, executive branding is now considered a necessity. Senior management must create and develop their personal brand image to attract new customers.