Business-to-business (B2B), as the name suggests, involves business between two businesses and B2B marketing is all about the intelligent application of strategic insight and creative thinking to increase sales, generate growth of b2b ventures. There are a lot of misconceptions about b2b marketing. Here are 7 common misconceptions about B2B Marketing and the real truth:
1. B2B marketing deals with fewer clients: Not necessarily. The number of clients depends on the type, scale and scope of the business.
2. The Web and social networks have overtaken print media: The Web and Social networks are the new and hot modes of B2B marketing but business operators and b2b consumers are still heavy users of catalogs, brochures, and other printing material. So, it may not be a good idea to focus solely on social media.
3. Branding is less effective in B2B marketing: Very few b2b companies develop and implement branding strategies. This, however, doesn’t mean that branding is not effective in b2b environment. Strong branding can improve loyalty and increase sales. A properly researched and implemented branding strategy helps b2b marketers to relate to their audience just as it would in the case of b2c companies. While business buyers are more rational and select products or services on the basis of stringent conditions, effective branding will help marketers to place their brand ahead of competition in the clients’ list. If two brands are equal in terms of increasing productivity or profitability, then the one with greater brad power will win.
4. B2B marketing is not driven by innovation: While b2b marketing may not be as competitive as b2c marketing, there is no reason why b2b marketing can’t or shouldn’t be innovative. Anything that brings attention to the product or service will help the company increase sales and thereby its profitability.
5. Personal relationships are not important in B2B marketing: Not really. Personal relationships are very important in B2B marketing. However, that doesn’t mean that managing relationships alone will bring in greater sales and revenues. A multi pronged approach should be taken for the best results.
6. B2B marketing’s role is limited to short term sale support: The objective of B2B marketing is not limited to achieve short term sales targets but to understand the clients’ needs, define goals, plan long term and short term marketing tactics, monitor strategy implementation and manage relationships.
7. B2B marketing is an unnecessary expenditure: If done right, marketing, b2b or b2c, improves revenues. So, something that increases sales and revenues can’t be unnecessary. B2B marketing can be cost effective, too. So, investing in marketing initiatives can mean the difference between success and failure.