What is B2B?
Business to Business marketing refers to an understanding of the marketplace as a place where businesses also act as customers. Thus, marketing of goods and services towards other businesses is referred to as B2B marketing. It differs from traditional marketing to individual customers in three ways:
1. There are fewer customers in the market, since an entire business entity is seen as a single customer. This has the effect of significantly reducing the pool of potential buyers, but it also means individual orders are usually placed in much larger quantities.
2. Most of the business generated is derived from the consumer demand in the larger marketplace. This means the single customer marketplace is still indirectly responsible for driving sales and trends.
3. The transactions between two or more businesses are more complex than in traditional dealings. A host of individuals within each business have to interact over a long period of time in order to finalize and place the order.
B2B marketing strategies use:
1. Its presence is felt more strongly in the world of social media through a solid content marketing campaign that attracts potential clients.
2. Hard data and facts and numbers are used to formulate the business plan and drive sales as well as business partnerships.
3. B2B marketing strategies offer a leaner and more focused approach than a B2C marketing strategy.