Keys to Be Successful in Business Marketing
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, which refers to transaction between two or more businesses.
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. Price can be negotiated in business markets where as price is usually fixed in consumer market. Business markets have lengthy and complex selling process with multiple decision makers but in consumer market buying decision are simple and are made by individuals.
Keys to success in Business markets are:
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 or Twitter 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. This practice is called App Store Optimization (ASO).
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
Distribution channel is the path through which the product reaches the final customer. 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 specialist 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.
Top 3 Reasons Small Businesses Fail at Marketing
I often speak to groups of small business owners and I keep hearing the same comment over and over again with many of them saying that marketers don’t matter or marketing doesn’t matter anymore.
There are many reasons I’ve heard as to why marketing doesn’t matter: “all my business comes by referral,” “I never spent money on marketing and my business grew,” “marketing is a waste of money,” “I see no value in marketing,” “marketing is all luck so why spend money on it,” and so on.
Oh, how they are so very wrong! Below are the top 3 reasons why:
1. Their definition of marketing is wrong
When business owners tell me that marketing doesn’t matter, they usually have a totally different understanding of what marketing is than those who recognise how marketing contributes to business goals where it enables you to charge the most money you can for your services and products.
Marketing is first about spending time building a solid foundation based on strategy before proposing a series of tactics aimed at lifting sales. Until the business finds a way to change the context of how their ideal customer views what they do, and then becomes become the obvious choice provider, they’ll find that their marketing efforts never seem to build momentum or gain any return on investment.
You must be able to enter the conversation taking place in the head of your customers. Or, to look at it in a different way, to be able to address the number one question on your customer’s mind at exactly the right time.
So, how do you do this? The conversation that is taking place in every prospective customer’s mind revolves around two major points. There is a problem they have, and that they don’t want… and there is a result that they want, and they don’t have.
Those who often misunderstand marketing believe that it is only about advertising campaigns, brochures, flyers, website, email marketing, SEO, tradeshows, social media, copy, etc. These are the tactics – the way you implement your marketing. I’d argue that marketing is essentially the core of business strategy because it is about understanding the current customer, tapping into their fears, their goals and their aspirations and then creating products and services that the ideal customer is willing to buy from a brand they now they know, like and trust.
2. They believe either they or their co-worker can do it
Sometimes in the “do it all yourself” world of small business (or even big business when it comes to it), it’s difficult to identify the areas that require outside help. A business may be able to set up their newsletter, add plugins to WordPress, write a Facebook or LinkedIn post, and clumsily create header graphics, but you need somebody who is trained, practiced, and skilled at looking strategically and holistically at the marketplace, understanding the customer, and then creating unique opportunities based on this understanding.
Just think about it for a minute; just because you have a calculator and excel does that mean you are an accountant? If you have a ruler, pencil and have watched some episodes of Grand Designs – does that make you an architect? If you post regularly to your friends on Facebook and Instagram – does that mean you are a social media expert?
So why do small businesses believe that by buying a Mac and some software they will become a designer, marketer and communications expert?
It needs to be led by a strategic marketer who can then develop an integrated marketing approach. Can you or your co-worker do this? In some cases, you can. But those who can are most likely to either come from marketing or consulting backgrounds where they have transferable skills and experience defining AND delivering against a growth strategy.
If you are a small business, you need somebody who will have a very solid, process, streamlined, consistent, repeatable approach. First, they will research and learn about your company in great depth, the dynamics of the marketplace and identify shifts, trends, and changes. From there, the strategic marketer will be able to present the different elements of your marketing plan in logical order of how you should construct them, update them, or revise them; and identify the key areas you should be focusing on – be it generating leads, converting leads, increasing transactions right down to changing prices.
3. They hire the wrong marketing help
There is a huge misunderstanding around marketing strategy, marketing tactics, and marketing execution.
There is a difference between being strategically capable, creatively capable and executionally capable.
Small business owners don’t hire a strategic marketing coach/firm to develop creative graphics and headers; nor should you hire an advertising/graphic design agency to handle marketing strategy. A small business doesn’t need to hire a consultant or a firm who is a strong marketing executor when their biggest need is a strategy for sustainable growth. You may get more attention, but not the best results.
The Internet Marketing Structure We Lean On
A total body structure.
How come can we see? So why can we hear? For what reason can we speak? How come can certainly we stand, walk, jump, and sit? Quite simply, how do we live in this world? As a result of science and technology, we know today. We can see simply because we possess a two of eyes. People can hear as we have a couple of ears. We can easily speak out mainly because we have actually a mouth and vocal chords. We all can easily stand and perform locomotive functions mainly because we own our body. We are capable live in this globe since we have a full human framework. Even though we may not see it, nonetheless the structure of the human body provides us life, aside from the external components, just like air, food, water, and others, that all of us want to have each day. Without a total body structure, we are not able to live routinely in this world.
A simple structure to carry out a goal.
Structures are not merely crucial and helpful to the human body. Actually, the office building that you are occupying, the home exactly where you and your spouse and children lives, the automobile that you drive from your home to work, the retail center exactly where you buy your basic and several other personal requirements, and different issues in the natural environment possess a basic structure to accomplish not simply their physical presence but also their goal too. Is right now there a home with out doors and roofs? Is presently there an automobile with out engine and wheels? Structure is an essential part of their being-without it, their being and intent is not complete. If you believe that the structure is only for physical characteristics alone, then simply you require to presume once again. In fact, abstract items also need to have structure in order to endure. And Internet marketing does require a particular structure. In what way?
Website marketing structure is created of many aspects.
Affiliate marketing is recognized from other different kinds of business ventures, including the brick and mortar marketing, throughout its structures. Online marketing structure is constructed of different factors which include long and short-term advertising tactics, direct and indirect branding market, traffic evaluation, product sales volume analysis, and other important components. There is certainly a need for every single Online marketer, if a neophyte or a skilled one, to understand the structure of Affiliate marketing to obtain the suitable procedure and be good in their particular careers.
Learn the fundamental structure of Website marketing.
One of the secrets in gaining successful marketing methods is to learn and figure out the fundamental structure of Online marketing. For example, you need to understand that there is a large variation among short-term and so long-term advertising tactics by which the previous is a short-term strategy and the second option is a long-term methodology. Most likely you will ask, Is generally there a considerably better Affiliate marketing structure? Even though the structure is viewed as to be as the standard outline, there are situations in which because of changing market circumstances and other additional factors, there is a need to change a few parts of the structure, possibly to eradicate or put more than a few aspects.
Among the best Website marketing structures.
The present framework of Website marketing is right now one of the better if not the greatest structures amongst all existing opportunities. Presently there are extra factors that are nowadays considered to be the greatest lifeline of the business online market.
THE FOUNDER: you are one of the essential components of an Online marketing structure. The organization will not be effective if you will not fully stand up and lead your organization to the proper path. Keep in mind that the Cyberspace has its personal dungeons and it is exactly where you require to sparkle and destroy the darkness to turn into powerful on your Affiliate marketing career.
THE PRODUCT: in the event that you do not have a product to offer, do you think that you will be able to get a cut of the Website marketing income pie? Secondly, it is not merely offering a particular product to online consumers. It is even more of selling an exclusive product that will provide you larger product sales as you complement your Online marketing business. This contains effective advertising of products on the Word wide web and numerous internet based advertising packages.
THE DATABASE: it is the list of people who provides you authorization to get in touch with them throughout emails and newsletters. It is significant to the presence of your web business since you will need to build a faithful clientele base that will never simply make purchase yet will even make regular purchase of your solutions.
THE AFFILIATES: no person is an island. You equally will need affiliates that will certainly help you publicize and market your goods. They are not only assisting you to earn nevertheless as well helping them to generate for themselves.
Due to the smart minds of online marketing innovators and professionals, we possess an enhanced Affiliate marketing structure to lean on.
The Evolution of Marketing Automation
While aiming to promote products and services successfully in the market, businesses had realized the importance of adopting marketing strategies early on. Due to the intense competition, marketing strategies got infused with the technological innovations in order to evolve out as the modern marketing, which is now embedded in the customer’s lives and affecting it at a rapid pace.
Fortunately, from radio to internet and smart-phones, nowadays technology has revolutionized the ways marketers can reach to their potential customers. But, back then in the late 50’s, with almost no effective marketing channel, companies were finding it challenging to approach a huge customer base.
This is how automation technology came into existence. It has traced its origins back from a Customer Relationship Management or CRM that came out of Rolodexes and a pack of business cards. It acted as a rescuer for the companies who were endeavoring to maintain their employees and client’s records into a central knowledge group. But, in no course of time, it became the fundamental business element and started finding its applications in professional business services as well.
During the late 1980s, CRM platforms had gained more power in terms of customer support servicing, sales management, and forecasting. But, the high price tag kept it confined to few multinational corporations.
In 1999, Mark Benioff, the founder of Salesforce, invented the Monthly Licence (MLC) fee model, with aiming to offer cost-effective and agile business model, that further introduced SaaS or Software as a Service. And in contrast, this technology evolved out as an amalgam of email capability, web analytics, and the Marketing Resource Management (MRM). With the advent of the internet, marketers were seeking potential ways to reach their customers. The pioneer of this space Eloqua came in 1999 and developed a product, later renowned as automated marketing service in 2003.
Soon, the success of this trend led to the arrival of more players in the market such as Pardot, HubSpot, WhatsNexx etc, and industry started gaining momentum while shifting marketing automation services to cloud platforms.
By 2008, new platforms such as HubSpot, Act-On, ruled the market, and the advent of social media marketing, content management, search engine optimization made marketers incorporating a variety of automation tools.
In the period 2013-2014, the automation industry witnessed a huge growth financially through acquisitions when a giant marketing software company ExactTarget acquired a marketing automation company Pardot for $95.5 million and in turn, salesforce.com spent $2.5 billion to acquire ExactTarget, This is recorded as its largest acquisition ever.
I found people wondering if CRM and marketing automation co-exists. In fact, few consider the later as a subset of the CRM industry which follows one of the marketing laws suggested by Al Ries and Jack Trout. To clarify, CRM is sales focused software while the other is user-centric software that completely focuses on marketing strategy. Where a CRM manages company’s interactions with their customers, a automation software streamlines company’s marketing tasks, and work-flows. However, these two, together, go hands in hand and reinforce company’s insights and efficiencies. A good CRM-marketing automation integration unleashes an opportunity to handle data management and strategies marketing plans.
It can filter relevant data and required fields to standardize tagging and data, and ideal processes. Also, it can run auto-cleaning processes to clean the dumped data in a CRM system. Businesses utilizing automation software have witnessed an incredible growth of 451% in qualified leads and 14.5% in sales productivity as well as 12.2% marketing overhead reduction. We can conclude by saying that the future of marketing completely belongs to Marketing Automation.