B2B Marketing: The Pros & Cons
Most small businesses sell to other businesses or to consumers, and the acronyms B2B and B2C represent those relationships in abbreviated form. B2B marketing techniques rely on the same basic principles as consumer marketing but are executed in a unique way. While consumers choose products based on popularity, status, and other emotional triggers; B2B buyers make decisions on price and profit potential alone. Essentially, someone who works in B2B Marketing is in the business of mining other businesses — not people — to find potential clients.
Working to target businesses instead of individuals comes with some distinct opportunities and challenges. Here are a few:
Fewer Potential Customers
If you live in the United States and run a business, you have hundreds of millions of potential customers within reach. However, when you run a B2B operation, that number drops drastically. Fact is, there aren’t nearly as many businesses as people and, from the ones that do exist, many are extremely small and might not have the assets to pay for your services or product. The trick is to identify your core target audience in B2B marketing.
Accounts Are Larger
Because a B2B marketer isn’t looking for one person to buy their product, the focus is placed on securing bigger and more stable accounts. Some of the most coveted accounts and contracts are from government agencies and multinational corporations. Although finding potential customers may be difficult, when you do the pay off is much larger.
B2B Marketing Is Complicated
Businesses advertising to other businesses is more complex in every way. For example, digital marketing is especially challenging for B2B companies. Whereas B2C companies rely heavily on content marketing and social media to attract online users, B2B businesses have a much harder time. Many B2B transactions include manufacturing equipment or specialized software made at scale, creating social media content for such a specific product or service is difficult, to say the least.
In the coming years, B2B marketing will, inevitably, continue to evolve. As a marketer, you have to think about how your services amplify your consumer’s missions, visions, and values. Although B2B marketing isn’t favored among marketers, there is still an opportunity to engage with consumers and curate creative marketing strategies that will lead to successful client acquisitions.