Business Marketing: An Activity Between Two or More Businesses or Commercial Firms

What is the business marketing activity between two or more businesses?

Business-to-business (B2B), also called B-to-B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business-to-business refers to a business that is conducted between companies, rather than between a company and individual consumer (Fahy and Jobber 2019).

 By automating repetitive marketing activities, you will be able to reduce the time and money you spend doing the same thing over and over again. Therefore, you will be able to use your time smarter focusing on converting leads into customers and customer into passionate customers. The few activities that should be automated are data collection, content creation, target users that have abandoned the online form or shopping cart, welcome or activation program, collect reviews, birthday message, sales emails, post sales email, events and customer lifecycle (Gilmore and Carson 2018).

How to execute activity between two or more businesses?

Managing multiple businesses may sound daunting, but it isn't impossible—a few procedural changes can help, writes this entrepreneur. When you have ideas for multiple businesses that you think may have real potential, you probably don't want to let go of any one of them. But successfully running a business can have a lot of challenges. Adding another one to the mix can make it harder to figure out how to juggle building two or more ideas into full-fledged companies (Sari, Nabella and Fadlilah 2022).

Thus executing the activities requires certain tips and tricks and they are-

• Use the same physical space to run both places.
• Bring the two businesses together as much as possible across processes.
• Prioritize what needs your attention.
• Try not to sweat the small stuff.
• Make lots of lists and follow them.
• Use a time-tracker tool for your multiple businesses
• Keep reports on each business to gauge results and maintain accountability. 
• Work with your co-founders and team to help balance the workload of running multiple businesses.
• Bring in experts to handle certain aspects of the company (Sari, Nabella, and Fadlilah 2022).

What are the core activities of marketing?

The core activities of marketing are

1. Marketing Information Management

It focuses on data-based analysis to understand customers’ interests and needs better while providing business strategy insights.

The data used for this analysis comes from marketing activities like surveys, website sign-ups, purchases, and newsletter subscriptions. From those activities, companies gain users’ email addresses and other relevant behavioral and website performance data (Fahy and Jobber 2019).

2. Financing

Finance is an essential part of a business. Marketing works together with finance to fund production or business activities, increase customer purchases and company profit. Through effective financing, you can create better marketing strategies without spending too much money (Fahy and Jobber 2019).

3. Distribution

This function revolves around the product and service distribution to the list of customers. Choosing the right distribution channels is a part of the marketing team’s responsibility. This ensures accurate targeting of customers and provides better marketing campaign results (Thabit and Raewf 2018).

4. Product Management

Also called product service management, this function provides the right products or services to customers. Maintaining products can happen on social media or day-to-day customer engagement. Designing the right products helps meet the customers’ needs and reach the business’ goals (Wibowo et al. 2020).

5. Pricing

Product prices are about how much money customers spend on purchases. Setting the right pricing for goods and services requires balancing the customers’ buying power and production cost. Additionally, opt for a product mix to reach more audience demographics (Fahy and Jobber 2019).

6. Promotion

Regardless of the industry, promotion increases brand awareness, lead generation, and product sales for businesses — which are a few of the factors that make marketing important. This function also educates customers about the company (Thabit and Raewf 2018).

7. Selling

The final function is selling. The process combines efficient communication and strategic product prices to meet consumer needs and make the sale. Effective selling will help reach sales targets, increase profit, and grow leads (Fahy and Jobber 2019).

What are the good examples of business marketing activity between two or more businesses?

Good examples of business marketing are-

Search Engine Marketing

Creating a website that's among the top results on search engines is another way of marketing services. If a consumer is looking for a product or service for which there are a number of providers, she might simply enter search terms into a search engine and scan the results. Many consumers only look at the first few websites, so it helps to have your website at or near the top of the search results. The most effective way to have your website get noticed is provide consumers a well-designed site with the content they are most likely to be searching for (Viira et al., 2021).

Meeting Customers at Trade Shows

In particular, for entrepreneurs looking to find retailers to carry their product, trade shows are a form of business-to-business marketing. Owners purchase booth space and sell units of a particular item, sometimes to members of the general public but also to those who can get them shelf space in a large-volume retailer. Even if an entrepreneur doesn't sufficiently impress a retailer at a trade show, the number of units sold to everyday consumers might be enough to convince retailers later on to stock the product (Viira et al., 2021).

How to achieve business marketing success between two or more businesses?

Marketing success can be achieved by utilising the social media platforms, getting the most out of email marketing, adding a personal touch to the marketing messages, taking the advantage of co-branding, affinity, and cause marketing, starting blogging for the business, using videos as marketing tools, starting to do podcasts and be a great storyteller, understanding the power of SEO, leveraging the help of influencers and getting the best out of sales productivity tools (Wibowo et al. 2020).

How to find the right two or more business partners to work with?

• Find a Partner That Can Bring Skills and Experience to the Business
• Find a Partner That Shares Your Values, Entrepreneurial Spirit, and Vision (Kobyzskyi 2018)
• Look for a Partner without a Lot of Personal Baggage
• Find a Partner That Can Offer Resources and Credibility to Your Business
• Choose a Partner That Is Financially Stable (Thabit and Raewf 2018)
• Choose a Partner That Practices Good Personal and Business Ethics (Taraniuk, Kobyzskyi and Thomson 2018)
• Respect Is a Necessary Element to Forming a Successful Partnership
• Plan Ahead Just in Case You "Break up" With Your Business Partner (Wibowo et al. 2020)

References

Fahy, J. and Jobber, D., 2019. EBOOK: Foundations of Marketing, 6e. McGraw Hill.

Gilmore, A. and Carson, D., 2018. SME marketing: efficiency in practice. Small Enterprise Research, 25(3), pp.213-226.

Sari, D.P., Nabella, S.D. and Fadlilah, A.H., 2022. The Effect of Profitability, Liquidity, Leverage, and Activity Ratios on Dividend Policy in Manufacturing Companies in the Food and Beverage Industry Sector Listed on the Indonesia Stock Exchange in the 2016-2020 Period. Jurnal Mantik, 6(2), pp.1365-1375.

Taraniuk, L., Kobyzskyi, D.S. and Thomson, M., 2018. Estimation of the marketing potential of industrial enterprises in the period of re-engineering of business processes. Problems and Perspectives in Management, 16(2), pp.412-423.

Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).

Viira, A.H., Lillemets, J., Põder, A., Ariva, J., Aro, K., Lehtsaar, J., Kogabayev, T., Barth, H., Ulvenblad, P., Ulvenblad, P.O. and Hermus, S., 2021. Report on Good Practice Business Models and Example Small and Medium Scale Pilot Business Projects for Sustainable Bioenergy and Side Bio-products Production in the BSR. Tartu: Estonian University of Life Sciences. Project co-funded by the European Regional Development Fund, 4, p.4.

Kobyzskyi, D., 2018. Organizational and economic potential of re-engineering business processes in the context of marketing activity of an industrial enterprise to ensure its efficient innovative activity. Innovative Technologies and Scientific Solutions for Industries, (3 (5)), pp.95-105.

Wibowo, A., Chen, S.C., Wiangin, U., Ma, Y. and Ruangkanjanases, A., 2020. Customer behavior as an outcome of social media marketing: The role of social media marketing activity and customer experience. Sustainability, 13(1), p.189.