What is a B2B marketing mix?
In a B2B marketing mix, the 4 P's become 7 P's. Most people are familiar with the 4 Ps, either from their school days or at work. However, for many, the 7 Ps are still unknown - even for those working in B2B, where they are otherwise very relevant.
It would be naive to think that there is no difference between the 4 P's between B2C and B2Bbut the biggest difference is actually in the three extra points, which are respectively:
- People (people)
- Process (process)
- Physical evidence (physical evidence)
Let's learn more about each point below.
1st product
Product is about your product creating value for your customers in terms of its appearance and function. The function is especially important in a B2B company, as the product you sell is typically something that the customer needs to be able to make money on. If the feature doesn't work the way the customer wants, he/she won't buy it, even though your product may look great.
2nd price
Again. For your B2B customer, the focus is on getting the best product for the least amount of money. The customer buying from you typically sees the purchase as an investment, and that investment should prove to be as profitable as possible. You therefore need to be realistic about your price.
3. promotion
It's about how you promote your product. When it comes to business-to-business, the trick is to capture customers at the right times and through the right channels, where they are in the optimal buying environment. This means that the customer shouldn't be stressed with tasks at work or sitting at a family dinner. It's a difficult exercise, we get that. That's why it's a good idea to promote your business to them in such a way that they can easily send their information to you so you can contact them later when it fits into their schedule.
4. Placement
Placement is about delivering the right product, at the right time and in the right place.
It can be about logistics, i.e. when the customer has purchased a product and expects the correct product to be delivered at the agreed time and place. It can also be for marketing purposes, in terms of capturing the customer at the right time, with the right product and at the right place.
5. Humans (People)
Unless you work in a B2B company where the products practically sell themselves because there's a crazy trend going on right now where everyone can sell your product, you as a B2B man/lady need to convince your customer that your offer is the right one to go with.
The way this happens is by talking to the person you're sitting across from, building trust and creating a picture of what the future can offer with your product.
6. Processes
It's important that your customer feels the buying process is top-notch, otherwise he/she won't buy from you again. Typically, in B2B, not all sales are standardized, which makes the process more individual from customer to customer. It's wise to know your customer's needs and be able to deliver what he/she wants, as this can be an important point in getting a big step ahead of your competitors.
7. Physical evidence (Physical evidence)
As previously written, building trust is an important factor in a B2B relationship.marketing mix.
There are different ways to approach this exercise. For example, the way your customers perceive you can give an insight into the physical evidence. It could be the way you present yourself, speak, dress, what car you drive, what office you have, how punctual you are, how you speak, etc.
Nothing is more right than anything else, it's just important that your offer matches the physical signals you send to the customer.
