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Homework answers / question archive / This is an academic application for Phd Admission in very famous university, and I would like you to write about this subject or any strong topic close to the same idea 1- B2B Marketing
This is an academic application for Phd Admission in very famous university, and I would like you to write about this subject or any strong topic close to the same idea
1- B2B Marketing
OUTLINE FOR B2B MARKETING
The paper entails the following sections:
B2B MARKETING
The rapidly advancing digital technologies used as marketing channels are redefining how B2B companies contact and interact with their clients (Cawsey & Rowley, 2016). Internet technologies have also been responsible for the rapid globalization of markets. The rise of the internet era and increasingly globalized markets makes it critical for organizations to consider digital marketing strategies to maintain their competitive edge (Veronica et al., 2018; Wang et al., 2019). As the internet becomes vital, a question arises as to what new capabilities digital marketing techniques bring that traditional marketing may not have. Even so, digital and traditional marketing is not entirely the opposite of each other (Dumitrescu et al., 2018). Contrary, digital techniques build on conventional marketing to offer superior marketing capabilities for businesses (Wang et al., 2019).
Nevertheless, the internet proliferation that has seen a rise in electronic commerce is also a challenge to B2B marketing (Veronica et al., 2018; Wang et al., 2019). Today, the internet is vital in supply chain management, including virtual communication and virtual marketplaces (Cawsey & Rowley, 2016). Even though recent technologies make global market entry easier for B2B marketers, such globalization continues to pose a challenge because companies have to focus on both local and international clients (Dumitrescu et al., 2018). B2B relationships are also complicated to manage electronically. Gaining insight into how digital marketing leverages internet capabilities to overcome the setbacks of traditional marketing is imperative, particularly in the B2B environment, in which the purchasing cycle is characterized by a long, tedious process involving several stakeholders with various agendas (Cawsey & Rowley, 2016). This paper discusses how B2B marketing leverages digital technologies to build on traditional marketing.
How B2B Works
Business to Business (B2B) encompasses transactions between two businesses, for instance, wholesalers and retailers (Veronica et al., 2018). B2B marketing relates to marketing products and services targeting other organizations or businesses (Wang et al., 2019). It is a marketing type that, unlike B2C marketing, does not target the final consumer. B2B marketing is characterized by more information and straightforwardness than B2C because of its focus (Veronica et al., 2018). While in B2C marketing, the final consumers do not concentrate on the return on investment of what they purchase; it is the primary focus in B2B's case (Cawsey & Rowley, 2016). In the contemporary business environment, B2B marketing professionals often sell to buying committees with different critical stakeholders, making it a less sophisticated process (Veronica et al., 2018). However, as reliable information becomes more available, the capacity to determine viable committees and reach purchasers with appropriate, customized information is significantly improving (Wang et al., 2019). B2B marketers market companies that sell to other organizations. Sales can take several forms, ranging from software subscriptions and office supplies to security solutions. However, some companies undertake both B2B and B2C activities.
B2B marketing targets individuals with significant control over buying decisions (Wang et al., 2019). It is a vital marketing category because many firms depend on the products and services of other organizations to operate. It is difficult for a company to entirely rely on itself for its whole production and distribution functions. Every organization depends on other organizations or businesses to fulfill some of its needs along the production process. Effective B2B marketing approaches simultaneously incorporate a blend of strategies to target several audiences simultaneously (Cawsey & Rowley, 2016). They also have to accommodate longer sales cycles because organizations thoroughly research existing options prior to making a buying decision (Cawsey & Rowley, 2016). The decision-making process also involves several stakeholders. Overall, the stakes are high with B2B buying decisions because significant capital investment is involved (Dumitrescu et al., 2018). Many decision-makers may need to thoroughly assess each purchase to ensure the offerings fully satisfy their needs and deliver a reasonable return on investment (Dumitrescu et al., 2018).
Effective marketing requires a thorough understanding of the critical factors, including budgets, existing and potential demand, and channels (Veronica et al., 2018). Marketers must consider many factors when creating their marketing strategy (Veronica et al., 2018). However, the target audience is the most critical factor for efficacious marketing (Veronica et al., 2018; Dumitrescu et al., 2018). When B2B marketers fail to target their buyer persona appropriately, their promotions and advertisements are unlikely to succeed if there is any marketing at all (Cawsey & Rowley, 2016). Where market targets differ the most, though, is when it comes to either individual consumers or businesses (Wang et al., 2019). While some organizations serve individual buyers, others do so to companies or organizations. Marketing directed at organizations is significantly different relative to individual shoppers. As such, it is an entirely different marketing type – B2B marketing. B2B marketing becomes even more demanding in today’s digital and globalized environment (Veronica et al., 2018). Therefore, it is critical to understand how firms deploy or implement digital marketing approaches to enhance their sales success. It is also vital to know how companies should develop strong brands while utilizing the digital setting by creating more excellent customer value.
B2B Marketing
Marketing involves the process of engaging customers and maintaining valuable relationships (Cawsey & Rowley, 2016). Notably, the approach to the close alignment between a purchaser's needs and sellers' offerings throughout the purchase process has historically been the same (Dumitrescu et al., 2018). However, there has been considerable progress affecting entire marketing, especially how organizations create customer value and achieve the return on investment (Dumitrescu et al., 2018). The first essential change in the rise of global markets is how the internet and technology have transformed how business is done, including marketing activities (Dumitrescu et al., 2018). However, two process phases in the marketing supply chain continue to subsist that should not be overlooked: research on customer’s needs and marketing planning (Veronica et al., 2018). The objective is to optimize benefits for all stakeholders, which is achieved through innovation rather than duplication (Veronica et al., 2018). Several B2B companies already know the need for innovativeness in business strategy (Cawsey & Rowley, 2016). Brands are a critical area of marketing. Brands have a vital role in the current competitive environment because they help companies distinguish themselves from anything already existing in the market (Veronica et al., 2018).
However, the organization's favoring of brand awareness as the most cherished strategic plan might be futile because the customer’s perspective matters as much as the brand (Cawsey & Rowley, 2016). Today’s marketing is driven by highly informed customers who B2B marketers should effectively engage to attain any relevant value-oriented customer experience. It depicts there ought to be a compelling mix of conventional and digital approaches to influence customers so that they can make the most informed buying decisions (Veronica et al., 2018). The marketing content that markets present must be based on facts and be credible. High-quality content and effective product or service presentation supersede any marketing strategy (Dumitrescu et al., 2018). This can be best enhanced using best content dissemination, proper targeting, and utilizing appropriate content marketing technologies.
It is worth following how marketing management does budget allocation. Although there are still several conventional channels, digital mediums are receiving a significant budget allocation because of their significance in the current technologically advanced environment (Wang et al., 2019). Digital marketing considerably contributes to increased brand recognition and enhancing new business for B2B companies. However, some companies ignore that the online environment is becoming congested, and more steps are required to boost brand awareness (Wang et al., 2019). Using digital channels is an effective marketing channel in the buyers' buying process's brand recognition and conversion stages (Wang et al., 2019). This is because organizations and their digital marketing investment differ according to their scale or home country.
Despite the substantial digital marketing’s considerable influence, there is still limited understanding regarding suitable internet-based promotional strategies, particularly concerning B2B organizations that do not possess a strong brand (Dumitrescu et al., 2018). This may be because B2B is highly discerning in its targeting and is mostly commercially private (Cawsey & Rowley, 2016). Therefore, this paper provides a synthesis of how B2B companies can leverage digital technologies in globalized markets to create customer value (Cawsey & Rowley, 2016). The following sections offers significant insights into B2B marketing regarding value creation. The analysis offers a better understanding of B2B organizations and how they should deploy digital tools in their promotional methods to fulfill the objective of value creation for the entire organization's stakeholders.
Traditional Versus Digital B2B Marketing
Digital marketing added value should be B2B marketers’ objective if they desire to create new consumer needs (Veronica et al., 2018). Conventional marketing using printed materials only gets to limited audience groups (Dumitrescu et al., 2018). Another shortcoming is that printed material, for instance, may take time to alter the marketing content, hence results in delayed marketing communication between B2B companies and target customers. Such a marketing strategy begins with segmenting and targeting, positioning the brand, and differentiating from competitors. Digital marketing includes all methods companies can use to reach their consumers through digital channels (Dumitrescu et al., 2018). It encompasses promotions undertaken through cell phones, social media, and marketing through search engines (Cawsey & Rowley, 2016).
Trading items online began about three decades ago, and with it came the digital or electronic marketing phenomenon, characterized by the technologically informed consumer (Cawsey & Rowley, 2016). Today’s business environment requires organizations to change their marketing strategies if they want to effectively manage viable offerings (Veronica et al., 2018). This is because the digital landscape is a single promotional mix attribute. The two must coexist with substituting functions along the consumer journey. Conventional and digital marketing has a similar aim – attracting prospective customers and enhancing brand reputation. However, salient differences can be deduced from the two (Veronica et al., 2018). The digital perspective does not exempt the contribution of prospective customers or the online community that is today considered a standalone segment. Besides, the conventional vertical relationship between a company’s brand and consumers transitioned horizontally: customers and brands are intertwined, customers appreciate various brand images (Wang et al., 2019; Dumitrescu et al., 2018). Digital marketing has now been redefined by co-creation as an innovative product development tactic, special pricing for increased profitability, and regularly internet-based discussions forming notable examples (Wang et al., 2019).
The redefined marketing concept includes the core strategies for winning consumer advocacy (Wang et al., 2019). The excellence of digital marketing revolves around emphasizing high-quality and customized digital engagement (Veronica et al., 2018). B2B companies should implement measures to offer optimal, accurate, and appropriate digital content that most times ought to be free (Veronica et al., 2018). Regarding appropriateness, the curated content with increased relevance to micro-market niches might have the most significant influence in attracting new customers by creating increased brand awareness based on information accuracy (Dumitrescu et al., 2018). However, companies might differentiate between hype and reality, particularly concerning technologies that use and produce overgeneralized data that may result in improper marketing techniques.
Omni-channel retailing is expected to provide a practical and balanced marketing approach to offering a superior customer experience through integrating internet-based, in-store, and mobile shopping capabilities (Verhoef et al., 2016; Gallino & Rooderkerk, 2020). Consumers consider digital marketing advantageous because they remain updated with products or services, engage more, access accurate information, such as prices and product varieties, including comparability with competing products and businesses (Kleinlercher et al., 2020). They can purchase products immediately from wherever they are and share their superior experience or information about products or services (Cawsey & Rowley, 2016).
It is worth noting that customer product brands budgeted the most on digital advertising (Cawsey & Rowley, 2016). B2B businesses assign almost half of their marketing budget on conventional channels, such as shows and exhibitions, traditional media, and sponsorship events, and the second half under digital ones (Verhoef et al., 2016). Notably, technological companies’ budget allocation for digital marketing may be higher due to their focus on technology and related capabilities (Cawsey & Rowley, 2016). Technology is the determinant for contemporary marketing that should offer highly engaging and personalized experiences as modern consumers require (Wang et al., 2019).
B2B Digital Marketing Strategies
Digital advertising on a global scale and consumer mobility have introduced opportunities for B2B marketers to seek a brand position that crosses national borders (Kleinlercher et al., 2020). Thus, digital marketing strategies significantly vary from traditional approaches. The significance of digital marketing grows simultaneously in two aspects (Dumitrescu et al., 2018). First is when the consumers' path slowly evolves from the awareness stage to the final advocacy stage. The second is when companies enhance their brand competitiveness and boost consumer engagement. Consumers control the purchase process more than sellers control the selling process (Dumitrescu et al., 2018). The buying journey is more sophisticated and entails various aspects that make traditional marketing a minority channel.
Several digital marketing strategies are available to B2B marketers to help raise brand awareness, promote brand positioning, and increase customer value (Kleinlercher et al., 2020). These approaches are internet-based because they leverage digital technologies to create a superior experience for B2B customers (Kleinlercher et al., 2020). Different B2B marketers use these strategies in varied proportions based on several factors, including company budget, organizational priority, and business type, among others (Veronica et al., 2018). However, marketers should ensure they coextensively utilize the most effective targeting approaches, using appropriate marketing messages, channels, and suitable communication timelines (Dumitrescu et al., 2018). An in-depth discussion of these strategies ensues with a focus on how B2B companies can utilize them.
Content Marketing
Content marketing is considered a marketing strategy involving the development and dissemination of relevant and meaningful content to appeal to a target audience to induce profitable customer decisions (Gajanova, 2021). It also aims to inspire B2B customers for specific brands and share product messages across a spectrum of owned, paid-for, and free channels (Gajanova, 2021). According to Wang et al. (2019), content marketing impacts accounts sales leads. It has a critical part in the existing sales force, and assists bring new sales leads, and is particularly useful in B2B marketing.
Among the tactics, digital marketers use to disseminate accuracy in what consumers may consider cold, impersonal media are digital content marketing in different forms (Gajanova, 2021). Content marketing is an inbound marketing strategy particularly fruitful in the B2B sector (Veronica et al., 2018). It is considered a meaningful technique for attaining and maintaining a trusted brand position and supporting continuous interaction and engagement with brand customers (Gajanova, 2021). Implemented via all of the previously mentioned strategies and others like press releases, firms need to create a deep insight into their target customers' information requirements and purchasing cycle (Veronica et al., 2018).
Content marketing introduces an incomplete transformation of brands into developed media in their relevant fields, moving from a selling or traditional mentality to an interactive one (Gajanova, 2021). Research also points to the synergy impact of a desirable brand image established online next to the firm's traditional techniques. Thus, most digital marketing techniques and tools can benefit from incorporating conventional marketing strategies (Wang et al., 2019). B2B business, like other business, are operating in a highly digitized environment, but conventional marketing with its outbound techniques are not outright obsolete yet (Gajanova, 2021). On the other hand, traditional channels may complement digital marketing techniques based on the industry and regular interaction mediums between organizations and customers (Wang et al., 2019). At times; some companies may even prefer traditional marketing strategies if it is the most appropriate (Veronica et al., 2018).
Corporate Website
A company website is a highly convenient and reliable medium to disseminate marketing messages to promote a company and its offerings – products or services (Grubor & Jaksa, 2018). It is among the places consumers seek information first before making most purchase decisions (Schwarzl & Grabowska, 2016). Before consulting other information sources, consumers would often want to know what the company says about its product or service offerings. Thus, customers often navigate B2B company websites to identify and determine the most favorable options, primarily based on price and product variety (Grubor & Jaksa, 2018). Once companies develop their websites, they become global platforms for virtually ordering products from the available assortment. Nevertheless, Organizations must be cognizant that they should utilize their websites as crucial tools for offering a personalized consumer experience rather than as the interface between customers and company information (Veronica et al., 2018). It also includes branded web communities creating engaging content and establish customer-brand communities (Schwarzl & Grabowska, 2016).
Email marketing
This marketing strategy is a common instrument used to deliver business messages (Schwarzl & Grabowska, 2016). It is advantageous among companies that do not have to send to extensive customer contact lists like B2C email communication (Sanger et al., 2021). The merit of email marketing is that B2B marketers can use it to create personalized and targeted mail messages to build mutually beneficial relationships with their clients – business organizations (Grubor & Jaksa, 2018). When effectively utilized, marketing messages delivered via mail can be highly persuasive to induce a purchase. It is among the most used marketing tools by B2B companies (Sanger et al., 2021).
Social Media Marketing
Social media marketing techniques engage B2B companies’ customers and manage customer relationships throughout the day from anywhere because it is internet-based (Cawsey & Rowley, 2016; Ibrahim & Ganeshbabu, 2018). Social media sites are valuable tools for reinforcing brand relevance and exposure to target markets (Ibrahim & Ganeshbabu, 2018). Increased control and access to vital details are provided to both parties. For instance, LinkedIn is a valuable sales tool following direct email or telephone for B2B marketers. B2B marketers invest more in videos to stimulate advocacy and information sharing (Ibrahim & Ganeshbabu, 2018). They deploy audiovisual content through online videos to demonstrate products and encourage customers to make purchase actions. B2B companies use real-time customer support by directly engaging with customers online on social media sites or providing options for customers to contribute their views on specific product features (Ibrahim & Ganeshbabu, 2018). Companies also utilize social media as interactive learning platforms, where customers can ask questions online and receive immediate feedback (Cawsey & Rowley, 2016). However, a blurred line demarcates advertisements from other consumer content because they include buying solutions, product information, and technical details (Ibrahim & Ganeshbabu, 2018). B2B companies are increasingly becoming aware of the significance of digital video content and are utilizing it optimally, hoping that their video content will go viral. Once such videos go viral, consumer awareness is achieved because many B2B consumers would learn about a company’s products or services and even make purchase decisions later.
The growth of social networking platforms marks a transition from conventional, unidirectional communication to an interaction in a networked environment in which information is shared according to audience groups’ needs and preferences (Cawsey & Rowley, 2016). Unlike traditional customers, the technologically informed ones have thus more control over the entire communication process (Sanger et al., 2021). They take a more proactive approach, facilitated by the internet as the communication medium (Ibrahim & Ganeshbabu, 2018). Additionally, social networking sites' social element offers users special privileges to distribute information regarding brands (Ibrahim & Ganeshbabu, 2018). The word-of-mouth resulting from social media marketing has a more significant effect than that from traditional marketing because of the vast audience that B2B companies can reach (Ibrahim & Ganeshbabu, 2018). Another critical overlapping area between the two marketing techniques is hence finely pinpointed.
Besides, it is worth considering the effect of social media regarding mobile connectivity (Sanger et al., 2021). Mobile technology proliferation has spurred social media utilization regarding digital marketing communication. More people can now access mobile devices and use them to transact business online. This increased accessibility has been catalyzed by the mass production and distribution of affordable internet-enabled mobile devices globally (Veronica et al., 2018). The advancement in the 4-G network has also stimulated internet accessibility, enabling people to access the internet in most parts of the world using their mobile devices. B2B companies can reach prospective customers who access social media sites using their mobile devices and market to them.
There are salient differences between traditional marketing techniques and the current environment of increased connectivity, contrary to the past days when those digital tools were not rampant (Sanger et al., 2021). However, research points no significant differences – one critical step has been introduced to the online purchasing path, establishing trust (Veronica et al., 2018). This generally seems to be vital in business transactions, especially for B2B marketing aiming to enhance online customer experiences.
Search Engine Marketing
This strategy entails B2B marketers placing messages on a particular search engine and stimulating clicks to a website when targeted users type specific keywords ((Hidayanto et al., 2017); Veronica et al., 2018). Apart from targeting audiences during the point of intent, this approach also enables marketers to position their brand throughout the purchasing process (Hidayanto et al., 2017). It relies on the millions of people who undertake numerous searches whenever they access search engines (Hidayanto et al., 2017). However, B2B company marketers should know that this approach does not guarantee automatic leads, especially when data analytics are ineffective, such as targeting the wrong audience (Veronica et al., 2018).
How B2B marketing Can Adapt Strategies to Consumer Needs
B2B organizations have a more challenging time than their B2C peers in appealing to and retaining clients (Veronica et al., 2018). The B2B purchasing process is often more rigorous, with more stakeholders and decision-makers contributing to the final buying decisions. Several competing marketing channels, both conventional and digital, are applied to deal with B2B clients’ diverse needs (Wang et al., 2019). This can be substantially unique at all decision-making steps, needing an approach that accommodates both channels. Based on the product or service category in question, and the transaction type, such as new or repetitive, B2B marketers should adapt, and sometimes, consider interactions with clients through conventional methods only or digital only or both to realize excellent marketing results according to their marketing objectives (Wang et al., 2019).
Besides, all these are especially critical in B2B business, in which customer relationships often stretch beyond a single transaction because stakes are often higher – return on investment considerations and future reliability (Cawsey & Rowley, 2016). Personalization and customization are also dominant in B2B, depicting more marketing and communication strategies and commitment needed from B2B companies (Cawsey & Rowley, 2016). Longer and more sophisticated purchasing cycles characterized by more stakeholders often indicate a blend of communication strategies deployed at various purchase process points with multiple stakeholders. B2B marketers should understand their customer preferences and create blended paths by integrating human interactions with digital ones (Dumitrescu et al., 2018). Throughout the entire decision-making steps, they should do so to allow customers to choose their cherished interaction type (Dumitrescu et al., 2018). Thus, an excellent customer experience is attained when B2B marketers devise an optimized customer experience characterized by personalization and customization.
Nonetheless, considering the significance of B2B companies’ brand image, there are several components identified from what has been considered to this point (Wang et al., 2019). But, apart from the need for B2B marketers to maintain fruitful interactions with their customers, there is a need to establish strong relationships (Veronica et al., 2018). That is an indispensable element which B2B companies should build and maintain their relationships with their clients at each level (Veronica et al., 2018). It implies that B2B organizations’ marketing professionals should create effective relationships with people in many appropriate departments of the client company.
In this regard, B2B marketers’ function exceeds that of appealing to new clients and accompanying them during the pre-buying phase. Marketers are also proactively engaged after the purchase phase as they regularly build relationships, creating long-term solid ties with their clients (Wang et al., 2019). These efforts have been considered the core building blocks of customer satisfaction and pillars of customer loyalty, repeat purchases, and a chance for customers to evaluate new products or services.
Such a relationship developing element of B2B interactions is especially vital to consider from this paper’s perspective since it impeccably entails both digital and conventional marketing strategies, with an attractive return on investment (Cawsey & Rowley, 2016). For instance, considering email marketing discussed earlier, face-to-face meetings, as a traditional strategy, seem to strengthen the relationship, as well as phone calls and industry events. Thus, the synergies are visible; B2B marketers should use various tools and strategies separately or together to attain optimal marketing outcomes (Hidayanto et al., 2017). However, B2B marketers should uphold integrated marketing communication principles; they should maintain coherent communication messages and attitudes across both channels.
Conclusion
B2B businesses are gradually appreciating the value of competing as contemporary digital organizations. They are acknowledging the digital revolution and becoming highly innovative regarding sales channels and the entire customer experience. However, to achieve remarkable progress, companies must commit to digital at both strategic and tactical levels. It includes obtaining management buy-in cemented with a shared vision and quick grasping of innovative marketing skills and systems. Nonetheless, B2B companies cannot underestimate the contribution of traditional marketing techniques that contribute to value creation, brand development, and driving new sales. With stakes rising, B2B marketers are under immense pressure to effectively leverage digital technologies to overcome limitations related to traditional marketing that has previously worked for their clients. They have the urgency to fulfill the new needs of technologically informed customers as their co-participants in the technological transition.
