4 Things to Think About When Marketing Your B2B Business
Is your business B2B or B2C? What are the main differences between the two? B2B stands for Business to Business. It refers to companies that provide products and services to other businesses that have their own customer base. B2C stands for Business to Consumer and represents the customers of the businesses that your B2B sells to.
When you think about marketing, you envision Business to Consumer strategies because they're the most familiar strategies present in today's business climate. Most business owners know very little about positioning their business for success. They're not marketers and need all the help they can get in this area. Fortunately, this article goes into depth about what it takes to create a top-level marketing plan.
It's not enough to carry out marketing activities because you believe them to be necessary for your business's survival. You need to be intentional in your activities by adhering to your well-defined strategy. Too many business owners believe marketing is essential but have no clue how to do it efficiently.
Below are four things to consider when developing a marketing plan for your B2B business. The first is to have a solid understanding of what the differences between B2B and B2C marketing are currently. Next is market segmentation, which allows you to have a more focused approach. We've also discussed the best lead generating strategies in detail. Finally, we'll go over selling in a post-pandemic world so you can see how COVID-19 has impacted sales.
Let's get started, shall we?
#1: B2B vs B2C Marketing: 5 Differences You Need to Know
We provided you with a short introduction to B2B and B2C marketing as a way of familiarising you with the type of business you are. Explaining the differences between the two requires additional examples. To make it as straightforward as possible, we have listed five differences for you to review.
According to B2B International, "Branding begins with the consistency of the presentation and deliverance of your product or services." B2B businesses rely on experts that they can relate to personally. They pay close attention to the language, processes, and decisions used by a company to influence their shopping behavior. The terminology and actions displayed by the B2B businesses must be in alignment with the customer's interests and values for them to feel confident buying from the companies.
The consumer wants to know that they've made the right decision by giving their business to you. A G2Crowd survey discovered that "94% of customers read online reviews." People are naturally curious about how a company has treated other people. It helps paint a picture of the experience they hope to have as a customer of yours.
B2C businesses aren't much different. They want to get their money's worth from the products and services they invest in to strengthen their offerings to their customers. One of the main things that set B2B businesses apart from B2C businesses is how they form relationships. B2B businesses believe in the value of building personal relationships, whereas B2C businesses base value on transactions.
Here are four other differences between B2B and B2C businesses:
Branding. B2B businesses are all about building trust. They focus on creating long-lasting relationships with the customer. B2C business branding is all about positioning. The message is what matters because it's what draws the customer in and gets them thinking about a company's products and services.
Decision-Making. B2Bs want to allow their customers to speak and feel heard. They keep the doors of communication open at all times. B2Cs, however, is more about simplicity. The message is present, but it's clear and easy to follow.
Different Ways of Finding the Target Audience. Business to business companies want to stand out by finding their unique niche. They focus on one area of business and do it well. Business to customer companies generate and follow leads. They believe in funnelling customers through, so they're able to be more profitable.
How Copy is Written. B2B businesses use standard business language to attract customers. They know what the competitors have to say and use it to their advantage. B2C businesses attract customers by appealing to them emotionally. They work to solve a pain point and position themselves as experts at what they do.
Now that you're clear on what makes B2B businesses different from B2C businesses, you can move onto the next marketing strategy for your business. It's segmentation, which boils down to knowing your market well enough to anticipate their needs. By taking a focused approach with the plan that you develop, you can reach more people and get the desired response from them.
#2: Market Segmentation: How to Segment Your Customers for More Focused Marketing
It's not enough to go through the motions. You need a solid marketing plan. Being able to focus specifically on your ideal customer allows you to get the message right. You're there to solve a pain point for your customers and want to relay solutions to them quickly and clearly.
That involves focus. Market segmentation is about knowing your target audience intimately and providing them with something your competitors don't offer. It's about learning the consumer behaviours of the people who could benefit from your products and services and demonstrating the value that you bring to the equation. Market segmentation comes with challenges because it's as much about marketing as it is selling.
#3: Best Lead Generating Strategies for Your B2B Business
Sagefrog surveyed B2B CMOs in healthcare, technology, business, and industrial industries and found that they've set aside and spent at least 10% of their yearly budget on marketing in 2019. A vital part of operational expenses, campaigns locate potential customers for your business and give you their contact information. Following up with the people you meet or interact with as a B2B business is crucial. It turns visitors into firm believers in your brand and the products or services that you sell.
There are many ways to generate leads for your B2B business. It's up to you to determine which are the most viable. Some will give you a faster response, while others are slower but more methodical and sustainable. You may even discover that combining all the strategies helps you maximise profits and appeal to a broader audience.
5 of the best lead generating strategies for your B2B business are listed below.
Content Marketing. According to Cision, who conducts research relating to marketing, "70% of users on the internet learn via content before purchasing a product compared to traditional advertisements." Social media platforms geared toward businesses are one place to put current content.
Networking Events. Hosting get-togethers with B2B customers is a very reliable way to generate leads. Statistics have proven that "75% of B2B marketers agree that hosted events are becoming more integral to their marketing success, not less."
Referral Programs. Think with Google determined that 50% of B2B purchasers buy when they see value in what a company offers to them. They also refer others to the companies they do business with through referrals. B2B companies that have established referral programs see a "70% higher conversion rate than those without and a 69% faster close time on sales."
Mobile Marketing. Many people spend more time on their smartphones than they do on a computer. Making sure to optimise your marketing efforts for mobile devices is imperative. It ensures that people on-the-go can see what you have to offer them. When a busy business executive only has a few minutes to spare, you want to reach out to them with a strong call-to-action that they don't think twice about answering.
Automated Marketing. Put technology to good use by automating some of the responses that you provide to your customers. An excellent example of this is automated chat options through platforms such as Facebook. Customers can get the information that they seek through the prompts delivered to them via messages. It prevents you from needing to hire a person to generate the same responses repeatedly.
#4: How Sales Have Changed with the COVID Pandemic
The world's response to the COVID-19 global pandemic has changed the way that B2B businesses sell. According to a McKinsey Pulse survey conducted in April 2020, "Almost 90 percent of sales have moved to a videoconferencing (VC)/phone/web sales model, and while some skepticism remains, more than half believe this is equally or more effective than sales models used before COVID-19."
Larger B2B companies found truth in the findings, with 53 percent had planned to increase spending or maintain the same level of spending from April 8-21, 2020, during the first stages of the pandemic. With greater concerns about shopping in person, businesses that once relied solely on physical sales are now dependent on digital sales.
Get Your Marketing Strategy Right Early On for Increased Success
Marketing your B2B business successfully is no easy task. It takes time and effort. Now that you have the tools needed to do so effectively, you can start fine-tuning your strategy so that it meets you, your customer, and the climate's needs right away. Being able to adapt and overcome challenges is a trait you want to develop as a profitable business owner.
KinetiqBuzz have worked with B2B companies across numerous industries to sharpen their brand messaging and designing a marketing and communications strategy and execution.
Contact us now to find out more.