Business marketing is when a business markets and sells its goods and services to other businesses or organizations. These other organizations may resell these goods and services or use them in their own business to support their operations. Business marketing is usually called as industrial marketing or business-to-business (B2B) marketing.
The perfect example of Business to business marketing is that the industry . Automobile companies buy various spare parts like tires, batteries, electronics and door locks which are manufactured independently by other businesses and sold on to automobile manufacturers to assemble automobiles.
Even the industry is additionally engaged in sizable amount of business to business transactions. for instance Companies specializing in housekeeping provide services exclusively to other organizations, instead of individual consumers.
Business-to-customer marketing is when a business markets and sells its goods and services to retail consumers for private use. While most companies that sell on to consumers are often mentioned as B2C companies. The business-to-consumer as a business model differs significantly from the business-to-business model, which refers to transaction between two or more businesses.
Business market (B2B) vs. Consumer marketing (B2C)
B2C marketing differs from B2B marketing during a number of key ways. A Business market has only a few customers as compared to a consumer market which has large numbers of consumers . A business market usually sells a customized product where as a consumer market sells a uniform product. A Business to business transaction may be a huge value transaction as purchase quantity is extremely high where as business to consumer transaction may be a small value transaction. Price are often negotiated in business markets where as price is typically fixed in consumer market. Business markets have lengthy and sophisticated selling process with multiple decision makers but in consumer market buying decision are simple and are made by individuals.
Keys to success in Business markets are:
1) Value creation & Customer satisfaction
Business begins with value creation. it’s the prime objective of the business to make and deliver value in an efficient manner which can ultimately cause profits. Value results in customer satisfaction. Customer experience is an integral a part of B2B marketing. The customer experience is that the key brand differentiator, even quite the worth and merchandise .
2) Social media marketing
Social media marketing is when a corporation uses social media platforms like Facebook or Twitter to plug its product or services. Social media marketing is one among the simplest and efficient platforms for marketers. Most social media platforms have built-in data analytics tools which enable companies to trace the progress, success, and engagement of ad campaigns. Companies address a variety of stakeholders through social media marketing including current and potential customers.
3) Mobile marketing
Mobile marketing may be a digital marketing strategy whose aim is reaching a audience on their Smartphone, tablets, and other mobile devices through email, SMS and multimedia messages.
Smartphone usage has increased multiple times during the previous couple of years, app usage has also highly increased. Therefore, mobile marketers have increasingly taken advantage of Smartphone apps as a marketing resource. Marketers aim to optimize the visibility of an app during a store, which can maximize the amount of downloads. This practice is named App Store Optimization (ASO).
4) Multimedia Content Marketing
Marketing using Multimedia content attracts more customers. B2B marketers are widely adopting this trend. the first driver is that the desire to form content more engaging, compelling, and shareable than simply the normal modes. the foremost common sorts of visual content include 360-degree videos.
5) Effective Personal selling & Executive Branding
Distribution channel is that the path through which the merchandise reaches the ultimate customer. Personal selling is that the most preferred sort of distribution and promotion employed by B2B marketers The sellers promote the merchandise through their attitude, appearance and specialist product knowledge. Executive Branding is when an executive showcases his professional strengths as how to draw in the purchasers . Executive branding is additionally referred to as reputation management. Especially in B2B environments, executive branding is now considered a necessity. Senior management must create and develop their personal brand image to draw in new customers.
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