Business to business means the relation between the two businesses that is a business relation in which the end consumer is not involved. It is more popularly know by its abbreviation B2B. Business to business refers to the relation between more than one business institutes specifically for the marketing. This is in contrast to the other known marketing relations that exist between the business and the end consumer. Prior to the evolving of the term B2B, these kinds of relations between two enterprises are known as industrial goods marketing or capital goods marketing. These terms distinguish it from the business to consumer or B2C type of marketing.
How Does It Differ From B2C Marketing:
There are several major differences between the B2B marketing and B2C marketing. The involvement of so many people in the process of decision making in the case of B2B marketing makes it very complicated. On the contrary, in case of B2C, marketing only one person is responsible for making the final choice and when some special package is offered, involvement of only person facilitates quick buying decisions. Another major difference between the B2B business marketing and B2C type of marketing is that a business makes a buying decision when it needs the thing. On the contrary, the buying decisions of the end consumers are based more on wants.
However, there are few similarities also between the B2B marketing and B2C marketing. For both types of marketing, the competition is growing and the resources are reducing. This growing competition is resulting in the loss of market share for most of the small businesses. Along with this, the margins of profit are also going down. This has created a great demand for marketing data for the purpose of business-to-business marketing data, small business marketing research and B2B marketing research.
Importance of B2B Marketing:
To be successful in today’s competitive world of business, having a very good product, best available technology and competitive process is not sufficient in itself. They have to focus on business-to-business marketing strategy. This will help them in identifying, locating, quantifying, segmenting and targeting the B2B customers that are really significant for their businesses. Only by adopting this kind of B2B marketing techniques, small business can achieve their set goals.
Eliminate Ineffective Marketing Channels:
marketing, you must concentrate on performance of the different marketing channels. These marketing channels may include a network of resellers, service partners, retailers and distributors. You not only need to develop new channels for marketing but also have to monitor and evaluate their performance on a regular basis. Then you can eliminate the marketing channels that are performing weak and focus on the channels that are producing desirable results.