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[3298f151-446a-4d6b-918c-8dd313275a93] According to "The Family Business Review," "There are approximately seventeen million sole-proprietorship in the US. It can be argued that a sole-proprietorship (an unincorporated business owned by a single person) is a type of family business" and "there are twenty-two million small businesses (fewer than five hundred employees) in the US and approximately 14,000 big businesses." Also, it has been found that small businesses created the newest jobs in communities, "In 1979, David Birch published the first empirical evidence that small firms (fewer than 100 employees) created the newest jobs", and Edmiston claimed that "perhaps the greatest generator of interest in entrepreneurship and small business is the widely held belief that small businesses in the United States create most new jobs. The evidence suggests that small businesses indeed create a substantial majority of net new jobs in an average year." The U.S. Small Business Administration has found small businesses have created two-thirds of net new private-sector jobs in the US since 2007.[41] Local businesses provide competition to each other and also challenge corporate giants. Of the 5,369,068 employer firms in 1995, 78.8 percent had fewer than ten employees, and 99.7 percent had fewer than five hundred employees.[42]. . Small businesses often join or come together to form organizations to advocate for their causes or to achieve economies of scale that larger businesses benefit from, such as the opportunity to buy cheaper health insurance in bulk. These organizations include local or regional groups such as Chambers of Commerce and independent business alliances, as well as national or international industry-specific organizations. Such groups often serve a dual purpose, as business networks to provide marketing and connect members to potential sales leads and suppliers, and also as advocacy groups, bringing together many small businesses to provide a stronger voice in regional or national politics. In the case of independent business alliances, promoting the value of locally owned, independent business (not necessarily small) through public education campaigns is integral to their work.. . Today, the type of business models might depend on how technology is used. For example, entrepreneurs on the internet have also created entirely new models that depend entirely on existing or emergent technology. Using technology, businesses can reach a large number of customers with minimal costs. In addition, the rise of outsourcing and globalization has meant that business models must also account for strategic sourcing, complex supply chains and moves to collaborative, relational contracting structures.[6]. . Business research helps businesses understand their customers’ buying patterns, preferences and pain points, gain deeper insights into the contenders, current market trends, and demographics. Using effective strategies to understand the demand and supply of the market, businesses can always stay ahead of the competition. Using business research, they can reduce costs and design solutions that aim at the market demand and their target audience.. . Chances of failures are less with business research as it gives an idea of the target customers and the perfect time to launch a product. In addition, with a deep understanding of brand value, businesses can constantly innovate to meet customer requirements. This is essential to grow market share and revenue. The SWOT analysis in business research is crucial to make an informed decision and making the business a huge success.. . Research is the building block of any business. It acts as a catalyst to thrive in the market. So, never underestimate the value of market research and leverage its benefits to give an extra edge to your business.. . Before you address this, it should be noted that not all B2B markets offer all the elements of this chart. For example, it will not be necessary to provide logistics or leverage in the services market. Many of these features are important not only for B2B companies but also for B2C markets.. Have you ever ordered something online just to find out that there is a cheap discount and that you are being seriously hacked? Supplier reliability on the platform is ensured even when qualifications take effect.. Why it matters: While it may seem basic, attributes are of great importance in B2B transactions where customers can in some cases risk too much business risk when trying a new vendor and must ensure that all platform customers can run a certain array. society. .. AdQuick, a marketplace that allows book buyers for outdoor advertising (OOH) to see information as an essential part of their valuable business. By collecting individual data points in the market and integrating with different data sources, eg AdQuick can provide alerts from mobile phones. . “What is “B2B”?. Martha Prange. What does B2B mean? How is B2B selling and marketing different from B2C? An example of a B2B company that sells mainly to other B2B companies…. . In part two of this series, where I try to explain modern marketing for my mom, I looked at content including the “white paper.” My mom Julia came back with this:. . “Dear Martha, I understand why people making purchases need to educate themselves and how content helps support their educational needs. But I get lost when you talk about “B2B” marketers. What is “B2B”? Is LookBookHQ [The company I work for] a B2B company?”. What is B2B?. . Let’s suppose for a moment that you are a strawberry farmer: You can take your produce to the local farmer’s market where you sell small batches of strawberries directly to consumers, or you can partner with a large outlet like Whole Foods that will buy large quantities of strawberries from you to resell in their grocery stores.. . Since Whole Foods is a large retailer they will require you to sell large quantities at a fixed cost. They will want you to make specific deliveries at specific times to multiple locations.. . At the farmer’s market, you would be selling your strawberries right to the customer who take them home and make a delicious pie later. This is an example of a B2C (business-to-consumer) selling model.. . The Whole Foods example is the B2B (business-to-business) example as you are selling you strawberries to another business.. . Simply put, a B2B company is an organization that sells its products or services to other businesses. A B2C company is an organization that sells their products directly to the end consumer. Some companies have a complete B2C selling approach; some sell exclusively B2B and others rely on a combination of the two.. . How is B2B different from B2C?. . As you can tell from our strawberry farmer example, your approach to selling strawberries to customers at a farmer’s market is going to be very different than selling your berries to multiple Whole Foods locations across the country. Let’s explore some of the ways B2B differs from B2C and how those factors impact a company’s sales and marketing approach.. . First, lets look at the people who are making the purchase. When customers buy things, there isn’t an awful lot riding on it. Think of all the different things you purchased this past week, food, stuff for the home, etc.… Chances are you basically just went for it and made the purchases. But the stakes are much higher in businesses where making the wrong purchase can affect profit, effectiveness and the jobs of those around you.. . B2B companies have longer sales cycles (it takes longer to make a sale). . In a B2B sale, time must be spent cultivating a relationship with the prospective customer. This relationship building is often tag-teamed by marketing and sales efforts. The sales process is much more formal and usually involves multiple proposals, negotiation and contracts. The purchase is usually a whole lot larger than a basket of strawberries, and that means the price is pretty high. High priced items usually mean longer sales cycles. For example, Whole Foods is not going to choose its strawberry supplier on a whim — they will likely be approached by many other strawberry farmers, you will have to be persistent in order to land the sale and be prepared to negotiate terms and respond to your competitors’ offers.. . There are more people involved in the B2B purchase decision. . Another contributing factor to longer B2B sales cycles is the number of people that are involved in the purchase decision. It is rare that a B2B sale is limited to selling to one individual. It can often be a struggle to identify who actually has the decision-making power to proceed with a purchase. If one of the many people involved in the purchase decides along the way that you are not a good fit, you may be out of luck!. . B2B buyer/seller relationships tend to be long lasting. . Depending on the type of product/service being purchased, B2B organizations tend to have long-term business deals with their suppliers. Since it can be very costly for businesses to change suppliers, they generally prefer to have a much longer relationship with the companies they buy from. Organizations are looking for a reliable partner that they can depend on over the long haul. The length of the engagement is also another reason B2B buyers do their homework to make sure they’re making the right choice.. . B2B audiences expect organizations to cater to their educational needs. . B2B buyers want to make the best possible decision for their company. They want to look like rock starts in their workplace, and they expect you to help them by making it easier to do their research and compare solutions. To become the office hero, they require a large volume of content to self-educate during their buying process. They expect that the companies they are considering buying from will cater to all their educational needs so they can make a well-researched and well-informed purchase decision. This is one of the reasons that content marketing is so popular and important to B2B marketing strategies.. . Make sense so far?. . Sellers in the B2C and B2B markets may have the same endgame — more sales and revenue — but their goals, methods, strategies and tools can be very different.. . To answer your other question, mom, yes, LookBookHQ is a B2B company. We do not sell our products to consumers. You personally would never purchase a LookBookHQ license for your own personal use. Our product is intended for marketers, who use it to more effectively reach B2B buyers with their content. Our end user is typically someone who works within a marketing department at another company.. . These marketers use our platform to support their marketing strategy for their products or services. It just happens that most of the marketers that use our platform are selling products or services to other businesses as well.. . I can see why you get lost when I talk about B2B. I work for a company that sells a product to other businesses that helps sell their products to other businesses. That is pretty confusing if you’re used to the B2C model. I assure you it only sounds confusing and it really is pretty simple!. . Back to our strawberry farmer…. . It feels like another example might help clear things up. Let’s say that your strawberry farm wanted to expand. Not only do you want to sell your strawberries to grocery stores but you also want to get into other businesses as well. You figure that you could sell more if you sold your berries directly to the companies that make jam, freeze produce and sell them in bags to grocery stores or use them in the commercial baked goods they produce. You manage to make a sale with the jam company (that also happens to supply Whole Foods with their jam product line).. . You are a business (strawberry farmer) who sells your products (strawberries) to other businesses (the jam company) that sell to other businesses (grocery stores).. . LookBookHQ, the company that I work for, is a business that sells its products (marketing software) to other businesses (example: a telecommunication company) that sell their products (example: corporate cell phone plans) to other businesses (example: a construction company).. . Is it starting to make more sense, mom? Welcome to the wonderful world of B2B. Stay tuned for more next time!. . My name is Martha Prange and I am a Client Success Manager at LookBookHQ, the “always-on” content engagement platform. In my ongoing blog series “Explaining Modern Marketing to my Mom” I attempt to explain the ins and outs of digital marketing and what I do for a living by answering my mom’s questions about the world I work in.. . . Comprehensive Guide to Kick Start Your B2B Marketing Career. Ricky Wolff. You have 2 free member-only stories left this month.. . Image for post. Photo by Razvan Chisu on Unsplash. Thinking of pursuing a career in B2B marketing? Terrific. Rest assured this is one of the best decisions you have made so far. Undoubtedly, the B2B marketing industry has grown tremendously in the last decade. As a matter of fact, the B2B industry is expected to reach over $6.6 trillion this year, surpassing the global B2C industry. So, where would you rather be?. . That said, I will like to quickly add that starting a B2B marketing career is everything but easy. Do not panic, though. Our digital age offers you uninterrupted access to a ton of B2B marketing tools and growth hacking tricks to help expedite your marketing career.. . Over the years, I have had recurring questions on B2B marketing, especially how to excel in the field. So, I took the time to compile this foolproof guide to help young marketers like you kick start your B2B marketing career without any fear. Trust me, it is not rocket science. You just need to be armed with the right knowledge and hacks.. . In this article, we will quickly explore the basics of B2B marketing, the requisite skills, and some pro tips to help you excel as a B2B marketer.. What is B2B Marketing?. . Simply put, business to business (B2B) marketing is a type of marketing strategy targeted at other businesses or organizations. Unlike business to customer (B2C) marketing, this type of marketing is focused on promoting a company’s product to other businesses. Typically, this comes in the form of ‘raw materials’, services, and software that other businesses can use for proper functioning.. . A good example is companies which produce computers. Besides selling to individuals, these companies lookout for businesses that need these computers for day-to-day functioning.. . Approaching such businesses with the aim of supplying them with computers is what we call B2B marketing.. . Although it is grossly confused for B2C marketing, B2B sales take a whole different trajectory to success. The differences between B2B and B2C marketing can be clearly seen in the volume of sales, length of the pipeline, type of goods sold, and marketing technique.. 4 Reasons You Should Choose a B2B Marketing Career Path. . Despite being lucrative, only a handful are happy to tread the B2B marketing career path. Of course, the pathway to success is littered with its fair share of challenges but what isn’t? Instead of dwelling on the reasons you should look away, here are 4 astounding reasons to choose a B2B marketing career path. Check them out!. . 1. More Professionals Are Needed. . While the B2B marketing industry has been around for decades and is littered with thousands of marketers, it is sad to state that only a few of these so-called marketers truly know their onion in the industry.. . A huge chunk of B2B marketers today are either those forced to play the role or B2C marketers just testing the waters. No wonder, many B2B marketers are constantly complaining of trying so hard yet attracting little or no success.. . The B2B industry has morphed into a brand of its own. Therefore, it takes a professional with classical marketing training to navigate his/her way through these challenges. Forget about the multitude of noisemakers, the industry needs a pro like you.. . 2. More Demand, Less Supply. . You would be amazed to know that there are some B2B companies with no professional B2B marketer. No kidding! True, the secretary is saddled with the responsibility of running a few emails and cold calling but is that all that there is to B2B marketing.. . Fortunately, B2B companies are learning the enormous perks of having a professional B2B marketer on the field. They are beginning to learn that it is not enough to have a guy running some trial and error campaigns.. . The awakening has begun and the demand for highly trained marketers is on the rise, creating a huge space only a few can occupy. What better time to get into this gold mine?. . 3. A Chance to Make a Difference. . One of the many reasons I fell in love with B2B marketing is the opportunity to make a difference. There are many companies with no existing marketing strategy or a faulty one. As a professional B2B marketer, you can totally change the path of the company without going under the knives.. . You have the opportunity to create a working marketing strategy from the ground up and take the company from zero to zenith in no time. Just what any company needs today to stay above the waters.. . 4. Creativity at Its Peak. . Unlike most professions that have laid down rules and working patterns, a B2B marketing career offers you a clean slate to work on and a wide field to continuously grow your creativity. It is never a dull moment here! You get a chance to keep adding to your knowledge base as the nature of jobs you handle keeps changing. You are the ‘out of the box’ specialist.. Kick-Starting a Career in B2B Marketing — Here are the Skills You Need. . Image for post. Image for post. Succeeding in the B2B marketing industry is easier than you think. A recurring problem is that young marketers dive head-on without gearing up for the challenges ahead. This is why they do not get it right the first time.. . As you embark on this exhilarating journey, be sure to arm yourself with useful marketing skills such as;. . Analytical Skills. . Welcome to the big data age. Any skilled marketer must know how to properly handle data. Thanks to technology, you can leverage analytical tools such as customer relationship management (CRM), Google Analytics, reporting tools, marketing automation, and many more. Notwithstanding, you do need basic analytical skills to use any of these skills. Start learning.. . Sound Communication Skills. . Sound communication skills are an indispensable marketing skill. In fact, you cannot be a seasoned marketer without this skill.. . Why?. . Because your job description involves continuously communicating your product and services to clients. You cannot do this effectively without sound communication skills. You also get to communicate with your team members and, of course, your boss. All of these require effective communication to succeed. A good marketer is a seasoned communicator.. . Demand Generation Skills. . B2B demand generation, although rather new, has found its place among the prerequisite skills of becoming a marketer. Companies are on the lookout for not just any marketer but those that can safely lead prospects from the first touch to the customer base. Lead generation is the essence of every marketing strategy and demand generation creates a safe passage for these leads to roll in. To enjoy a competitive edge out there, you need to be good at implementing demand generation strategy.. . Strategy and Planning Skills. . This is yet another critical skill seasoned marketers should add to their skill set. Your job as a B2B marketer requires you to make foolproof plans and come up with effective marketing strategies from time to time. There is no cutting corner here.. . Research Skills. . If you love research then you are on the right track. Marketing roles involve a boatload of research — both on audience and competitor. So, gear up!. 4 Expert Tips to Skyrocket Your B2B Marketing Career. . Image for post. Image for post. Photo by SpaceX on Unsplash. 1. Understand Your Team and the Industry. . Having spent over 5 years in the industry, I can say unabashedly that your journey begins when you finally understand the industry. Like most marketers out there, I didn’t get it right the first time too. I wish I knew everything I know now earlier in my journey. Lucky for you, I am here to guide you through a different route.. . To kick start a career in B2B marketing, I advise you to take the time to fully grasp what the industry is about.. . Secondly, you have to extend the same measure to your team. You can’t fit in until you know your team. Don’t even try to do it alone because you won’t go far alone. Learn to be a team player. Take your time to know your team and carve a niche for yourself.. . 2. Don’t Shy Away from Social Media. . Social media is a liquid gold mine for marketers. Housing millions of people across the globe, you won’t be wrong if you described social media as the largest customer pool on the planet.. . Trust me, leveraging social media is just as daunting as the facts are exciting. It is almost like there is no right passage in. oh, well, that is not true. Social media is a vital part of any marketing strategy today.. . We have grown past the days of cold calling and spammy emails. If you are looking to stand out from your competitors, then you must learn to leverage social media for your marketing spree.. . 3. Build a Connection with Your Clients. . The story has changed. Today, buyers are in control of the market. They no longer sit around, waiting to be sold to. They want to know who you are and why they should patronize you. No wonder the sales funnel it taking more time nowadays.. . Notwithstanding, you can totally navigate your way to the heart of the buyers by building a connection. No one wants to work with a bot. Your audience should know who you are and why they should trust you. Help your brand stand out from the crowd by showing your audience that you understand their needs and have the solution. People follow who they trust. Do your clients’ trust you?. . 4. Spend More Time on Clients’ Needs. . To excel as a marketer, your focus should be primarily on what your audience needs, not what the company can achieve. It is your duty to relate customers’ needs to the company and find a means of satisfying this need. This is an in-house secret most marketers are yet to learn. To stand out, always remember to be a problem solver.. Conclusion. . A long read, right? Well, I am sure it was worth it.. . Your B2B marketing career is just as good as the hacks and skills you employ. With this comprehensive guide detailing what B2B Marketing is, the required skills, and expert tips to succeed in the field, I am positive you can fully jump into B2B marketing career path without any fear.. . Give these tricks a try and let us know how well it turned out. Rest assured Markletic is always here to help you skyrocket your B2B marketing growth. Do not forget to ask your questions in the comment section below.. 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