What is B2B market
Any kind of business is created for the purpose of making a profit. The main source of income in any direction is sales. Regardless of the field of activity and direction, the type of sales depends directly on who exactly purchases the product, whether it be a product or a specific service.
Since we are manufacturers, our customers are representatives from various fields and industries. Today we produce footwear, sewing, leather accessories and decor. The main advantage of our company is an individual approach and branding of products.
What is the peculiarity of the business, we invite you to learn more about what the B2B sales market is like:
Main characteristics of B2B. B2B examples.
Differences B2B from other types of business.
Can a company work in B2B, B2C and B2G?
Features of the B2B market.
B2B marketing. Complexity. Basic methods of product advertising.
7 effective ways to work with B2B audience.
What should be a B2B specialist?
B2B success formula.
For the concept of the B2B model, let’s decipher the abbreviation. “Business to business”, which means “business for business”. In this segment, enterprises or organizations interact with each other (otherwise called corporate sales). That is, one company provides (sells a service, manufactures, leases, etc.) various kinds of material objects to another company for the development (running) of its own business.
The second company uses the acquired product in its own production as the main or auxiliary material and then sells its new modified product to the end user.
In simple terms, B2B is a business model whose goal is not to work for consumers, but for another business. Both companies involved in the transaction make a profit. One – for the services (goods) provided, the second – for the sale to the consumer or use in the development of one’s own business.
FEATURES OF B2B MARKET
- We note a number of key features that relate to the B2B market:
- A relatively small number of manufacturing companies and buying companies in comparison with the B2C segment.
The decision to purchase a B2B product can be made within a certain time. The customer, unlike B2C, rarely makes an “emotional” purchase. First of all, the ratio of price, quality, the company’s reputation in the market, as well as the terms of cooperation and loyalty programs are evaluated.
Clients of the B2B segment are specialists in their field, most often they know all manufacturers and suppliers, so their choice is significantly influenced by the name and reputation of the brand they choose.
Often the level of demand for B2B goods can be determined by the general economic situation in the markets.
In fact, there are many more features of the B2B segment – it all depends on the specifics of the product.
B2B MARKETING. COMPLEXITY. BASIC PRODUCT ADVERTISING METHODS
Marketing in the B2B business is a complex and lengthy process that has clear differences from other segments. Although the main tasks and goals remain unchanged:
- attracting the attention of new customers;
- increasing the loyalty of existing ones.
Features of B2B advertising that companies may face:
- Product complexity (narrow target audience). A good knowledge of the features of the product will help to correctly assess the demand and make the right emphasis on the advertising campaign for the target audience.
Difficulty in attracting the target audience (target audience). Not always the same person is the person who buys the goods and the one who will use the product itself. Therefore, the creation of targeted advertising can become an empty “drain” of the budget.
The high level of the company’s reputation often already works as an independent advertisement. The correct presentation of the brand itself, recommendations and feedback on working with it are important in advertising.
Multi-stage deal. The long cycle (from several weeks to several months) is due to the technical complexity of the product itself. (development, production, etc.)
Difficult promotion in search engines. There are a few points here: new B2B products that the audience is not familiar with, so queries are difficult to fine-tune. As a result, they are configured for B2C requests, which leads non-target buyers to the site.
WHAT SHOULD A B2B SPECIALIST BE?
Having learned a little about the term B2B, the features of sales, the specifics of advertising, the main question arises. Who is this super-manager and specialist of level 100500+ who will sell such a difficult but interesting product of the B2B segment?
- is able to successfully apply the skills of a generalist salesperson, regardless of the scope of the product;
- easily finds an approach and quickly establishes contacts with potential customers (which is often more difficult in the B2B segment);
- has a comprehensive deep understanding of the product and its features with which it works.
In plain language, a B2B sales professional is an experienced and flexible all-rounder with customer psychology skills. Such a person should always be in good shape, lifebe an excellent analyst, think through the work a few steps ahead. This is a strategist striving for development.