What’s So Special About B2B Marketing?
In a world full of emojis, acronyms and shorthand spelling, it can be difficult to keep up with all of the different terminology. You may have heard an industry type speaking about B2B marketing at a conference or in a meeting and wondered to yourself.. ‘what is that and am I missing out on an opportunity?’ B2B is shorthand for business-to-business. Essentially, someone who works in B2B Marketing is in the business of mining other businesses — not people — to find potential clients. Working for patronage from businesses instead of individuals comes with some distinct opportunities and challenges. Here are a few:
There are Fewer Potential Customers
If you live in the United States and run a business, you have hundreds of millions of potential customers within reach. When you run a B2B operation, however, that number drops drastically. Fact is, there aren’t nearly as many businesses as people and, of the ones that do exist, many are extremely small and might not have the assets to pay for your service or product.
Accounts Are Larger
Because a B2B marketer isn’t looking for one person to buy their product, 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.
Brace Yourself — B2B Marketing Is Complicated
On such a large scale, business between businesses is more complex than your normal transaction at the local convenience store. Many B2B transactions include manufacturing equipment or specialized software made at scale. Also, negotiations between buyer and seller can be a drawn-out process because each side has sizable leverage and, presumably, large pocket books.