What is the Use of B2C and B2B internet Marketing?
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While business-to-business and business-to-consumer Internet marketing strategies are two different animals, in that one model targets businesses and the other consumers, the benefits that B2B and B2C provide to marketers are about the same. In short, both models help businesses increase sales in an increasingly competitive marketplace. In 2012, in the United States, the number of potential Internet buyers in this increasingly competitive marketplace reached a new peak: 245 million potential buyers online.
Increased Awareness
With over six billion Internet users across the world, it’s obvious why B2B and B2C Internet marketing increases awareness of businesses and their products or services. More than that, with more B2B and B2C companies marketing themselves on the Internet, marketers are in a better position to pick up details about their competition. Additionally, with the advent of the social networking explosion, more business and consumer patrons are voicing their opinions about various products and services. This gives marketers even more empowering info about what the market is thinking – knowledge they wouldn’t have if they themselves weren’t using the Internet.
Better Interaction
The social network explosion, in addition to email and website marketing, also gives marketers the ability to interact more directly with their customers, whether businesses or consumers. An important part of this interaction is educating customers, either as a group or as individuals. Marketing strategists at the firm Customer Paradigm cite business authors Margaret Clark and Carol Pearson, who say that educated customers will buy more than confused ones. So whether it’s marketing via email, podcasts, a website, or social networks, marketers who are interactive on the Web increase their authority in the marketplace – another advantage from using the Internet.
Better Service
Better education relates to better service. In the days of mom-and-pop stores, customer service usually meant the interaction you got once you walked in the store, when what you ordered was delivered to your doorstep or when you called via telephone. Now that more B2B and B2C companies are using the Internet, though, they’re providing marketing websites on which customers can make contact when they have questions or concerns, and they’re sending informative emails that don’t merely advertise but also inform their customers with practical information. This means that customers, ideally, are getting much more robust service.
Refined Messaging
The Internet has also provided marketers with more specific information about their customers, such as when they’re more receptive to receiving an advertising message. Armed with this knowledge, some B2B and B2C companies use a marketing method called “right-time marketing.” According to business analyst firm Garner, Inc., the statistics are too compelling to ignore: strategically timing email marketing messages will help marketers see as much as a 600 percent rise in performance over more lax messaging methods, such as email blasts and cold calling.
Internet Marketing Strategy
The internet is considered a channel partner. Hence online marketing is to be considered as a channel marketing strategy. An organization needs to define specific objectives from internet marketing and building communications as well as schemes around them.
Internet marketing is one form of customer touchpoint where companies directly interact with existing as well as potential customers.
Integrated Strategy
The biggest challenge for the companies is to integrate internet marketing strategy with overall marketing strategy. The prime reason for this challenge is the thought process that has considered the internet as an independent entity. Many organizations have not made an effort to make the internet any function of the organization.
The internet is a new channel partner for many organizations. Therefore, it is essential that companies create separate internet marketing plans. As companies begin to understand the full potential of internet marketing, a separate internet marketing plan may not be required. The overall marketing plan now will be developed considering the strategic advantage of internet marketing.
Strategy Building
Every company needs to develop a logical framework for its operations to meet its business objectives. The overall business objectives need to be broken into milestones, the company has to achieve within a certain time frame. To achieve these milestones, companies need to develop strategies around the key activities.
One of the key activities is in strategy development is marketing. The strategy developed to achieve business objectives through marketing is called a marketing plan.
An internet marketing strategy building begins with understanding the current market scenario. After analyzing the market scenario, companies develop a marketing plan and specific internet-related objectives. To achieve internet channel objectives, companies develop an internet marketing plan. After developing and defining an internet marketing plan, the next step is to analyze the online presence of the company. The company can start working towards the implementation of a marketing strategy if it already has an online presence.
A strategy would be considered incomplete if there is no continuous monitoring of the same. A strategy modified and re-worked based on positive or negative feedback.
Strategy Review
An organization functions in a dynamic environment. It needs to ascertain whether the current marketing strategies are effective or they require some modification. This internal marketing audit looks to resolve the following key activities:
- A complete review of the internal capabilities of the company, process, and resources.
- A complete review of the present market and the competition, including the micro and the macro environment.
- A complete review of current internet contribution in the marketing plan.
Another aspect of the strategic review is to assess the current contribution of the internet marketing plan to other marketing activities. This can be done by understanding the current internet marketing capability. The first step is to check whether the company has its own website. The next step is to check whether the website is registered with any online business directory. The next step is to create a website with basic company and product information. The next step is making the site interactive where a potential customer is able to place further inquiries. The next step is to develop a website that is capable of e-commerce activities as well as a customer service desk. The final step is to develop a fully functional website that can help the company in marketing as well as relationship building.
Goal Setting
Any marketing strategy or plan should be constructed to support the overall business objective of the company. Companies have a general tendency of developing the internet marketing plan away from the overall marketing plan. Companies have resorted to experimentation in internet marketing plans rather than a focused approach.
This lack of clarity in the internet marketing plan has led to many failures with companies suffering from financial loss.
Integration of the internet can be done through scenario-based analysis. In the scenario-based analysis, various market simulations are created to explore different possibilities. The internet marketing role in all scenarios needs to be explored to take full advantage.
The financial benefits of internet marketing would be through increased sales and better topline growth. Internet marketing would also help in customer service, by developing easy self-help guides, thus reducing overhead costs.
The intangible benefits of internet marketing would be a better corporate image, enhanced visibility, customer relationships, better customer service, etc.
Strategy Formulation
The internet is considered as a channel partner for the company and therefore it should be a part channel marketing strategy. It is important for the internet marketing strategy considers the following:
- The strategy developed should outline objectives that generate leads and sales from this channel.
- The strategy should target the customers which are users of the internet.
- The strategy supports the customer in making the buying decision as well as delivering the product.
- The strategy should highlight differentiation from the competition.
- The strategy should encourage consumers to use the internet along with channels.
- The strategy should help in customer acquisition as well as retention.
Implementation
The company needs to ascertain various pros and cons of internet marketing strategies before implementing one particular strategy. With finite resources companies look for solutions that are implementable.
To implement an online marketing strategy, companies have various marketing applications. Companies need to maintain a portfolio of these applications and make a careful selection depending upon risk and reward.
Post-implementation it is important to maintain a tracker of the strategy. These trackers are frequently centered on, visitor tracking, lead generation, online sales, and finally customer retention.
Development of internet marketing strategy should follow the same path as that of any marketing strategy, without forgetting the uniqueness that the internet brings to the company.
Types
- Display Advertising: The use of banner ads and other graphical advertisements to market products online.
- Search Engine Marketing: Using search engines to help connect users with the products and services they are most interested in. Companies can pay to receive preferential ranking in a list of search results.
- Search Engine Optimization: A free and organic way for companies to improve their visibility on search engines.
- Social Media Marketing: Using sites like Facebook and Twitter to connect with customers.
- Email Marketing: Communicating with customers through the use of carefully designed emails.
- Referral Marketing: Using internet channels to encourage consumers to recommend products to their friends and families.
- Affiliate Marketing: Working with other businesses to make it easier for consumers to shop for products online.
- Inbound Marketing: Boosting the value of a company’s web presence by adding unique content like blogs, games, and tutorial videos.
- Video Marketing: Using web videos for promotional purposes.
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