How Has Technology Affected B2B Marketing? Essay
How Has Technology Affected B2B Marketing?
Is B2B Marketing dead?? How has technology affected B2B marketing? In the current market scenario, where all kind of information is available to suppliers, customers and manufactures, there is a general belief that B2B marketing is dead. But the fact is that B2B marketing is still alive. In the previous market scenario, before the advent of information systems or the internet, the information held by the vendors and manufactures was the unique selling point. In that case B2B marketing was very important as the trust factor was very important to do the business. With advent of technology and internet, this factor changed as the business became more transparent. The credibility of a B2B marketer could be checked as the advertisements today are more of Person-to-Person. It can definitely be observed that the nature of B2B to marketing has changed. The main reason being that, “Everything is Measurable”.
Previously, B2B business was based more on Intangible factors, mainly to be read as “TRUST”. But today we have systems in place to measure even intangible assets. Hence today, B2B marketing is all about analytics, another reason being that the data is available to everyone. As a B2B marketer, the Unique Selling Point is the analytical skill and prediction skill. It has to be kept in mind that in B2B marketing, services are as important as the product itself. And hence the importance of a B2B marketer has increased in today’s scenario. The information on any product as well as the user’s opinion is available to all potential customers. On taking a look at possible risks involved in the companies now has moved on to distribution of risk.
They minimise the risk by forming teams for certain accounts. The team members focus individually on various aspects and attributes of its client. This enhances the quality of existing services being provided as well as helps a company to identify the potential services that can be provided to its clients. The B2B marketing field has become highly sensitive due to advent of Digital media, social networking and nature of availability of information. The reputation of a B2B marketer is as important as the reputation of the company itself. This makes the internet very critical in B2B marketing. Even for a B2B Company the internet can be used as a tool for marketing. As a marketer the internet can be used for Listening, Reaching and Nurturing. Listening to what the customer has to say or what a potential customer wants.
E-marketing is one of the cost effective methods of reaching out to customers. B2B marketing is built on the foundation of trust. E-marketing can be used for nurturing trust as well as spreading awareness among customers. Yet, again the relevance of “Is B2B Marketing Dead?” corresponds to the kind of business and the class of customers to which the business adheres to. In some business the internet does not play a critical role in marketing. Such businesses resort to traditional B2B marketing.
At the same time the power of social media cannot be neglected in these cases. Social media might not help in marketing in such cases but it should be monitored and used to prevent negative marketing. Hence a presence in the E-space is vital for any company to sustain; growth could be a secondary purpose. So as such B2B marketing is not dead as such business still requires an interpersonal interaction which none of the technology can provide, because “A man’s intention is best known from his eyes”
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 17 November 2016
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