What Is B2B Marketing: Definition, Strategy, and Trends (2024)

Other terms commonly used to describe B2B marketing are industrial marketing, business marketing, or B2B industry marketing. These terms are synonymous and reflect the same marketing discipline.

A core aspect of marketing is the relationship between a company and its target audience.

Therefore, the type of target audience (business vs. consumer) categorizes marketing:

• Customer is a business = B2B marketing
• Customer is a consumer = B2C marketing

B2B marketing aims to create value for the customer and your business. The aim is to convert this value into leads, sales opportunities, and turnover.

B2B marketing is a modern term, but marketing for other companies started during the Industrial Revolution in the 18th century.

The oldestcontent marketingexample is from 1985. The American manufacturing company John Deere published “The Furrow,” a customer magazine. Sounds interesting?Here’s the rest of the content marketing story.

B2B marketing is increasingly important as the B2B market itself is growing.

Statistics forecast an increase of 69% in B2B advertising spending till 2024. B2B Marketers will spend 79% more on marketing technology by 2024 than they used to in 2020.

These statistics underline the importance of B2B marketing:

• The B2B trade show market in the U.S. had a value of $11.8 billion in 2023 and is forecast to grow to $14.7 billion by 2027 (Statista)
• The Gross Merchandising Volume (GMV) of Amazon Business will continue to grow to $83.1 billion by 2025 (Statista)
• In Europe, the B2B eCommerce GMV will reach $1,817 billion in 2025 (Statista)

Modern marketing is a multifaceted field. It includes various disciplines like Content Marketing, Social Media Marketing, Digital Marketing, Newsletter Marketing, and account-based marketing.

Each area plays a crucial role, integrating both offline and online efforts to form a cohesive strategy.

Back in 1960, Jerome McCarthy introduced the “4P” concept. This classic marketing mix comprises:

• Product or Service
• Price
• Place or Distribution
• Promotion or Communication

These elements form the backbone of marketing theory, essential to any marketing plan.

Philip Kotler, often called the godfather of marketing, expanded on this foundational idea.

He described marketing as “a social and managerial process by which individuals and groups obtain what they want and need through creating, offering, and exchanging products of value with others.”

Marketing has a strategic importance for your company. It, therefore, “aims to deliver standalone value for prospects and consumers through content, with the long-term goal of demonstrating product value, strengthening brand loyalty, and ultimately increasing sales (Hubspot).”

Philip Kotler © Wikimedia Commons

Marketing centers on a key principle: customer-centricity. The aim is to delight customers and add value. Reaching your target audience is the heart of all marketing.

This principle is especially critical in the business-to-business (B2B) environment. B2B relationships, as the name implies, involve interactions between two companies. These connections are vital.

They are built on mutual trust and often last long.

B2B marketing focuses on these relationships. It aims to establish, maintain, and leverage them.

The goal is to create lasting trust. Over time, this trust fosters enduring partnerships. Successful B2B marketing hinges on nurturing these bonds, leading to positive business outcomes.

Marketers employ different strategies to convert potential buyers into loyal customers. The buyer’s journey and the marketing funnel concepts are valuable frameworks in B2B marketing.

Additionally, we analyze the similarities and differences between B2B and B2C marketing.

An essential part of your B2B marketing efforts is providing your target group with the right information exactly when needed.

The buyer’s journey is the process a potential buyer goes through before buying from you. Some concepts also include the after-sales phase to retain a customer and make him buy again.

There are 4 steps of the B2B marketing process:

• Awareness stage
  The prospect realizes a need and wants to find a solution to his problem.
• Consideration stage
  Your potential buyer considers different solutions for his problem. He compares other companies, products, or services and starts to rank them.
• Decision stage
  The buyer makes the purchase decision based on the best solution for the best value/cost.
• Retention stage
  Your new customer reasons if the purchase was a good deal. If he is satisfied, he is likely to buy from you again. You aim to retain him as a loyal customer.

There is another way to show these 4 phases. From top to bottom, the funnel concept claims to convert from awareness to retention by using the top-of-funnel (TOFU), middle-of-funnel (MOFU), and bottom-of-funnel (BOFU) phases. The final stage, after purchasing, is the retention phase.

B2B marketers use different marketing strategies, tactics, and channels in each phase.

What sets B2B marketing apart from B2C? The market and the customer.

B2B marketing happens between companies. B2C marketing targets consumers.

Why does this matter?

B2B products differ from consumer goods. So do their market mechanisms.

Consider the customers. Selling to an individual is one thing. Selling to a company is another.

Yes, the differences are clear.

Some say all marketing is “Human-to-Human” or “H2H.” We are all humans, after all. But let’s explore this idea further.

Imagine this: We all wear clothes. True. Should a suit be marketed the same way as a bikini? False. Even if similar marketing techniques apply, the approach must differ.

This principle also applies to consumer clothing and industrial machinery. While tactics might overlap, they need adaptation for each market.

Successful B2B marketing tailors these tactics to the industrial sector.

In summary, we compare market-defining criteria: target audience, number of decision-makers, and the 4Ps of marketing. For an in-depth comparison, see the article onB2B vs. B2C Marketing.

A successful B2B marketing strategy is vital for any business. It acts as a blueprint, guiding you to reach your target audience and turn them into loyal customers. Understanding your market is crucial. Consistent connection with your audience is key.

Craft clear value propositions. Deliver them efficiently through strategic marketing communication. A top-notch B2B strategy always puts the customer first. It relies on data. It adapts to changing market needs.

Marketing-centric companies treat their strategy as fundamental. It’s as crucial as sales, go-to-market, digitalization, and product strategies. But why is strategy so important? Think of it as a map. It shows the way to success

Let us use this metaphor:

The aim is to reach the town behind the mountain. Flying over the mountains could be a suitable strategy. Would the tactic of using a boat be effective for the strategy of flying? Obviously not.

Alternatively, although you want to use your boat, no river might be suitable to sail. In this example, your strategy fails to contribute to the desired outcome. Your boat might be perfect, but the aim remains unfulfillable as your tactic fails.

Creating a successful brand strategy starts with defining, creating, and implementing your brand’s positioning. This essential step shapes customer perception.

Brand positioning covers the who, when, why, and how of your brand identity.

It involves pinpointing what makes your brand unique. By positioning your brand strategically, you differentiate yourself from competitors. You establish a strong market presence.

You forge lasting connections with customers. This is the heart of effective branding.

Define a clear goal. This is a necessary step toward developing a long-term strategy.

The marketing objective is derived from the sales goals. A logical and hierarchical aim structure ensures that all marketing actions contribute to the company’s success.

The goals should be specific and measurable so you don’t waste time and money on marketing that doesn’t drive results. SMART aims are:

• Specific
• Measurable
• Attractive
• Realistic
• Terminated

Examples of good and bad formulated marketing aims:

Formulate aims that feel natural and contribute to your marketing idea. Don’t just put anything in writing because literature (and this article) tells you so.

Trust me, aims are worth the time and struggle.

A buyer’s journey is the process buyers undergo, from awareness to purchase. Traditionally, it involves four steps: Awareness, Consideration, Decision, and Retention.

Yet, in today’s digital world, this path is far from linear. With multiple social media channels and increasingly complex customer behavior, tracking this journey becomes challenging.

No B2B buyer simply googles, reads your website, fills out a contact form, and then accepts your offer in a neat sequence.

Reality is far more complicated, especially in B2B markets.

Understanding this complexity is essential. Without understanding your buyer’s journey, effective targeting is impossible.

The target group definition derives from the aims and connects with the buyers’ journey.

The ideal target group is as hom*ogenous as possible and has distinct criteria that separate it from other target groups.

It is vital to have a clear segmentation for your marketing campaigns.

Modern target group definitions focus on customer needs instead of purely demographic or geographic criteria. These data include:

• Age and Gender
• Location and Language
• Education Level
• Job Title and Employer
• Behavior, Habits, and Beliefs.

For online campaigns, firmographic data is a helpful approach. This data shifts focus on businesses. Examples include:

• Industry, e.g., manufacturing, legal services, automotive
• Company size, e.g., in terms of employees or turnover
• Location, including local subsidiaries for individual local market demands.

The next step in your strategy creation is defining how to reach your target group best.

The well-known 4Ps of Marketing is the foundation and also named marketing mix:

• Product: what product or service you sell
• Price: how much it cost
• Place: how the product is distributed and where it is sold
• Promotion: how the product or service is communicated and advertised

Marketing channels connect you with your customers. Channels include online and offline examples:

• Websites and Industry Blogs
• Social Media
• Newsletter
• Podcasts and Webinars
• Print Magazines

This step connects the information about your target group with your company and portfolio specifics. It sets the scene for creating an actionable marketing plan.

Grasping the difference between a marketing strategy and a marketing plan is vital. A marketing plan is actionable. It focuses on short-term goals and outlines how to achieve them. This plan is your roadmap.

Start by crafting your marketing plan based on your marketing mix. This mix includes elements like product, price, place, and promotion. Each part is crucial, shaping your strategy and guiding your actions.

Typically, B2B marketing plans cover a one-year budget period. They provide a structured approach to reach your business objectives within this timeframe.

In your marketing plan, address this key question: “How can we deliver the right information to the right people through the right channels, using the right assets at the right time, to meet our goals?”

Answering this question involves strategic planning and precise execution.

Let’s have a closer look:

• The right time: Depending on the buying journey stage.
• The right information: Tailored information in an appropriate format (the right asset)
• The right channels: Different channels may be more effective depending on the information and asset. Timing is also crucial.
• The right people: Your target group or buying persona

By connecting the information gathered, you can create a practical marketing plan.

Make your marketing measurable. Measure and report each activity to ensure the effectiveness of your marketing campaigns.

Use marketing data to optimize your campaigns and increase efficiency. This data provides valuable insights into the success of your campaigns. It allows you to make informed decisions.

The interpretation of this data serves as input for analyzing your objectives and further in-depth analysis.

With this approach, your B2B Marketing strategy becomes a closed-loop process. Every step is evaluated and used as input for improvement.

A marketing channel is a medium you use to get in front of your target audience. There are offline, online, and hybrid marketing channels to choose from. The right channel depends on your target group and their customer journey.

The following is a brief overview of different B2B Marketing channels:

As described above, the marketing plan combines assets and channels. During your analysis phase, you see which channel your competition uses and where to find your audience. Multiple channels are used in a cross-channel marketing approach.

Communication channel management analyzes, decides, manages, and evaluates marketing channels.

Traditional PR and marketing focus on grabbing attention with promotional materials and news.

Content marketing, however, provides valuable information. It seeks to help the consumer rather than convince them. In B2B Content marketing, the goal is to educate and solve problems for your target audience.

Content marketing also positions your business as an industry expert. This approach, known as Thought Leadership, aims to make you the go-to resource on a specific topic.

By building trust, you gain credibility, laying the groundwork for long-term partnerships.

Success in content marketing depends on alignment with the buyer’s journey. Each phase presents unique pain points, requiring different content types and assets. A solid content marketing plan outlines how to deliver the right content at the right time.

Certain formats work better on specific channels. For instance, you wouldn’t use an image slideshow on YouTube. Nor would you publish a long text in a print ad. While this might seem obvious, many businesses still fall into the trap of choosing the wrong asset in their B2B marketing.

B2B content formats are:

• Whitepapers and eBooks
• Case Studies
• Webinars
• Templates, Checklists, and How-to-Guides
• Tools and Calculators
• Learning Courses
• B2B Podcast

Nearly everyone checks their e-mail daily—99%, to be exact.

This makes newsletters a go-to content strategy for 81% of B2B marketers. These numbers underscore the critical importance of newsletters in marketing.

E-mail marketing stands out as a powerful channel. It consistently drives traffic to your website. It is cost-efficient and user-friendly. The most significant advantage? Control. You control this channel—your owned media.

Yet, there’s a problem. Many people now see newsletters as potential spam. This unfortunate perception results from the flood of unwanted B2C (and B2B) e-mails we receive daily.

To succeed, your B2B e-mail newsletter must meet specific criteria:

• Value adding. Content marketing in B2B is about delivering constant value and educating your audience.
• Have a defined sending frequency and tell your subscribers when to expect your newsletter. Stick to it and become a part of their routine.
• Make sure to send multiple newsletters if you have multiple target groups. The one-fits-all newsletter does not exist.
• Responsiveness. Mobile first. Many users access their inboxes using mobile phones. E-mails that fail to display correctly on mobiles are likely deleted.

There’s no denying it. Digital marketing is vital for B2B marketing.

Over 80% of buyers visit a website before making a purchase. A modern prospect is well-informed before the first personal contact with sales. Most people educate themselves online. Google processes over 100,000 searches per second.

Your website is at the center of it all. A company website is your digital hub and leads all marketing activities. Your digital appearance supports your brand, raises awareness, informs your target group, is a platform for engagement, generates leads, and users can purchase in your B2B eCommerce shop.

Beyond business, your website also covers jobs and career, corporate social responsibility, and sustainability. Your website is vital to your digital universe across all company topics.

Your company needs to take advantage of the digital world. B2B tends to have mediocre online marketing strategies. You aim to be among those B2B companies using digital marketing potential.

Social media has evolved into a potent tool for B2B marketers, indispensable for building brand awareness, defining online identity, and humanizing business interactions. These elements are pivotal in forging meaningful connections with potential clients.

Gone are the days when social media marketing was solely the domain of B2C; it has now become an integral part of every B2B strategy.

Establish your unique social voice. Be authentic, honest, and entertaining. Deliver substantial value to both your organization and audience.

Here are some examples of social media marketing in B2B:

LinkedIn has 840 million users and is expected to grow to over a billion users by 2025 (Statista 2022). The largest business network is the best way of leveraging your marketing with social platforms.

Facebook remains a robust channel for branding and human resources discussions.

In the realm of video marketing, YouTube dominates, while Instagram excels in visual storytelling.

TikTok is the fastest-growing social media platform worldwide.

Industry events, exhibitions, congresses, and trade shows are still a common marketing channel in B2B. The B2B trade show market’s revenue worldwide reached an all-time high of 65 billion $ in 2021 as a post-pandemic rebound effect. A decrease to a pre-pandemic level of 4 billion dollars is expected in 2026, according to Statista.

But why is event marketing important in Business-to-Business?

The answer is simple.

Business relationships rely strongly on trust and aim for long-term partnerships. Industry events are a platform for networking, exchange, and business negotiations.

Service-centric business offerings rely on publications and public speaking. Industry events are commonly used to publish the newest technological findings and solutions.

There are countless predictions and opinions out there. Some are reliable, some are not.

That is why we rely purely on data and facts for our business marketing trends for 2024.

It is not that fancy and full of buzzwords, but it is reliable:

Like in many cases – what has worked in B2C marketing is likely to be adopted by B2B marketers, too. B2B influencers will play an increasingly important role in 2024.

93% of CMOs plan to increase their usage of B2B influencers to hyper-target marketing and personalized messaging. (Ogilvy)

Animagraffs showcases how complex topics can be explained visually. The animated content aims to educate the target audience and support fact-based content.

The content is designed as images or infographics or is animated as .gif or video.

This content explains the operational concept of a product, which is particularly valuable when customers are seeking solutions and looking for “how-to” or “what is” information.

For instance, a company specializing in a specific loudspeaker component could effectively promote their solution to renowned brands like Bose or Sony by addressing questions such as “How do speakers produce sound?”

The Austrian division of the renowned global action brand Canon implemented marketing automation as a new method of sending corporate newsletters. 60,000 subscribers within five business segments faced a big change in marketing approach back in 2017.

This example shows how the marketing team of Canon Austria managed this change in 6 steps. From shock and denial to hope and enthusiasm and ultimately to successful integration.

Read the Full Story

This case is all about how LinkedIn has the power to boost the profiles of energy executives and truly capture the essence of trust-centric branding.

It’s about creating authentic Energy Influencers and witnessing the brilliance and radiance of executives as the driving force behind this exciting new era of B2B Marketing.

Through the eyes of B2B Marketers for LinkedIn, the story describes how Samson realized the need for a voice and channel to participate in the discussion.

From this first realization, towards the successful implementation.

Read the Full Story

Lincoln Electric effectively showcases its capabilities to specific industries and applications through various B2B marketing techniques.

They utilize case studies, technical whitepapers, guidelines, and in-depth examples to demonstrate how their products solve real-world challenges.

By leveraging these strategies, Lincoln Electric has established itself as a trusted provider of welding equipment and supplies in the market.

Have a look at their “Education Hub.”

B2B Marketing Example “Education Hub” © Lincoln Electric

Regarding B2B software, the initial experience of demos determines whether you’ll like it or not. If usability is poor or you’re unsure where to start, you may never return. Asana overcomes this hurdle by sending a helpful welcome newsletter covering three simple steps:

• Create a task
• Update a due date
• Complete a task

This user activation keeps Asana in the game. It’s not commercial or spammy but a useful newsletter with clear call-to-actions.

Chapter 7

B2B Marketing in a Nutshell