While social media is a great marketing strategy for B2C companies, it is quite a challenge these days for B2B businesses to market their product. While B2C businesses have alternatives of creating displays and prints as well as make the best of their digital user experience, B2B businesses have a huge challenge of creating awareness. They do not produce the end product that the end consumer recognizes, yet they need to have their own buyers ordering for more.
In this scenario, the two best ways to increase sales is through
- repeat business, and
- getting referral from your current buyers.
So the goal here is to keep the current buyers happy and marketing should be directed to them. This can be in the form of CRM (customer relationship management), attending or sponsoring trade shows for the buyers, and overall being an expert in your domain so the buyers know and come to you for your expertise.
A recent article by Harvard Business Review confirms the same – “Don’t Ignore the Customers Who Love You Most”.
Many managers are skeptical of superconsumers’ potential, assuming they can’t be persuaded to buy more — even though they’re responsible for a large portion of a product’s sales, highly engaged with the brand, and not particularly price sensitive. As companies build up their analytic capabilities, they must become better at identifying and engaging this group. Doing so can often reveal hidden opportunities for growth and insights that can drive product strategy.
This sounds very simple and basic but many businesses forget this very important principle. They look at their sales, panic and go after new customers, conveniently forgetting their current customers. So B2B businesses, look at your current customers and see what more can you do for them. Whom can they refer you to? Ideally businesses have contacts with similar businesses and at the production level the goal is more about getting to the end product than competition. So they all definitely can share the same vendor, that is you. The sales, after that, will surely follow.
What, in your opinion, are other effective B2B marketing strategies?
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