Marketing is an essential function of any business, regardless of whether potential customers are individuals or other companies.
But B2B giants like Salesforce, Microsoft and Oracle know that marketing to other companies is a complex task that may involve multiple decision makers and approval levels.
At the end of the day, however, B2B marketers also work with people and not abstract business entities, so basic marketing principles still apply.
What is B2B marketing?
B2B marketing, qatar email list short for business-to-business marketing, refers to the marketing of products or services to other companies rather than to individual consumers.
forms of B2B marketing
Within the B2B marketing category, there are two approaches: lead-based marketing and account-based marketing.
lead-based marketing
Lead-based marketing is a broad approach to attracting more business customers, with messages targeted to a large audience. It doesn’t matter whether these people are part of a B2B company’s target audience or not.
The marketing funnel in the lead-based approach has a very wide top – this means that the goal is to capture as many leads as possible, compliance with intellectual property rights regardless of how qualified they are as potential customers. While this large number of leads move through the funnel, only a small percentage reach the bottom of the funnel and become paying customers.
account-based marketing
Account-based marketing is a tailored approach for high-value B2B customers that treats each customer as their own market. While lead-based marketing takes a one-size-fits-all approach, account-based B2B marketing is relationship-oriented.
Every account and buyer’s journey is unique. A B2B company that follows an account-based marketing strategy will target specific companies it wants to acquire as customers and pursue them with tailored strategies.
This way, denmark business directory the funnel has a narrower top because potential customers are theoretically already closer to converting than those reached through a lead-based approach.
B2B vs. B2C Marketing: What’s the Difference?
The main difference between B2B and B2C marketing is the target audience : B2B is aimed at businesses, while B2C sells products or services to individual consumers.
The basic marketing principles apply to both approaches, but the specific strategies and tactics differ because the target audiences are different. The key differences include:
- Decision makers: In B2C, a single person usually makes the purchase decision. In B2B, multiple people are often involved in the decision-making process. Purchase decisions often need to be approved at the management level and may require team feedback. The effort required to procure new software for your sales team is usually greater than the decision to buy new glasses.
- Sales cycle: Since only one person makes the purchase decision in B2C, the sales cycle can be quite short. Of course, there are differences here, often related to the price of the product being offered. The B2B sales cycle, on the other hand, is longer, as it usually requires multiple levels of approval and inputs.
- Brand Strategy: B2C branding often appeals to customers’ emotions. In contrast, B2B branding appeals to customers’ intelligence by using data and formal case studies to demonstrate how the product or service provides a reliable solution to a real or perceived problem.
Reading tip: In this article we will show you which e-commerce business models there are besides B2B.
How to create a B2B marketing plan?
There is no one-size-fits-all marketing plan that will guarantee success for every B2B company. However, the basics of creating a marketing plan are broadly applicable to most B2B companies.
defining brand positioning
Brand positioning helps your product and brand stand out from the competition. Think about what problem your product or service solves and what makes it unique – that is, what pain points it addresses and what sets it apart from other solutions.
This could mean focusing on superior quality, excellent customer service , ease of implementation, or competitive pricing. If your product has multiple use cases, you can develop multiple versions of your positioning.
defining the target group
Your target audience is your ideal customer. Many characteristics can define them: industry, company size, locations where they operate, annual turnover and length of operation. Your target audience probably has a problem that your product or service can solve or a need that it can meet.
Developing strategies for channels
Once you know your target audience, you need to figure out how and where to reach them. This is where marketing channels come into play.
Marketing channels are ways to distribute content. These include: