What is Business to Business Marketing?
B2B marketing (business to business marketing) can be referred to as one business selling to another organization, as opposed to selling to the end user. These days, B2B e-mail marketing is certainly an economical approach.
Businesses have always been selling to other businesses, but with advancements in technologies in recent years, the B2B marketplace has escalated to new heights. Online has been the number one reason for this, offering everything from low costs to measurable data, which has allowed B2B marketers the opportunity to educate and reach their clients.
For many B2B marketers, the traditional marketing funnel that motivates prospects to self-identify and then move to a sales funnel, is ingrained in our minds. However, in the Age of the Customer, Forrester Research’s phrase for a customer-driven marketing landscape, the funnel has evolved to reflect a new customer expectation requiring sales and marketing to work in tandem.
B2B Marketing Facts by Honey Singh
- Content marketing costs 62% less than traditional methods of marketing and is capable of generating 3 times higher leads.
- At least 60% of marketers create one content post every day.
- 70% of B2B marketers want to produce more content this year than compared to 2016.
- Over the next 12 months, 39% of B2B marketers will hike their budget for content marketing.
- 78% of CMOs agree that custom content is the future of marketing
- 37% of B2B marketers said they have a documented content strategy.
Online business-to-business (B2B) marketing helps suppliers and manufacturers advertise their services and products before international purchases. Basically, this kind of marketing is done through Web portals. As a promotion strategy, online B2B marketing involves product and service promotion for proper and smooth functioning of a business. It is far different from a business to client type of marketing where the primary concern is the consumer.
Among the most well-known markets for business to business marketing include the government, manufacturers, exporters, distributors and suppliers. Their primary focus is promoting their services and selling their products to different firms. There are a lot of leading B2B Web portals that help companies promote services and products including spare parts, equipment and machine supply/production, raw materials and many others. These portals help companies in expanding their business worldwide.
In the B2B case, the transaction occurs between two business persons — for instance, a manufacturer, supplier, wholesaler and many others. How the purchasing transaction is being made is also what distinguishes online business to business marketing to business to customer type.
Normally, an enterprise will enlist a service or avail of a product only if the other agrees to help the company achieves its objectives. This is because of the fact that information and knowledge are the primary focus in the B2B market. Today, B2B marketing is extensively used on the Web as it plays a significant role in endorsing a business online. Internet marketing is so helpful for those businesses that are engaged in export and import of goods.
The Internet is very helpful for any business as it offers some benefits over usual ways of doing business. Online B2B marketing improves any business system function by boosting supply chain management. It also enhances the messaging and product content system employed within a company. Aside from this, online business to business marketing also boosts return on investment, improving the overall growth of a company.
Advances in technology have greatly improved the way commercial transactions are done. Electronic commerce helps in initiating online B2B marketing more efficiently. With e-commerce, the sales cycle span is reduced and the costs involved in sales and marketing are diminished. Also, it enables money transfer between two enterprises through electronic data exchange. Online business to business marketing is a very useful tactic in getting better profitability and productivity in a cost-effective way.
If your company is not yet into B2B transactions then you should join any reputable Web portal that is focused on it to find better business opportunities. Different companies are learning that customary gauges of customer satisfaction and loyalty are not coming up as anticipated in terms of being able to provide accurate financial gauge. Some B2B firms are even turning to third party technology providers to have a much more accurate measure for finances.
Once you have finally decided to engage your business in online B2B marketing, it is crucial to know the trends. These days, the trend points to getting more creative with Web content. Whether it is a social media page or blog, B2B practitioners must be capable of capturing the interest of their target market by publishing creative content.
Effective B2B Marketing Tactics
Lead Scoring and Ideal Customer Profile:
Building an ideal customer profile helps you segment your customers who are willing to buy from you. It is a description of a fictitious organization which gets significant value from your service or product. By knowing what they need and by figuring out how they will respond, your marketing strategies can evolve and become more personalized.
Think of content as the fuel to all of your marketing campaigns from email to social. Create content that is impactful to your audience and drives sharing. Through creating high quality content, you can begin to gain your buyer’s trust and start breaking through the noise. The good thing about content marketing is that it comes in many different formats and is able to be distributed on various formats. This has the potential to reach many different customers on all areas of the web.
Search engines such as Google equate high-quality content with a high-quality website, creating content with value is very important. Conduct a content audit to see how many of your assets fall into the thought leadership vs. promotional category. That means making sure that your thought leadership content has substance to it. Lots of companies are jumping on the content bandwagon, so do it right: focus on quality over quantity, and on providing useful – not promotional – information.
Use your content and distribute it to a wide variety of platforms. The more engagement you get, the more Google considers your content to be of high value, and this will boost your SEO rankings. Think of SEO as a long term strategy where the natural links to your site will grow and eventually placing relevant keywords for your business into the top spot.
Blogging and writing articles is a fantastic way of getting a targeted audience to your website for B2B Marketing. This is because the people who actually read the blog are interested in what you have to say about your niche. Once you have published an amount of useful, targeted and engaging articles, people in your industry will start to pay attention.
Lead generation from social media is becoming more and more important. Not only does it allow you to reach your audiences frequently, it can also allow you to build a connection with your customers. In marketing businesses, LinkedIn is a great example of how you can use social media to directly reach influencers in your industry.
Having a well made website with a clear Call to Action is one of the most important areas in B2B inbound marketing. All your leads and potential customers will eventually go on your website. Therefore, the content, layout, design are essential in converting interested customers into paying ones.
One of the most effective outbound B2B marketing strategies is email. Due to its low cost and wide reach, email is the cornerstone of every business marketing campaign. From cold email lead generation campaigns, to staying in touch with customers, email is a great way to funnel prospects and cold leads into engaging customers. Email is also a great way to distribute content in forms of text, images and video.
Display ads also serve a purpose at every stage in the funnel-building brand and audience at Top of Funnel, educating and helping evaluation at Mid-Funnel, and increasing conversions at Bottom of Funnel. You can use retargeting to advertise your business to the ones who have visited your website before. The amount of Ad space offered by Google is enormous and the placement of your ads can be targeted to websites in your niche.
Pay Per Click Ads:
With Pay-per-Click (PPC ) ads you pay for each click on your ad which is displayed on a search engine such as Google, Yahoo, or Bing, or on a website. For PPC on search engines, your ads show up as sponsored results on the top and side of the organic search terms. PPC ads are a terrific way to draw attention to your latest content or service offerings. They are also highly targeted so they can generate very high quality leads.
Because prospective buyers won’t always end up at your website as they start their purchase journey, it’s important that you establish a presence where they may show up. A great way to deliver high-value content to the correct prospects is through content syndication – a content sharing strategy that can be used to promote your whitepapers, articles, news releases, etc. on other websites for greater reach and engagement.
You may think direct mail is a thing of the past. But it’s still effective for targeted communications. Consider a content asset developed for high-level executives. Executives don’t usually browse the web for information. And it can be hard to get through to them via email. That means they may not come across the content you’ve developed with them in mind. This is where direct mail can prove powerful. You could send a direct mail piece to this audience to make them aware of your new, targeted content asset.
Event marketing is a crucial part of lead generation. This can include attending tradeshows, webinars or a company function. Events offer you the chance to define your brand, clarify the solutions you provide, and establish personal connections with participants. Events also provide a venue to deliver speeches and content that convey your company’s thought leadership and raise your perception in the eyes of buyers. One of the most powerful experiences to promote your business is via face-to-face.
The concept of referral marketing is extremely powerful. It proves the product or service your business is offering provide enough value for your customers to recommend it to their peers. A great way is to offer a discount to all your satisfied customers to recommend someone who is likely to purchase. Social proof is one of the most powerful marketing tactics there is and it has proven extremely useful in the context of B2B marketing. People in your network and your company’s early adopters could turn into brand ambassadors, spreading personal recommendations.
Although telemarketing might be a controversial method of B2B marketing, it is extremely effective in engaging with potential customers who are already interested. Once contact has been made via email or by a lead filling out a website form, it is extremely important to follow up on the phone. This allows you to learn quickly about someone’s pain points and allows you to offer solutions to their problems
But why worry about this when you can work on other aspects of your business?