Why Is It Important For Product Managers To Understand B2B Marketing?
Have you ever wondered how a company goes ahead and purchases 1000+ new computers at once for its office? The answer lies in business to business marketing or B2B Marketing. This concept is nothing but involving the sale of one company’s product or service to another company. There are many principles and B2B marketing strategies. The product manager job is for that person who is in the know-how of B2B marketing.
B2B marketing is not too different from consumer marketing. While the latter relies not just on the price of the product, but also other factors such as popularity, status, ease of use, etc., the former relies solely on the price and the profit potential. This difference is the key demarcation between the two and determines the way B2B marketing strategy.
B2B MARKETING AND THE IMPACT OF PRODUCT MANAGERS
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Firstly, you must be wondering who a product manager is? A product manager is someone responsible for the product being built from scratch until the time it’s in the market. He or she takes care of the what, how who and when of the product.
The product manager job is not an easy task. Knowing the ins and outs of the product also means that the product manager must be aware of the various nuances of the B2B market. A popular B2B marketing strategy is to employ the prowess of social media in determining the multiple aspects of the product being sold from one company to the other.
One of the fundamental aspects that determine the modern-day methods of B2B marketing is social media. Two or more businesses connecting on social media and interacting with each other, getting to know each other and eventually forming a professional relationship is more likely to occur and build a B2B marketing strategy than the ones that do not adhere to this.
WHO EMPLOYS B2B MARKETING?
B2B is not too different from consumer marketing, although, as mentioned earlier, there are few key differences. One such is that B2B marketing occurs with products that are not sold on a consumer level, for e.g. cement. It is no secret that B2B marketing is one of the biggest markets in the world.
Product Manager job involves the various parts of the B2B marketing strategies that help boost sales of products. Product managers must learn the importance of B2B marketing. One such reason is that product managers need to understand the ways of great marketing. Unlike individual purchases in the consumer market, every order placed in a B2B market is vital in terms of sales and profits. The product manager job should focus on data analytics, sales pattern, product features that appeal, and such.
Let us see some of the best practices in B2B marketing and how important it is for product managers to understand.
ACCOUNT-BASED MARKETING
One of the contemporary versions of selling on a B2B market model is Account Based Marketing. In this, a company trying to sell products to another company stops sending mass, generic emails to a bunch of its customers. Instead, it focuses on the sales pattern, data of the sales, purchase trends, and other such factors of the company before creating a hyper customized campaign for them. This includes the study of data of the customer as well as the behaviour. This is a popular method used for email marketing and to increase the outreach of the product audience.
USER AND CUSTOMER EXPERIENCE
One other common trait that B2B marketing and b2c marketing share is that the customer is the king. Most companies that do exceedingly well in sales are companies that give the utmost treatment of respect to their customers. Some of the various aspects that help provide an enriching customer experience are creating stunning websites, using visuals that stand out and implementation of simple design principles along with an interactive and easy interface.
Some of the other ways that a company can ensure a great experience to the customer is to eliminate any potential problems or threats that may arise.
INCREASED EMPHASIS ON BRANDING
The product manager job can also employ such a B2B marketing strategy which involves the branding of the company. This is very useful and quite imperative as it helps the company understand its product very well. It also helps the company shape its branding strategy in such a way that it tallies with the target audience, the profits as well as to increase competitive advantage.
How Can The Product Manager Establish A Powerful B2B Market?
One of the sure-shot ways to increase sales and recognition is to identify your competitors and study their marketing strategies. This includes shaping the price, knowing the target audience and more. You should ensure that the competitive edge remains with you, as there is not much of a chance if it’s otherwise and you do not have a market strategy.
One other way is to ensure that you do not divulge your entire budget on a few concentrated marketing campaigns that you think are perfect for the company. A smart way to go about this is to analyze and understand the data generated from the initial sales, such as sales patterns, before going ahead with more marketing campaigns.
In the above process, you may find various clients meeting you on different platforms. While this is good news, the product manager should create a common platform for all the clients to get together, such as a Facebook page that the target audience may like.
Product managers should be able to analyze their B2B market by switching to marketing automation platforms. These platforms usually help the company shell out the right data that eventually helps them make the next logical move to maximize sales and profits.
CONCLUSION
We have seen many reasons why product managers need to understand B2B marketing.
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