So what is B2B marketing? (B2B stands for “Business to Business.”)
According to marketing-school.org: “B2B marketing techniques rely on the same basic principles as consumer marketing, but are executed in a unique way. While consumers choose products based not only on price but on popularity, status, and other emotional triggers, B2B buyers make decisions on price and profit potential alone.” (http://www.marketing-schools.org/types-of-marketing/b2b-marketing.html)
First off, let’s define your target business customer. Determine the size of businesses to whom you are trying to sell your products. Is your target customer a small or medium business, or a large enterprise? There are various ways to measure the size, but in general, a U.S. small business is privately held with less than 250 employees, and a medium business is up to 500 employees. You might find differing opinions/thresholds for these categories as well, where less than 100 employees is considered a small business, and 100-999 employees is considered a medium business. Some define business size based on revenue, so those with less than $50 million in annual revenue fall into a small business category, whereas somewhere between $50 million and $1 billion fall into a medium size business category.
According to a 2012 survey of business owners, there are 27.6 million small businesses in the United States. Though their expenditures may be smaller, the market size itself is not that small, making them a prime target for B2B marketing. Do note, however, even though you will find some core elements in B2B marketing, you will have to customize your strategy towards small to medium businesses (SMB) versus larger enterprises.
Let’s explorer some ideas for how to do that this month.