What is a B2B marketing mix?
In a B2B marketing mix, the 4 Ps become 7 Ps. Most people know about 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 there is no difference between the 4 P's B2C and B2B, but the biggest difference is actually in the three extra points, which are:
- People
- Process (the processes)
- Physical evidence
Let's get to know each of the points below.
1st product
Product means, among other things, that your product must create value for your customers in terms of its appearance and function. Function is particularly important in a B2B business, as the product you are selling is typically something that the customer needs to be able to monetise. If the function doesn't work to the customer's liking, he/she won't buy it, even though your product might be nice.
2. Price
Again. For your B2B customer, the focus is to get the best product for the least money. The customer buying from you typically looks at 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
Deals with how to promote your product. When trading between outlets, the exercise 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 should not be stressed with tasks at work or sitting down to a family dinner. The exercise is difficult, we understand. That's why it's beneficial 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 better into their schedule.
4. Location
Location is about delivering the right product, at the right time and in the right place.
This can be logistics, i.e. when the customer has bought 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 catching the customer at the right time, with the right product and at the right place.
5. People (People)
If you don't work in a B2B company where products practically sell themselves because there's a wild trend going on right now where anyone can just resell your product, then it requires that you as a B2B man/woman can convince your customer that your offer is the right one to go with.
The way to do this is to talk to the person you are sitting in front of, build trust and create a picture of what the future holds for your product.
6. The process
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 standardised, making the process more individual from customer to customer. You'd do well to have tracked your customer's needs and be able to deliver what he/she wants, as this can be a key point in getting a big step ahead of your competitors.
7. Physical evidence (Fysisk bevis)
As previously written, building trust is an important factor in a B2Bmarketing 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 can 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.
