Facing trouble
The pandemic has forced B2B marketing to find new ways to reach out the customers
B2B Marketing
The pandemic has forced B2B marketing to find new ways to reach out the customers
Business to business (B2B) marketing is going faceless. Pandemic and technology are dumping the legacy in-person marketing techniques. The market size for B2B market is about $83bn.
B2B marketing relies on face to face communication. It comprises of conferences, events, trade fairs, direct selling, exhibitions, networking events and personal meetings. Due to COVID–19, more than 50% marketers prefer to work from home. Cost of reaching out 1000 customers face to face is INR 50 lakhs. Online conferences and webinars have no geographical and space constraints.
Rory Sutherland, Vice President of Ogily, wrote, “Because in the digital age, let’s face it, the cost of talking to a million people, may be no greater than the cost of talking to 10. The marginal cost of eyeballs in zero. So does it make sense to be so obsessively focused on narrowly defining whom you communicate to, when you can define your audience as “anyone in the world who is interested in what we do”.
The new B2B marketing will target wider audience. Earlier it focussed on narrow target audience, who were valuable for the business. Hyper targeting and account based marketing will not be sustainable for the long term. Independent businesses can also aim to carry out B2B marketing, which involved high expenditure in the past.
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