B2B Market Strategy And Planning
B2B Market Strategy And Planning : Have you ever wondered how fortune 500 supplies new computers to its more than 1,000 employees? They would never simply send an office manager to a store for such a large order, yet these transactions are vital to the future success of the business.
Cisco Systems, a leading vendor of networking systems, launched a campaign to introduce a new, more secure router exclusively through social media advertising. The launch ranked as one of the top five in company history and cut more than $100,000 off the cost of a typical launch.
Who Employs B2B Marketing?
At its core, B2B marketing involves building valuable relationships to secure long-term customers, an important goal for any business, whether it’s a mega retail corporation or a small family business.
The B2B market is the largest of all markets, surpassing the consumer market in dollar value. Companies like GE and IBM spend an estimated $60 million a day on products that support their business.
A B2B marketing plan is used primarily by companies that make products that consumers have no practical use for, such as steel. However, it is also used by companies that sell products and services that are purchased by both consumers and other businesses.
For example, a mobile phone provider provides wireless, voice, and data services to both businesses and consumers.
B2B Marketing Plan
The success of B2B marketing does not come from the diffusion of a product through radio or television. B2B marketing success comes from inserting your business into the industry and making your product look like a commodity.
- Organizing informative webinars.
- Installing exhibitors at popular fairs in the sector.
- Sending newsletters by email that position your company as an expert in the sector.
- Maintaining an active and interactive presence on social networks.
- Attending industry networking events and building relationships with buyers.
What Kind Of Customers Does A B2B Marketing Plan Effectively Target?
B2B marketers typically focus on four broad categories:
- Companies that use their products, such as construction companies buy sheet steel for use in buildings.
- Public bodies are the biggest target, and consumers of B2B marketing.
- Institutions such as hospitals and schools.
- Companies that exchange and resell products to consumers, such as brokers and wholesalers.
A B2B marketer can put their product or service in the right hands by attractively positioning their offer, understanding customer needs, and proposing the right solutions to combine both.
How Is A B2B Marketing Plan Developed And Applied?
A B2B marketing plan must be focused on its execution and broad in its application. This means that while consumer marketing can deliver a highly targeted advertisement (a mass consumer product advertised through print, TV, and Internet commercials) to a wide audience, B2B marketing cannot. Instead, you need to brand very broadly (via email, branding, and technical specifications) for a very specific customer.
- Pricing: Businesses are often more concerned with cost, value, and earning potential than consumers. However, they can also be more easily convinced to pay the most, as long as B2B marketers do an excellent job of convincing them that the product, quality, and customer service are worth it.
- Promotion: B2B marketers must be experts not only in marketing and advertising but also in their respective fields. Once this happens, they will learn the best ways to market in this field, whether through blogs, magazines, trade shows, or word of mouth. B2B marketing rarely uses traditional media such as TV and radio ads.
What Kind Of Professionals Work With B2B Marketing?
Marketing managers have the knowledge and training to manage and strategize an effective B2B campaign. They have acquired the marketing knowledge and management skills to focus on the specific needs of a niche or industry and effectively market their product or service to meet those needs.
Training and skills
Most CMOs have at least a bachelor’s degree in marketing or a related major, such as business, advertising, accounting, economics, math, or statistics. They often start in entry-level marketing positions and work their way up the career ladder.
B2B sales representatives: What do they do?
B2B sales representatives are responsible for applying the B2B marketing plans that are put in place for your company’s product or service. They are the ones who develop and maintain relationships with potential customers.
Training and skills
To be a B2B sales representative, a bachelor’s degree in marketing or business administration is required. It is typically a role that also requires 3-5 years of experience in the B2B sales environment.
B2B marketing coordinators: What do they do?
A B2B Marketing Coordinator organizes and executes the day-to-day tasks of building and marketing a B2B brand. This position is typically responsible for communicating with a variety of people to organize trade shows, webinars, and other events, as well as helping to produce written marketing materials, customer lists, and email campaigns.
Training and skills
Most marketing coordinators need a bachelor’s degree in marketing, event planning, or a related field, but they generally need less experience than other positions in the B2B marketing field. They must have excellent time management and organizational skills and must be able to manage multiple projects under tight deadlines.