B2B Marketing, What Is It?

What you need to know

B2B Marketing is when a business is trying to sell their services or products to another business, B2B has a number of benefits, especially when compared to B2C marketing, to find out more about B2B marketing, check out the article below.

If your company sells any products or services to other companies, your business could no doubt benefit from B2B marketing. You may have read articles using complex lingo about how to win at B2B marketing in 2022 – but it’s important to start with the basics before you delve into creating a more intricate strategy. Let’s go over what B2B marketing is, who it’s for, and the step-by-step of the B2B marketing practice so you can learn how these tactics can benefit your company.

What Is B2B Marketing?

B2B marketing is short for ‘business-to-business marketing.’ The term business-to-business marketing refers to the marketing and promotion of companies that sell products or services to other companies. This differs from B2C marketing because, while B2C marketing targets the consumer, B2B marketing targets other businesses.

Here are a few examples of B2B companies:

• Amazon.com
• Cisco
• Alibaba Group
• Upwork Inc.

All of these companies sell some type of product or service to other businesses. For example, Cisco provides cybersecurity and networking solutions for other companies. It is worth noting that some B2B companies are B2C companies as well; for example, while Amazon.com provides solutions for businesses by giving them a sales platform, it also sells products directly to the consumer.

Who Uses B2B Marketing?

Any company that sells goods or services to other companies should use B2B marketing to promote what they are selling. Some B2B companies may also be B2C companies; the two are not mutually exclusive and instead often overlap.

B2B marketers may promote a good – for example, selling paper in bulk to a school – while others may sell a service, such as cybersecurity software. A wide variety of business position themselves in the B2B space, selling their products and services directly to other companies who could benefit from them.

Who Does B2B Marketing Target?

While B2C (business-to-customer) marketing targets the consumer, B2B marketing is slightly different. B2B marketing materials tend to be intended for professionals who are decision-makers in their company. This often includes C-suite executives but may include individuals at all company levels, even those in entry-level positions depending on the business and industry.

While business-to-business marketing promotes products for businesses, B2B marketing materials should still be written with human beings in mind. The decision-makers at a business are all human beings, not robots, and your advertising must appeal to them.

B2B Vs B2C Marketing

B2B marketing and B2C marketing both involve marketing and promoting a product or service, but they differ in their target audiences. B2B marketing involves marketing products or services to businesses, while B2C marketing involves marketing products or services to customers.

Aside from whom their efforts target, B2B and B2C marketing have a few additional differences. For example, B2B marketing tends to have a longer sales cycle. B2C customers might need to deeply consider some large purchases – such as new appliances – but may also purchase items on a whim. B2C customers have many fewer factors to consider; they must only weigh their personal finances rather than the business’ finances and needs. Executives, on the other hand, need to weigh how their purchase will benefit their business, and may even need to overcome objections from colleagues.

Because there is so much weighing on each B2B transaction, B2B marketers need to nurture their leads every step of the way and ensure that their company is at the forefront of their prospects’ minds. Marketers better understand their leads through the B2B marketing funnel, a visual representation of the path from awareness to purchase.

B2B Marketing Funnel

A B2B marketing funnel is essentially the step-by-step process that guides your buyers toward the purchase decision. Marketing funnels are even more important in B2B approaches than in B2C; while B2C consumers may make split-second purchases, stakeholders who are purchasing products will often need to weigh the pros and cons before finalizing their decision. As such, it is critical to understand every step of the purchase journey and how your marketing strategy should shift to accommodate your prospects’ stage in the process.

There are three steps in the B2B marketing funnel: awareness, consideration, and decision. Let’s go over each stage and the buyer’s considerations at each one.

Step 1: Awareness Stage

If you are selling a product or service to another business, your goal is to solve a problem for that company. The first step of the funnel involves making your prospect aware of the problem they are facing. This way, they will understand the value that your product could bring to their company. If your target audience does not even acknowledge that there is a problem, they will not have any reason to seek out your solution.

Step 2: Consideration Stage

Once your prospect understands the issue that affects their business, the next step is called the consideration stage. During this stage, your prospect is considering their purchase. They understand that they need a solution to a problem in their business, and are looking at the options. This is your opportunity to present your business as an excellent choice, and most of your marketing should be targeted to individuals who are at this stage.

Step 3: Decision Stage

The decision stage is the final stage of the B2B marketing funnel. As its name implies, at this point, your prospect makes their decision on how to handle resolving their problem. They will create a list of potential solutions – including potential companies – and weigh the pros and cons of them.

B2B Marketing Strategy

The importance of using B2B marketing to promote your business cannot be understated. In order to promote your products effectively to other businesses, you will need to create a B2B marketing strategy that is cognizant of the needs and interests of your prospects.

A thorough B2B marketing strategy begins with research, allowing you to better understand your industry’s marketing climate and your competitor’s strategy. You will then identify specific tactics to draw prospects in and help them understand the benefits of your product or service. Finally, you will track the results of those efforts and change your approach accordingly. Let’s go over every step of a B2B marketing strategy, and how to implement it in your own company.

Conduct Research

The first and most fundamental step to formulating a B2B marketing strategy is conducting research. The research will help you understand what your customers are looking for, and exactly how they are looking for it. This way, you can adapt your approach accordingly.

You can conduct research as a B2B company in a variety of ways. You can conduct primary research, which involves talking directly with stakeholders. Alternatively, you can gather secondary data, which involves collecting data from other sources – like the internet, books, or research reports.

Identify Tactics

Once you’ve conducted thorough market research, it is time to identify your tactics. You should implement a well-rounded strategy that is niche-dependent, meaning that your strategy should be specific to your industry and relevant to your prospects. Your tactics will likely involve creating content and publishing it strategically. An effective B2B marketing strategy will both value quantity and quality.

Your strategy might include approaches such as:

• Search engine optimization
• Social media
• Advertisements
• Influencer collaborations
• Referral marketing

You can use these strategies to get ahead of your competition and cover all of your digital bases, ensuring that your company not only appears high in search results, but has an attractive presence and appeals to customers. You should not only create a recognizable digital presence, making your accounts look attractive to prospects, but also establish yourself as an authority, regularly publishing valuable content.

Establish Budget

B2B marketing does not have to be expensive; many approaches to marketing are free, such as social media posts, word-of-mouth marketing, and more. Still, there are often costs associated with B2B marketing. You may need to set an ad budget, pay for partnerships with influencers, and pay monthly to maintain your website or other platforms.

When setting your budget for your B2B marketing strategy, the most important factor to consider is ROI. The more money you put in, the more money you should get out of your efforts. If you aren’t making more money after putting more into your marketing strategy, you should reassess your tactics.

Track Results

As we mentioned, the more money you put into your business’ marketing, the more you should get out of your efforts. As you implement your B2B marketing strategy in your company, you will need to regularly track your results to determine what aspects of your approach are working and which are not.

Conclusion

B2B marketing involves promoting products and services that are intended for other businesses. A thorough B2B marketing strategy first involves better understanding your prospects and for what they are searching, identifying tactics to improve your visibility and authority, and tracking the results of your approach.

By nurturing prospects and taking the time to familiarize yourself with those to whom your materials and content are targeted, you can develop a B2B marketing strategy that acknowledges your prospects’ needs, draws them in, and encourages them to make that final purchase.

Thank you for reading our article, if you enjoyed this article be sure to check out our articles on SEO strategies for small businesses and the importance of backlinks for SEO.