Abstract
It has always been the case that, where sales are made, there has been marketing. However, over time, these functions have become two different and sometimes conflicting teams within the same organization. Changes caused by the pandemic and by new technologies have forced these two teams to come together, work together, and use their knowledge to gain deeper relationships with customers, at a time when personal and face-to-face meetings were not possible or desired. Marketing to business customers is changing to meet the new needs of business-to-business selling.
TopObjectives Expand
Traditional business-to-business (B2B) marketing has always had two objectives: First, to keep a relationship with existing buyers and to maintain those relationships; second, to find and help new buyers select a solution and engage with the firm to discuss a potential sale. Both objectives have been affected by the Covid-19 pandemic and the new technologies that B2B selling continues to adopt. In both instances, the depth of information, permissible actions, and interactive functions have had to expand to meet the new demands of B2B buyers.
To maintain existing relationships with customers, B2B marketers have been forced to use new Internet capabilities to engage and grow these relationships.
Here, frequent and consistent communication across stakeholder levels assumes critical significance. Delivery readiness and commitment to customer success will drive the bulk of messaging, with the focus of narrative being as much on maintaining the strength of relationship as on being a trusted partner who can stand with, by, and alongside the customer. (Melethil, 2020, p. 2)
The strategy for this task is to make better use of the technology, personalize the experience, and to create a Web presence that resembles closely the personal selling experience that buyers have come to expect.
For the task of acquiring new customers, B2B marketers have focused on expanding the capabilities of their Internet Web site to answer the call from buyers for more ability to examine, dig deeper into details, and interact with the site for more information. The B2B buyers, at the time of the pandemic, required that their supplier Web sites provide more information and take the place of the visit by the account representative. With the pandemic lessened, those buyers continue to demand that supplier Web sites support their now expanded buying team with greater access to information.
Here, the focus of messaging is more on what you are offering to your target audience. Narrative around solutions needs to be far sharper and more contextually aligned, given most organizations are focused on business criticalities. For example, collaboration platforms are emerging as the need of the hour, and campaigns focused on these are seeing an increase in number. (Melethil, 2020, p. 2)
This expanded use of technology manifests itself in the expanded use of virtual events and webinars. Before the pandemic, these remote types of meetings were limited in success, given the preference most buyers had for face-to-face meetings. With the social distancing and restricted travel of the pandemic, B2B buyers have come to rely more on these virtual meetings. B2B marketers have had to step up their abilities to run such virtual gatherings and to use them to market their products for new customers. In some cases, this challenge is significant, since some markets had a long tradition of only face to face interaction, and little experience marketing via a Web site.
TopEffects Of Globalization
The term globalization is a business and cultural term to describe what is happening among countries and businesses. Peng (2023) defined it as
Business around the globe, global business includes both (1) international (cross-border) business activities and (2) domestic business activities. Such deliberate blurring of the traditional boundaries separating international and domestic business is increasingly important today because many previously domestic markets are now entered by global rivals. (Peng, 2023, p. 5)
Peng goes on to say that:
Global business is fundamentally about not limiting yourself to your home country: It is about treating the global economy as your potential playground (or battlefield). Some firms may be successful domestically but fail miserably overseas. Other firms successfully translate their strengths from their home markets to other countries. (Peng, 2023, p. 9)
Key Terms in this Chapter
Marketing: Marketing is the set of activities, strategies, and processes used by businesses and organizations to promote, sell, and distribute products or services to customers. It encompasses advertising, branding, market research, and various promotional activities (OpenAI, 2023 AU28: The in-text citation "OpenAI, 2023" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Channels: In various contexts, “channels” can refer to different things. In the context of communication or distribution, channels often represent pathways or mediums through which information or products are conveyed. For example, sales channels could include direct sales, online sales, or retail partnerships (OpenAI, 2023 AU26: The in-text citation "OpenAI, 2023" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Federated: Federated refers to a system or organization that is composed of multiple entities or components that work together in a coordinated and cooperative manner. A federated system often involves a decentralized structure with a degree of autonomy for its components (OpenAI, 2023 AU27: The in-text citation "OpenAI, 2023" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Virtual Events: Virtual events are gatherings or experiences that take place online rather than in a physical location. These events can include webinars, virtual conferences, online trade shows, and other activities that leverage digital platforms to connect participants and facilitate interaction without the need for physical presence. Virtual events have become increasingly popular, especially in situations where in-person gatherings may be challenging or restricted (OpenAI, 2023 AU29: The in-text citation "OpenAI, 2023" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).