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There are different types of marketing such as C2C, B2G, B2B2C, B2B and B2C. Herein we will discover B2B and B2C in depth.
The American Marketing Association define marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Herein, creating means producing the offering, communicating means educating the customers about it and delivering implies facilitating transportation of offering to the customer.
Exchanging means trading value for those offerings.
The marketing by firms is done through many means and strategies which are evolved and altered depending upon the ultimate customer.
For a firm, the consumer can be another firm or the ultimate consumer. Different strategies are put to use depending upon which realm of the market you serve.
Sneaking a peak on various business models
Business to the government or B2G is a model where trade happens between business and government.
Here business or firm is the supplier and government the customer.
Last B2B2C, quite a clear acronym which stands for business to business to customer model. Product here bounces from business to business and then to consumer.
BookMyShow is an app that helps to book film tickets on behalf of theatres and hence markets to theatre owners by offering a reservation system for their customers. This is B2B service.
The theatre further provides complete movie experience to customers which is B2C part.
Business-to-Business marketing refers to marketing the products and services to other business houses and corporates.
Some examples are ad agencies, office furniture manufacturer etc. While creating a B2B marketing strategy, one has to be more thoughtful as the task is more tedious and hectic.
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The common strategies involve email marketing, content marketing, SMS marketing, social media marketing, messenger marketing and web push marketing.
For a successful B2B marketing strategies, ingredients like a thorough analysis of competitor, analysis through data, detailed marketing plans and well-identified customers in the market are important.
Know your audience well. It is important that you are well versed with the needs and reactions of your customers. Though you won’t be directly interacting with them but they will be the ultimate consumers of the product.
Analyze your competitor moves and tactics in depth. Get to know their intentions and predict their next move. This is important for macro viewpoint.
Set tangible benchmarks. The goals you wish to achieve should be clearly defined and measurable. Establishing concrete goals help formulating robust marketing strategy.
The most important step of marketing is measuring its performance. Ensure that your regularly keep a check and measure your performance and pen out the results so as to act accordingly in future.
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Business-to-customer marketing is marketing where different techniques and tools are put to use to promote the products produced by the company among the final consumer.
This is different from B2B as here the company is directly interacting with customers and is highly dependent on consumer analysis and their demands and need.
Also the length of sales cycle differ in both the marketing models as here the cycle is shorter comparatively to what it is in B2B. The marketing strategy to be put to use is entirely different from B2B.
With the technology boom, the marketing techniques have evolved. Unlike the conventional ones, the companies now have to think more about their content on social media than in advertisements.
Secondly everything has become data-driven. Firms have to keep huge stack of data to study their customers class or needs.
It is significant that brands become highly interactive, offer personalized touch in their product and extent unique customer experience.
Consumer marketing is driven by personalized engagement strategies. The interaction here is completely tailored on basis of history, activity, profile and preferences.
The common example is advertising the products that you have in past looked for on online sites. This way businesses try to market the products given their customer’s data on past searches.
Hence herein the firms needs to be active and updated of consumer choice for right technique of marketing.
The marketing department of any firm works tirelessly to promote its product and offerings in market.
Letting people know about the product in the most creative, fascinating and definitely alluring way is a tall order.
Therefore be particular and singular in ways you develop your marketing strategies depending whether you operate B2B or B2C.