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Business Marketing (B2B): What You Need to Know About

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Business Marketing (B2B): What You Need to Know About
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Business marketing is when a business markets and sells its goods and services to other businesses or organizations. These other organizations may resell these goods and services or use them in their own business to support their operations. Business marketing is often called as industrial marketing or business-to-business (B2B) marketing.

The perfect example of Business to business marketing is the automobile industry. Automobile companies buy various spare parts such as tires, batteries, electronics and door locks which are manufactured independently by other businesses and sold directly to automobile manufacturers to assemble automobiles.

Even the Service industry is also engaged in large number of business to business transactions. For example Companies specializing in housekeeping provide services exclusively to other organizations, rather than individual consumers.

Business-to-customer marketing is when a business markets and sells its goods and services to retail consumers for personal use. While most companies that sell directly to consumers can be referred to as B2C companies. The business-to-consumer as a business model differs significantly from the business-to-business model.

Business market (B2B) vs. Consumer marketing (B2C)

B2C marketing differs from B2B marketing in a number of key ways. A Business market has very few customers as compared to a consumer market which has large numbers of customers. A business market usually sells a customized product where as a consumer market sells a homogenous product. A Business to business transaction is a huge value transaction as purchase quantity is very high where as business to consumer transaction is a small value transaction.

5 Tips to success in Business markets

1) Value creation & Customer satisfaction

Business begins with value creation. It is the prime objective of the business to create and deliver value in an efficient manner which will ultimately lead to profits. Value leads to customer satisfaction. Customer experience is an integral part of B2B marketing. The customer experience is the key brand differentiator, even more than the price and product.

2) Social media marketing

Social media marketing is when a company uses social media platforms such as Facebook, Twitter, Linkedin, etc, to market its product or services. Social media marketing is one of the best and efficient platforms for marketers. Most social media platforms have built-in data analytics tools which enable companies to track the progress, success, and engagement of ad campaigns. Companies address a range of stakeholders through social media marketing including current and potential customers.

3) Mobile marketing

Mobile marketing is a digital marketing strategy whose aim is reaching a target audience on their Smartphone, tablets, and other mobile devices through email, SMS and multimedia messages.

Smartphone usage has increased multiple times during the last few years, app usage has also highly increased. Therefore, mobile marketers have increasingly taken advantage of Smartphone apps as a marketing resource. Marketers aim to optimize the visibility of an app in a store, which will maximize the number of downloads.

4) Multimedia Content Marketing

Marketing using Multimedia content attracts more customers. B2B marketers are widely adopting this trend. The primary driver is the desire to make content more engaging, compelling, and shareable than just the traditional modes. The most common forms of visual content include 360-degree videos.

5) Effective Personal selling & Executive Branding

Personal selling is the most preferred form of distribution and promotion used by B2B marketers The sellers promote the product through their attitude, appearance and product knowledge. Executive Branding is when an executive showcases his professional strengths as a way to attract the customers.

Executive branding is also known as reputation management. Especially in B2B environments, executive branding is now considered a necessity. Senior management must create and develop their personal brand image to attract new customers.

P.S.

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Email Marketing And Other Strategies To Promote Your Business

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Email Marketing And Other Strategies To Promote Your Business

If you have already entered the world of email marketing you likely already realize the potential this type of marketing has to offer. However, you also likely realize it is not reasonable to expect your business to thrive if email marketing is the only marketing strategy you choose to utilize. This is not unusual as most businesses do not typically have a great deal of success unless they make the decision to incorporate more than one type of marketing into their overall marketing strategy. This article will examine a few other types of Internet marketing which may be used in conjunction with email marketing.

Email marketing in itself can be multi faceted. It may include sending out mass emails, distributing e-newsletters and even offering correspondence courses via email. Implementing only one of these email marketing strategies may resulting a small increase in either website traffic or sales but implementing more than one strategy at a time can create a more pronounced effect.

Similarly it is definitely worthwhile to incorporate other types of Internet marketing into promoting your business online if you are not already doing so. This can help you to enjoy a greater degree of success if you apply the strategies correctly. Some of the other types of marketing strategies you may wish to employ include placing banner ads, participating in industry related message boards and starting an affiliate program.

Of the other types of Internet marketing available, placing banner ads may be the most expensive option. In many cases your business will have to pay another website for the privilege of placing your banner ad on their website. Choosing a website which sells products which complement, without competing, for your business is worthwhile. However, there are some free options for banner ads including exchanges.

However, you may be required to place more than one banner ad on your website for each time your banner ad appears on another lineup. Additionally, with this type of agreement you may not be able to control the type of website which displays your banner ad. For this reason it is worthwhile to pay for ad space so you can have more control over where your banner ads are displayed.

Participating in industry related forums can be another way to promote your business online. Message boards are online meeting places where individuals who share an interest can get together to discuss their interests as well as pertinent issues. They can also ask and answer questions. Most message boards allow users to place a link to their website in their signature line.

If you regularly participate on an industry related message board and include a signature line with a link to your website you can reach a high concentration of members of your target audience. When using message boards to promote your business it is important to follow all message board guidelines and to avoid techniques which may be deemed as spam such as posting your link when it is not appropriate.

Affiliate marketing programs are another type of online marketing which can be used in conjunction with email marketing. Affiliate marketing involves allowing website owners to place advertisements for your business on their website. These website owners are known as affiliates. Each time one of their advertisements causes an Internet user to click through the advertisement or purchase an item the affiliate is compensated.

This compensation schedule makes affiliate marketing incredibly cost effective. Essentially you do not pay your affiliates unless the advertising generates a specific reaction form Internet users such as making a purchase or generating website traffic. The amount of compensation should be determined beforehand and may be based on a flat fee or a percentage of the sale. Business owners have to embed code into the affiliate ads to determine which ads are generating profit or traffic so they know which affiliates to compensate but this information is also useful for determining which advertisements are most effective.