Business marketing is like chocolate – do you love chocolate? Almost all of us would answer in a resounding YES. Now imagine you didn’t know that there was such a thing as chocolate. There is nothing that would possess you to go out and buy chocolate.
The reason we have all tasted chocolate is because there has been a considerable amount of talk about chocolate that has led it being so widely adopted as the go-to dessert across all ages. This talk is nothing but the marketing of chocolate.
Do you want your business to be as synonymous as chocolate is? Read on to understand the what, the why, the how of Business marketing.
Table of Contents
What is marketing?
Marketing refers to actions that a company may perform to endorse the buying or selling of a product, service, or commodity. Though integral, it is just one of the parts of managing a business. Products can be marketed to other businesses to be resold or to an end user for consumption.
What is the basic meaning of marketing?
The act of endorsing and selling products or services is what marketing comes down to.
What is business marketing
Business marketing is a marketing practice of individuals or organizations. It allows them to sell products or services to other companies or organizations that resell them, use them in their products or services or use them to support their works. It is a way to promote business and improve profit too. Categorized as B2C or B2B which are Business to Consumer or Business to Business. Further the types of marketing within these subheadings are mentioned below. For a deep dive into Market automation read this post.
What are the 4 types of marketing?
Cause Marketing: Cause marketing, also known as cause-related marketing, links a company and its products and services to a social cause or issue. For example, a pet shelter or adoption center, selling pet related accessories to generate funds.
Relationship Marketing: Relationship marketing focuses on customer retention and satisfaction in order to enhance your relationships with existing customers to increase loyalty. For Example, selling clothing or merchandise with a non clothing related brand on it so as to get noticed
Scarcity Marketing: Scarcity marketing creates a perception of a shortage which aims to entice customers to purchase out of fear that they may not be able to get it in the future. For Example, selling online courses that are forever present but marketing it at a fictitious discounted price to say that it will never be available again.
Undercover Marketing: Undercover marketing, also known as stealth marketing, involves marketing to consumers in a way that they do not realize they are being marketed to. It take years to perfect this skill. Making people think that they absolutely need the commodity being sold and their lives wouldn’t be complete without it.
How to build a successful network marketing business
Do Research on the legalities of Multi-level marketing in your country. Many countries around the world have laws on the operating of MLMs.
if you like the product that you are selling, you will love what you do.
Genuinely liking the product you’re selling makes for a genuine interest in selling and reviews are true and from the heart. it makes your sales pitch ethical and true.
Though you have to recruit to rise, not hounding your friends and family makes for a peaceful environment, in and around you.
Knowing your audience helps. knowing who you are going to pitch to, naturally drives you to modify your pitch to sell better.
Consistency matters with MLM. Make sure that pitching is part of your daily routine.
When you take a keen interest in the success of your downlines, it helps you gain their trust which in turn helps you. Your downlines feel like they are part of the business and not merely a pawn.
Setting timed targets makes all the difference in the world. it makes for a good check point to review your progress and acts as a breather to get you to regroup your thoughts to set your path of further action.
Listen to your potential customers problems and modify the sales pitch to make them see how your product solves the problem.
Learning new ways to sell is easier than it has ever been with the dawn of the information age. develop new skills.
Once you have pitched your product to a substantial amount of potential clients, you will learn what works and will understand how to be unique to stand apart from others
The follow up is a huge part of the game and tells your existing customers that you care. it keeps a memory of you, fresh in their minds to ensure that if the same problem arises, you would be first in line to receive a call. Having a system for follow up makes all the difference to let it work for you and not let it get in the way of normal functioning.
How to start an internet marketing business
The first question one would ask is “What does a business marketer do?” How do the professionals do it? Marketers develop and put into motion plans to increase profitability while promoting products and services. Based on market movement, they formulate pricing strategies and ad campaigns.
The path to gaining a web presence effectively can be achieved by the following steps
Building online presence
Social Handles
Email marketing
Search Engine Optimization (SEO)
Blogging
Running web Ads
What is an example of business-to-business marketing?
There are Business to business companies in all industries. Every business to Consumer company requires certain products, services and professional counsel, so every B2C company generates B2B activity.
An example of an age old B2B market is in the automobile manufacturing industry. In every model of vehicle, be it sedan or goods carrier the components fitted therein are produced by a plethora of manufacturers. Tires, pipes, windshields and electronics that are needed for the final consumer product – the vehicle – to operate properly. The manufacturer business purchases all of these products from various suppliers and assembles them into a final product. When a car is purchased from one company it is an assembly of parts from all the businesses that the parent company has chosen to maintain relations with. Business-to-business sales are the most vital part of every industry’s supply chain.
Examples of B2B activity present in the modern market are very evident and occur in plain sight . For example, credit card companies’ allow retail businesses to accept payments from consumers that hold these cards. Credit card companies will die if these other businesses decline service to their customers. this is a classic example of a retail business supporting a credit card business.
How to Start an Online Marketing Business from Home
Endorse yourself first. Get on social media so others can see you when you begin building a client list.
Choose exactly what facilities you’ll provide. Understanding your focus will help you market yourself as a niche expert
Research to understand the need for what you’re selling matters. It will help in identifying the best place to sell your product.
Pricing is a major part of your strategy. Offering packages of all your services at a discounted rate helps with getting people to avail of your services so you can prove your mettle.
Having a business plan in place so you can see the big picture of where you are, where you want to be and the means that are going to connect A to B makes of a fantastic grounding mechanism.
Getting a website to prove who you are cements your name in the market.
Knowing your audience matters as it helps you manage your sales pitch. Understanding the buyers persona makes for a better sales pitch.
Endorse your business. by using your knowledge and skills to find clients. Networking and free marketing consults to businesses go a long way in getting a customer base started.
Getting referrals and testimonials as reward for complimentary service is a great return
In conclusion business marketing is the most exciting part of business. It is the very heartbeat of every successful business though it is subjected to constant change owing to the changing environment it operates in, all the variables it is acted upon by and the ferociousness of the competitors that it is in the game with.
Strategizing business is in all essence, Marketing. Changing to upgrade the formulated strategy according to the variables that have acted upon it can make or break even the strongest of campaigns..
Unfortunately, though all other avenues of business can be taught in theory, marketing remains the one field that one has to play by gut. What works today will definitely not work tomorrow
it always helps to know how to promote business to get you off the ground but when it comes to getting down to business its better to get an experienced bloke like Sherman Carvalho at iNKRAFT Media on board to handle the nitty grittys of a very complex environment.
