Business to business Marketing (B2B) refers to the process wherein an individual or a business, renders the sale of goods and services to other businesses, organizations, institutions, companies, individuals, and even to the government – supplying them with essential products such as raw materials, parts, equipments, services and other components necessary to the said businesses, either for production or to sell as their own product.
This form of marketing has been used by numerous companies for more than a decade now – wherein large companies use smaller companies to supply them with parts and components rather than creating their own parts.
Along with the availability of the Internet worldwide – business and industries can now be connected with other businesses all over the world, such as comparing products, prices, and quality from one supplier to another.
Although the B2B process is active in offline and online businesses – the same is actually more known in the latter. With this, almost all the business transactions are done online – such as the making or delivery of products, orders, tracking of orders and payments.
Aside from the abovementioned, many businesses also use social networking and the Internet to connect with potential customers and consumers. Online forums also provide businessmen additional information on what is new in other countries such as new innovations and new businesses. Online advertising for companies have also become easier for business to business marketing – because it gives them a slight advantage over those companies that are not advertised online.
In other words, with the Internet, B2B marketers will find it easier to find potential companies that are in need of their services and products.
Since B2B Internet marketers do business with companies in need of their products and services, they create a wider market compared to businesses that need to look for consumers to buy their products – and this is done primarily through the World Wide Web.
If there is a limited market for the end product of the company that is being sold, then that would consequently result to a smaller purchase of raw materials or services. However, with the use of B2B and the Internet – the whole world is the market. Hence, the chance of earning more is better.
Now, the big question is: how can you apply b2b marketing to your own business? Firstly, you have to do extensive research on the product or services that your business is providing. By creating a sales team within your company- you can save time and you can get better marketing research. Part of the marketing research of your sales teams include finding leads that are interested in purchasing your product, how long will the company purchase your product, pricing, new ideas and approach, and innovations in order for your product to compete with other companies.
Internet Forums is also a very good form of information drive for investors. This is actually an excellent platform where other companies can give their comments and suggestions regarding business or making referrals to other companies. So, with this, you will basically have an idea as to what you’re going to do and what to expect.
You and your sales team must also identify the Digital activity of potential buyers – such as contents of its websites, comments of other suppliers and online advertisings. This is in order to distinguish as to which company may and may not be interested to make purchases of your product. In other words, this will allow you to make a profiling of companies that can be potential buyers later on.
With the information collected by the sales team on potential companies, the sales team can now establish a lead scoring system, to separate companies who are ready to purchase and companies who are not ready. You can now create a business deal to those companies who are ready to purchase.
B2B marketing in itself is a very effective marketing strategy. It gives you complete control of your business – and with the tenets supplied by the rule of supply and demand – you will in effect, find the demand for your business. And if you apply your B2B marketing strategy online – it will likewise make the management and supervision of your business easier.
With this combination, you can track the amount of orders that you have pending, payments that have been made and you can even create your own inventory system online. And with the help of online advertising and social media – you will also achieve a wider market. In the long run, with an excellent B2B marketing strategy, online resources and an excellent market for demand – gaining more profits is indeed, within reach.
Image by: by plantoo47 – flickr