First of all, we have to know, what business marketing is…
Business marketing is a process or practice which is carried on by the individuals or organizations. This practice includes various marketing techniques which help them to sell their products to other companies or organization. The companies or organization that purchases these products may use them for their own work or resale them. That is why the business market is also known as business-to-business marketing. The business market is different from the consumer market. The consumer market is broader than the business market because there are larger customers in the consumer market than in the business market. Therefore interaction with customers can be done only through the large retailers.
Now the question arises why we need business marketing and in what way it can help us in our business. The answer is that marketing helps in selling more products of a business and helps in earning more profit by boosting its sales and profits. Marketing boost sales by targeting the best customers and by attracting them towards the products. Targeting the right customers and convincing them to buy products is not that easy as it looks. It requires creativity, communication skills, understanding consumer behavior and making marketing strategy, only a company or organization is able to target their customers and is able to sell their products to them.
These are some of the ways by which marketing helps to boost sales and helps in earning more profit.
- The most effective way to which customers attract very speedily is providing a discount, by providing a discount for a limited time period. This can definitely boost your sale because every customer loves to buy the product at a discount. The thing which excites more is when it is mentioned on the product that it is ‘Available for a limited time’.
- Free trial, when you provide a free trial of your product, there are more chances that more customers would come to buy your product. Because everyone loves to try something before purchasing that product. For example, when you going to purchase you can get a free drive of any car. By getting a free trial of anything you feel more confidential to buy that thing.
- Another way to boost sales is giving offer ‘buy one, get one free, an old but definitely working method. No one wants to leave a chance of getting a product in free with something.
- For boosting your products sale you can appoint salesperson, it is an effective way of increasing sale because a salesperson by going personally to the customers home interact them with the product and providing all the information about the product.
- In today’s digital world you can increase your sale by selling your products online, you can create your own website and by creating your own website you can cover a wide range of the customers. Your website helps you to get more orders from all over the world and this can increase your sale and profit.
- Marketing helps you to understand consumer’s tastes and preferences, because consumer doesn’t stick only to one interest. Its taste and preferences changes with the passage of time. With the help of marketing strategy, you can analyze that what consumers need or what it tastes at present. By providing products according to the consumer needs you can grab a large part of the consumers and increase your sale.
Difference between business and consumer market.
The business market simply means business to business market in which products are sold to the other companies or organization or purchased by other organization or company. In this market product which is sold to the other organization can be used by them in the manufacturing of their own product or those products can resale by them.
Consumer market refers to a market in which sellers sell the product for making a profit while the buyers buy the product for their personal use.
From the above definitions of the two, these are some of the differences between the business market and the consumer market.
- If you want that your business makes a profit and wants to stay profitable in its coming future it is necessary that business should buy but in consumer market even if the products are not required in the regular activities or day to day activities purchase might be made.
- There are fewer buyers and sellers in the business market as compare to the consumer market.
- The way of promoting their products is quite different in both business market and consumer market when compared to each other. Companies do not use media for the advertisement of their products. Instead of it, they use magazines, direct emails, newspapers and other formal channels for the advertisement. On the other hand, consumer market uses media for the advertisement of their product. Media advertisement plays an important role in the consumer
- As it is mentioned earlier that in the consumer market products are sells to the consumers by the sellers it means that in consumer market purchases are made according to the consumer’s needs. That is why the small sum of money involved in the consumer market as compared to the business market. Because business market involves the purchase of the large expensive equipment.
- Demand in the business market is derived because in consumer market products are manufactured as per the need of the customers. It means that customers come out with the direct demand for their purchases. In business market demand for the products depends on the level of the demand which is created by the buying industries for the product. This demand which is created by the buying industries is because of their final consumers to which they sell the product.
In other words, buying industries buy the product only when they find the customers for its own products or services.
There are many differences between the business and consumer market but there are some similarities also. Some of the similarities are:
- Both the markets have to present their products in a way that attracts their customers. It is necessary for both the markets that they manufacture and design their products as per customer needs and desires.
- Both the market have to advertise their products. The difference in their advertising is that the business market uses formal advertising methods and consumer market uses media advertisement methods.
- It is important for both of the markets that they provide product quality and customer services. This will improve the reputation of both of the markets among their customers.