Any business to business deals or sales which involve commercial transaction for fulfil sourcing requirements and skilled service requirements to operate business smoothly is termed as Business to Business Marketing.
Business to Business marketing term is also termed as B2B marketing. B2B marketing definition has very broad aspect either for small organization or large industry giants since its inception in early nineties. The major problem was to find similar & like-minded business for business. It increased the work of market researchers. Earlier, the idea of business to business marketing was difficult to overcome business to customer (B2C) concept. It was very different from business to consumer concept of market. Over the years, B2B marketing & B2B strategies have emerged as area to increase sales and leads hence increasing the B2B revenue. There has been different approach toward business to business marketing strategies.
Definition of Business to Business Marketing or B2B Marketing
Any business to business deals or sales which involve commercial transaction for fulfil sourcing requirements and skilled service requirements to operate business smoothly.
We must be very clear about business to business marketing concept. In other way we can say that, Businesses fulfilling the demand of other business driven by demand and supply chain. We can understand it by simple demand and supply chain of clothes say it shirts. To get a final product as shirt, they need raw material say it cotton, spinning of cotton, weaving of cotton, design & tailoring, distribution and then finally it reaches as shirt to consumer. Each process is dependent on each other. For a textile industry cotton is required, they cannot depend on some group of farmers, they need some organization to fulfil cotton requirements in bulk which is driven by demand of shirt. Again if everything is fine again we need some organization for design, tailoring and distribution. Every single step is dependent on each other; it is very difficult to have all process in one time. Here we require business to business strategies to consult with other business.
Good business to business strategies can pay off more if it is researched well. In this era of globalization, the earth is global B2B marketplace. B2B networking with right business and opportunities plays an important role to ensure successful collaboration.
How to find B2B Business conveniently
Business to Business Marketplace: B2B Marketplace is an online community, where buyers, suppliers & manufacturers from across the globe come at a platform to do business and business transactions. In digital era, we have millions of website to serve this purpose. Personally, I rely on BusinessVibes: Global B2B marketplace. But beside this there are paid B2B marketplaces also available like Kompass, Corporate information and many more. While selecting any business we need to take a note of these points.
- Good Research about market as industries has complex decision making process
- B2B Buyers or B2B suppliers are rational
- B2B Products are complex
- They are longer term buyer thus need personal relationship too.
- B2B buyers are more demanding always. There expectation increases every time.
Online marketplace has increased market expectation we should always ensure good service.
What Business to Business marketing demands?
- Buying Experience
- Overcome final products inefficiencies
- Not necessarily lower price
- Reliable sourcing
- Better Commercial and transaction management
- Transportation management
- On-time deliverance