When we hear the word ‘marketing’, we usually think about specific tactics and campaigns used to attract individual customer groups to a particular product. However, marketing goes beyond selling products to individual customers. Business-to-business (B2B) marketing plays a massive role in generating revenue for many companies worldwide. The B2B marketplace, however, is different from business-to-customer (B2C) markets. As a result, the buying situations, behaviours, and processes also differ. Read along to find out why, and become an expert in B2B marketing!
B2B Marketing Definition
To understand business-to-business (B2B) marketing, we first have to look at business buying behaviour. ‘Business buying behaviour’ studies how companies buy goods and services for production or resell them to other customers. It may also refer to the buying behaviour of wholesalers and retailers who rent or resell certain goods to other organisations.
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Here are some common assumptions about business markets:
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B2B decision-makers are always rational; therefore, B2B advertisements are boring and emotionless.
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Sales representatives promote B2B branding.
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B2B marketers make decisions based on gut feelings during country club meetings.
However, nowadays, these B2B stereotypes are no longer valid. Although business buyers still act rationally, business decisions and marketing are also driven by factors such as human emotions and perceptions. Digitalisation has also shifted B2B marketing focus from product features to ‘humanisation’ of customer experience.¹
B2B vs B2C Marketing
B2B marketing can be distinguished from B2B marketing based on the nature of its customers. In B2B markets, the customers are organisations (see Figure 1 below), and they can be:
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Commercial enterprises – for example, a manufacturing firm requires industrial goods (e.g. parts or tools) to use in its manufacturing process, which it then turns into final products.
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Governmental bodies – for example, a local council might buy industrial goods to deliver certain services or facilitate operations.
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Other institutions – for example, a school might also buy industrial goods to deliver certain services and to carry out its operations.
Figure 1. B2B Customers – StudySmarter Originals
B2B marketing can be distinguished from B2C marketing based on market characteristics. They include:
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