What is B2B Marketing?
B2B Marketing, or Business-To-Business Marketing, defines the marketing of services or products to other businesses or organizations.
Examples of B2B industries are automotive, construction, chemical, oil and gas production, SaaS, and textiles.
Furthermore, a company may sell to both B2B and B2C customers. It is common for companies to have a wholesale segment (B2B market) while also selling to individual consumers in a B2C market.
In other words, a company can be active in a specific industry and sell to companies (B2B), consumers (B2C), or both customer groups.
B2B Marketing Industries
1. Finance & Finance Services
11. Marketing & Sales
12. Real Estate
13. Food & Bevageres
B2B vs. B2C: What’s The Difference?
While B2B stands for business-to-business, referring to a type of transaction that takes place between one business to another business, B2C stands for business-to-consumer, as in a transaction that takes place between a business and an individual as the end customer.
In terms of target audience, B2B targets other companies that can benefit from their services. On the other hand, B2C targets and markets to consumers directly. B2B companies use special industry terms when it comes to communication with their customers, while B2C focuses on a more common and everyday language that everyone can understand easily. Also, B2B companies’ decision-making process can take a lot more time rather than B2C companies because the consumers of B2C companies mostly do not need a lot of time to make a decision.
How Long Do B2B Deals Take to Close?
“The results indicate that three-quarters (74.6%) of B2B sales to new customers take at least 4 months to close, with almost half (46.4%) taking 7 months or more. “