Why B2B Marketing is more important than ever?
Business-to-Business (B2B) companies form a huge part of the global economy, but B2B marketing has always experienced a bit of ‘stepchild treatment’. Traditionally, the main focus of B2B companies lies in technology, operational excellence and cost control. Such businesses have specific challenges in B2B Market Research, B2B Strategy, new product development, and innovations.
Industrial customers notoriously find it difficult to articulate their needs (apart from ‘Give us a lower-priced but better product!’), and many products/services are subject to heavy commoditization. Historically, many B2B business ventures have been built around a particular breakthrough technology or product, but nowadays a technological advantage is no longer a guarantee of success.
Increasing rivalry from countries with low-cost manufacturing creates additional pressure even on well-established European B2B companies. In parallel, procurement departments are getting tougher and suppliers are selected primarily on price; moreover, around 40% of that painstakingly-acquired clientele is lost in churn every 5 years. However, even under such demanding trading conditions, those who use cutting-edge B2B marketing approaches not only survive, but thrive.
At Your Triple Jump, we believe that the majority of B2B products or services (however specific, ‘niche’ or unattractive they may sound) may result in an exciting business once hidden customers’ needs have been researched, customer B2B segments are carefully chosen, and a focused B2B strategy applied.