What Is B2B
The full form of B2B is Business-To-Business. In simple words B2B is providing business leads to promote another business. Complementary vocabularies for B2B are B2C and B2G. Full form of B2C is Business-To-Customer and B2G is Business-To-Government. Difference between B2B and B2C is that B2B targets companies or agents whereas B2C targets individual end users. All affiliates who can exchange business can afford to do B2B and B2C. Investment in marketing services or products in nominal as B2B business associates or investors mostly spread through social media networks like LinkedIn, Twitter, and Facebook etc. B2C as well make use of social media networking to promote their business or services. At times, affiliates will send mass email and messages from the database built by conducting life style survey or from search engines. Telemarketing is one other way to promote and introduce your services and products to companies or introducers in the companies. However, it is essential that the marketers in B2B focus on three important things:
- Match products or services with customer needs
- Place and price should be in sync with market demands
- Promote and push products and services by convincing market that it is cost effective.
The above mentioned strategy is 4Ps of marketing. Let me run you through the marketing strategies involved in B2B marketing:
1. Branding: Is the most important sign that speaks about your product and services which follows your signature in an email to every other promotional literature posted online or offline.
2. Product or service: Arrive at a cost effective product or service and create a win-win business situation.
3. Market: Evaluate demand in target market. Though the market size in terms of demand is less, offer the quality service and fix right price for product, as price or product will be approved by quality controller departments and decision makers in the company.
4. Promotion and Place: Plan and advertise wherever necessary and keep products in reach of customers or agencies, evaluating the demand in the target market.
B2B marketing basically depends on networking, advertising, and direct mail, owing a website and search engine optimization. The Business Marketing Association that was formed in the year 1922 is the business organization that serves B2B marketing professionals. Positioning statement in B2B takes the major part in marketing as this single sentence describes your entire business activity. B2B proposals should be crystal clear that describes the kind of support rendered in generating sales, the amount of traffic built by generating leads and other corporate support. Proposals should be specific with facts and figures.
Finally rapid growth in technology has made the young crowd incline towards B2B and B2C businesses that can be run without having infrastructure, but can be minting money by providing integral cost effective service.