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Business marketing is the practice of conducting business with peers. Trading not just with consumers but with producers or businesses as well. This is called Business-2-Business or in short B2B marketing. Each and every product that is produced is not always suitable for domestic consumers. There are many products which only businesses or business houses want. Machines which are used to produce other machines sold to businesses. So, the marketing of these products and services is called business marketing or B2B business.
Business marketing is different from consumer marketing. While consumer marketing is about the same product being sold to all the people. Business marketing is different as the needs of one business differ from the other. Their scale of operations will also differ.
What is B2B marketing strategy?
B2B Branding: B2B branding is different in some crucial ways, including the need to closely align corporate brands, divisional brands and product/ service brands and to apply your brand standards to material often considered informal such as email and other electronic correspondence.
Product or Service: As business customers are focused on creating shareholder value, the cost-saving or revenue-producing benefits of products and services are important to factor in throughout the product development and marketing cycles.
People (The Target Market): Quite often, the target market for a business product or service is smaller and has more specialized needs reflective of a specific industry. In B2B, a marketers to have a good business intelligence in order to increase the response rate.
Pricing: The business market can be convinced to pay premium prices more often than the consumer market if you know how to structure your pricing and payments terms as well. This price premium is particularly achievable if you support it with a strong brand.
Place: The importance of knowledgeable, experienced and effective direct sales force is often critical in the business market. If you sell through distribution channels also, the number and type of sales forces can vary tremendously and your success as a marketer is highly dependent on their success.
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