Generally, we have a better understanding of B2C than B2B as we come across B2C interactions in our daily lives, for example, getting a coffee from your local cafe or a high school student getting a dress for prom.  Common marketing strategies are targeted at B2C industries, but what is different when it comes to B2B marketing?  This article will run through the basics of B2B marketing strategies, how to stand out and overcome physical barriers in this digital age.

What is B2B marketing?

B2B is ‘Business to Business’, sales transactions between businesses and the customer, instead of a person, is a business – such as a clothing retailer making a purchase from a clothing importer or a restaurant ordering kitchen appliances from a manufacturer.  It is apparent that aforementioned business examples are not the same as end users or regular consumers, but they represent different levels of the supply chain.  Furthermore, B2B transactions extend beyond tangible products, digital assets and services are also encompassed such as information analytics and data security services.

B2B transactions are usually more complex and require input from various departments to reach a purchase decision.  Hence thorough planning and preparation is essential for B2B marketing to understand the pain points, decision making process and uncover industry insights of your target audiences.

Taking the initiative to make a difference in B2B marketing, think like your customer

As opposed to B2C transactions, which can take place in the matter of minutes, B2B transactions take much longer and research shows that more than two thirds of B2B purchases take more than four months to complete.  Businesses usually consider a variety of factors before making a purchase decision, such as products and services research and comparison between different vendors, even if the purchaser has interest, the final decision still requires multiple personnel approvals.  Hence it is essential for B2B marketing strategies to not only be creative, but also flexible and adaptable, taking the perspective of your customers to find the true demand and tailor your services to meet that demand.

Traditional B2B marketing methods are usually time and cost ineffective

Traditionally, sales opportunities are explored by attending various domestic and overseas expos and seminars, thereby increasing exposure of products and services of businesses.  The time, labor and expenses spent on these events are significant.  Attending these for larger enterprises with sufficient budget may be less of a concern as opposed to smaller businesses, who may require meticulous financial planning and evaluation before joining.

The main advantage of these events is that the businesses can meet in person and exchange name cards, maintain their relationships and explore business opportunities.  This form of business development is often the most intuitive and acquainted for sales representatives.  However, the cost of attending these events can be considerable and varying depending on host and location, hence a potentially high and uncertain CPL.

How should businesses adjust their B2B marketing strategy as part of digital transformation?

As businesses turn to digital transformation, B2B marketing strategies shall follow and seek digital marketing channels.  How can businesses find the right keymen?

1. Understand products and services in the market, utilize historical sales and marketing data to define your target audience persona
2. Once you know your target audience persona, take advance of the largest business network, LinkedIn, to find the right contacts, this not only provide businesses with large number of contacts as well as greatly reducing time and cost
3. Reach out to your contacts list through EDM (Electronic Direct Mail), the contents of which can be customized to suit your target audience needs, raising brand and product awareness and initiating demand

LeadsGeek: B2B marketing expert

Our market exclusive lead generation technique is the first in the industry in Taiwan.  We specialize in helping businesses uncover potential overseas clients through the use of our AI technology and unique database.