Some Practical Tips to Promote Businesses in B2B Space

B2B refers to business to business, as in commercial transfers between 2 businesses. To put it in a simpler way, B2B is a transaction of a company to another; an example of such a process is the transaction between a wholesaler and a retailer or the prior transaction - between a manufacturer and wholesaler. The functioning of the B2B sector depends on a variety of factors as follows:

• Duration
• Marketing and public relations
• Legal aspects

Duration, also dubbed as the time aspect is nothing but following the chain of requirements with respect to time. The winter sets anytime post September, so the manufacturers would pass on the products to wholesalers at least a month prior (goods need time to move from wholesalers to retailers as well), so B2B activities need to be time bound. In addition, the legal aspects in terms of production, transport, norms, standards etc. also hold ground during the B2B transactions and activities.

Lastly, one of the most important elements of the B2B transaction is the marketing aspect; manufacturers might produce the best of products, but wholesalers need to be aware of the fact, right? And how is this initiated, retained and regularized? It is via B2B marketing. Some factors which would help you in the B2B marketing world are listed as follows:

• Start at the right time; distribute the marketing angle in phases and plan prior to the year-cycle-start.
• 10 % of your budget on B2B marketing is the standard practice, but 15 % is the ideal.
• Marketing should depend on the product. High end products should have a different marketing strategy accommodating places and informative hubs visited by the targeted audience; same ways, medium and low range products should have visibility corresponding to the audience of that segment.
• The thumb rule is - 50 % marketing force for existing customers and 50 % for generating new sales, new customers. Remember the cost-thrown increases with time, so bringing in new customers is the key.
• Offering discounts to everyone is fine, but loans and lending should be only to trusted customer.

Lastly, the most important thing is: planning and execution should correspond well. So, offering the marketing of your B2B products to trusted third party firms is actually a better idea at times.