We live in a world of acronyms. Who hasn't had that awkward moment when someone speaks or writes in a coded language? You mentally pick your brain, trying to come up with an intelligent response.
If you've been around a while, you're comfortable with AIDA, KISS, and CTA. You might even throw KPI, SEO, and the dreaded SWOT into your conversations now and then. Just when you're feeling confident with your acronym skills, along comes a whole new set.
For example, what is B2B? Hint: It's not back-to-back.
To solve the mystery of B2B and it what it means in business, read today's post. We promise you won't get to the end and say TLTR.
Translating the acronym is simple. It means business-to-business, but what does that even mean?
Think about it in terms of your customer. If you market products and services directly to a consumer, you typically use a business-to-consumer, or B2C business model. The consumer's behavior drives your marketing strategies.
A B2B business model doesn't consider the consumer's wants, needs, or buying behavior. Instead, B2B focuses on doing business with other businesses.
In the digital age, more and more consumers shop for products and services online. A recent poll revealed 44% of American shoppers begin their shopping experience by searching the most massive online marketplace.
B2B transactions may initiate online, but at some point, there's human interaction.
Because you're not marketing directly to the consumer, you'll deal with either a professional buyer or someone at the executive level like the CEO. You play an entirely different ball game than you do when you sell to the consumer.
Let's not forget about the gatekeepers!
The only gatekeeper you face when marketing to the consumer is the consumer. In the B2B business model, you must learn to relate to an entire team of receptionists and other assistants. They usually have strict instructions about who gets past the golden doors.
When you're working in the B2B environment, the goal is creating repeat business. You'll spend a considerable amount of time on relationship building.
Unlike the broad potential market for consumers, the B2B market is narrower. A smaller number of businesses will need your services. B2B clients are also not as fickle as consumers, nor do they buy on a whim.
One way you can find the right clients is through B2B listings. Get your name out to the right markets and then spend time cultivating relationships. You may spend more time relationship building, but the resulting repeat business is worth the effort.
Mystery solved! Now you know what the term means, but what can it mean for your business?
Whether you're still in the early stages of business planning or you're ready to get your feet wet with business to business marketing, we're here as a trusted resource. For more articles about entrepreneurship, business, digital marketing, and leadership, continue browsing the content on our blog.