When creating an effective marketing strategy, you should target your message specific to the audience so they can feel your marketing material is personable and relevant to them. This is especially important when creating marketing material for business professionals in your B2B marketing audience.
In B2B marketing, companies sometimes fail to identify the right audience when developing their strategies. Hence their marketing and advertising techniques might not bring them the results they are waiting for. So it’s good to know the type of market you are dabbling in before you start sending some cold emails to your audience.
Before you get into B2B marketing strategies, you need to know their needs and understand the types of markets available in the B2B space. In this article, let us find out what the different types of B2B markets are:
These businesses buy products from other businesses and turn them into new ones. These transformed products are then sold to other businesses by the producers.
For example, the automobile sectors rely heavily on steel and other components from several other manufacturing industries to produce their vehicles. Likewise, Delta airlines need fuel and aircraft to run their planes, so they purchase it from other firms.
Resellers are those companies that sell goods and services manufactured by other companies without making any changes to the product. They just buy the finished products in bulk and resell them to other businesses to make a profit. These resellers do not modify the products they buy.
- A reseller may purchase a product from a particular business and then resell it to a wide – range of other businesses.
Resellers thoroughly understand their products and can provide valuable insights to other businesses.
Did you know that the government is the largest buyer of products and services? That’s right – the government purchases more goods and services than any other entity on the planet. They buy everything from rubber bands to military tanks. They do this to ensure citizens can access the best products and services.
To offer all kinds of facilities to the citizens, the governments usually contract with all sizes of businesses. This can result in a significant selling opportunity for businesses, even small retailers.
Institutional markets are non-profit organizations that buy goods and services from companies to support their internal operations. These organizations include churches, hospitals, and charities. Like other governments and for-profit organizations, they purchase many goods, products, and services.
The function of such institutions is to better their communities, not to make a profit. Hence, holding costs down is especially important to them. They can offer more services to a wide range of people only when they can keep their prices lower.
It is important to remember that there are many companies within each type, and not all will fit perfectly into one category. However, using this framework as a starting point can help you understand the buyer’s journey and craft a compelling sales pitch. If you want your business to succeed in B2B sales, you must understand which market you’re selling to and how to approach them.
Finally, B2B sales prospecting can be difficult, but with definite strategies and tools, you can make it easier for the team. Check out these steps to improve your B2B lead generation strategy: 15 Easy Strategies to generate more B2B leads.