You may have heard of B2B marketing in news articles or business conversations, but you may not know entirely what it means. We’re here to define and explain the intricacies of B2B marketing.
B2B stands for business-to-business, which is a type of marketing where one business sells a product or service to another business. Think of a major healthcare manufacturer that advertises and sells MRI scanners to a hospital– voila…you’ve got an example of B2B marketing! At globalHMA, we specialize in B2B interactive advertising and are committed to interactive and traditional marketing campaigns all over the globe.
A common misconception about B2B marketing is that it’s comparable to B2C marketing. Although purchases are ultimately made in both scenarios, the rationale and end-user are a bit different. B2C stands for business-to-consumer. B2C marketing focuses on marketing products and services directly to consumers. When someone walks into a store and is immediately swayed to buy a new pair of shoes because of an enticing advertisement, that’s a prime example of B2C marketing.
B2B marketing tends to have a longer buying cycle than B2C because more than one person is involved in the decision-making process. Marketers must focus on relationship-building activities that generate leads that can then be nurtured during the sales cycle. Key ideas to remember about B2B marketing are:
- B2B marketing is relationship driven, increasing the value of a company’s product or service through brand identity, education, and awareness activities
- Rational buying decisions are based on the business value that is offered with the product or service
- B2B is focused on concise messaging that targets the audiences involved in the decision-making process
As you design your marketing plan for the upcoming year, remember to define your marketing type, determine your target audience and create your marketing efforts that could lead to long-lasting relationships.
