Business-to-business (B2B) refers to the exchange of goods and services between businesses rather than between businesses and individual consumers. B2B transactions are typically larger in volume and value than B2C (business-to-consumer) transactions.
According to recent statistics, B2B e-commerce sales worldwide are expected to reach $6.6 trillion by 2020, surpassing B2C e-commerce sales. In the United States alone, B2B e-commerce sales are projected to reach $1.8 trillion by 2023.
The top industries using B2B e-commerce include manufacturing, wholesale trade, and finance and insurance. In terms of marketing, B2B companies are increasingly utilizing digital channels such as social media, email marketing, and online advertising to reach their target audience.
However, trade shows and industry events remain popular marketing channels for B2B manufacturers.
Additionally, B2B companies are investing in customer relationship management (CRM) systems to improve customer retention and increase sales. Overall, the B2B market continues to grow and evolve as companies adapt to changing technologies and consumer preferences.
Difference between B2B and B2C
- B2B refers to transactions between businesses, while B2C refers to transactions between businesses and individual consumers.
- B2B transactions are typically larger in volume and value than B2C transactions.
- B2B sales worldwide are expected to surpass B2C sales by 2020.
- The top industries using B2B e-commerce include manufacturing, wholesale trade, and finance and insurance.
- B2B companies are increasingly utilizing digital channels such as social media, email marketing, and online advertising to reach their target audience.
- Trade shows and industry events remain popular marketing channels for B2B manufacturers.
- B2B companies invest in customer relationship management (CRM) systems to improve customer retention and increase sales.
About B2B Marketing Channels for Manufacturers
B2B Marketing is acknowledged as a smart strategy to scale, offering numerous benefits along the line of cost reduction, brand recognition increase, and so on.
The concept of B2B marketing involves the process of promoting and selling products or services from one business to another. It involves building relationships with other businesses, identifying their needs, and offering solutions that meet those needs.
B2B marketing was believed to have started in the 1800s. Till the 1990s, B2B marketing was driven by sales teams primarily. It was referred to as “industrial marketing” in those times.
Choosing the right channel is crucial in marketing and when it concerns the manufacturing industry. An experienced B2B marketing agency for manufacturers would be the ideal choice to execute each marketing channel successfully.
An experienced B2B marketing agency for manufacturers can help businesses in the manufacturing industry to reach their target audience, generate leads, and increase sales.
Such agencies should have a deep understanding of the manufacturing industry, including the challenges and opportunities that businesses in this sector face.
Some of the services for manufacturers may include:
- Market research
- Content Marketing
- Sales Enablement
- Lead Generation
- Branding and Messaging
B2B marketing focuses on long-term relationships, complex sales cycles, and high-value transactions. It is different from B2C marketing, which targets individual consumers rather than businesses
Marketing Channels of B2B for Manufacturers
Almost all the b2b marketing channels available are good for manufacturers, but some do yield better results than others. Some common marketing channels for B2B manufacturers include direct mail, email marketing, social media, online advertising, and so on.
B2B content marketing is one of the best b2b marketing channels available. It involves the practice of content production and distribution for the creation of brand awareness, sales for b2b companies, and traffic leads.
Common content marketing forms include; podcasting, blogging, infographics, and email newsletters. According to available data from Statista, the ROI of content marketing is great, as marketers over 30% acknowledge the highest ROI coming from content than any other channel.
If you are into manufacturing, and you would like to select from the best available b2b marketing channels, content marketing will be a good consideration.
Social Media Marketing
Social media channels have become the darling of many businesses in the present day and times to great marketing advantage and brand awareness campaigns. There are numerous b2b platforms available for selection.
However, when social media platforms are being ranked, Linked In has commonly emerged as the number 1. LinkedIn has this appeal as it is a social media platform not meant for fun but for business networking and professionals. The official market blog reveals that 80% of business-to-business leads do come from LinkedIn.
Other social media platforms include; Facebook, Twitter, Instagram, and Youtube.
Social media B2B if effectively utilized has lead figures and closed sales numbers, even as data reveals that over 92% of owners of small businesses use social media
Additionally, B2B manufacturers may use distribution channels such as wholesalers or retailers to reach their target customers. The specific marketing channels used will depend on the manufacturer's target audience, budget, and marketing goals.
Email marketing describes creating awareness of new products, services, discounts, and so on for your customers on email lists. It is also a good channel of customer engagement and one of the channels available for b2b marketing.
B2b email marketing refers to tactics used for product or service promotion to customers of B2B. strategies of email B2B marketing includes the distribution of promotional offers, newsletter, free tools, and the likes tailored towards recipient interest and needs.
For most email campaigns, the target is individuals. However, B2B focuses on companies or many individuals at a company. This is a good option for manufacturing businesses as it will be quite useful in running targeted B2B campaigns.
For email b2b marketing campaigns to be effective, they must contain values and not be too promotional or spammy as unsolicited emails turn clients off more than anything.
Account-based marketing describes a B2B marketing strategy that aligns marketing efforts and sales for targeted advertising, personalized messaging, or content delivery to accounts of high value.
Account-based B2B marketing assists manufacturers in the implementation of targeted campaigns that reach only the decision makers of companies fit for the product of the manufacturing business. It also brings the benefits of getting more out of trade shows, engagement and awareness driving, and creation of opportunities.
A misconception that is common among B2B companies is that display advertising usefulness is limited to its use during the stage of awareness. However, this is far from reality.
Granted that display advertising may take time before yielding result courtesy of sale cycle length, but if well crafted, it can increase and improve conversion rate and process respectively. All it takes is an experienced b2b marketing agency for manufacturers.
Manufacturing businesses can reach the right B2B customers at the right time with display advertising.
Online advertising B2B marketing channel centered mostly around PPC (pay per click). It is a very effective B2B marketing channel for manufacturing businesses, yielding results of qualified leads and utilizing a highly targeted advert pattern. However, the cost may be on the high side when compared with other B2B marketing channels.
All B2B marketing forms are effective when it concerns the marketing of manufacturing business. Choosing the best of them may therefore depend mostly on the budget for it. Online advertising would be the best choice of all if it is affordable. However, email marketing or any of the others can also be a smart choice if the budget is not so substantial.
An experienced B2B marketing agency for manufacturers can be a valuable asset for businesses looking to expand their reach and increase their sales. Such agencies can provide specialized knowledge and expertise in areas such as lead generation, content marketing, and account-based marketing.
By partnering with a reputable agency, manufacturers can improve their marketing strategies and achieve their business objectives more effectively.
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