In the business-to-business (B2B) sector, making connections is a key part of growing your business. Using helpful networking strategies and having a good online presence and branding strategy also increases the likelihood that you will close deals and make sales, which is the ultimate goal for most B2B business owners. However, you can’t close deals without knowing who your buyers are – and their likes, dislikes, needs, and wants. Identifying the different types of buyers also helps you narrow down your marketing strategy, allowing you to create targeted advertisements.
Know Your B2B Audience
B2B buyers are the other half of the commercial transaction with another business. There are four main types of these buyers and decision-makers that you should be aware of:
- Producers are manufacturers that source products from another B2B business, creating their own. For example, an automotive manufacturer may buy metal or other materials needed to make car parts for their vehicles. Producers make up a large portion of the B2B buyer’s market. After all, every business has to source their products from somewhere.
- Resellers are exactly what they sound like; they buy products in bulk and resell them for a higher price. Often, they have a large reach and can sell mass amounts of products – big box stores like Walmart or e-commerce giants like Amazon are two examples. However, small businesses like clothing boutiques are also considered resellers.
- Governments are some of the world’s largest B2B buyers. These transactions, also known as B2G (business to government), can happen in any industry and usually involve large purchase amounts. However, dealing with selling goods to the government means going through a lot of leg work. Each department or government division has its own regulations and policies about how they are able to purchase from independent retailers.
- Institutions are another huge B2B buyer. Nonprofit organizations of all sizes, including hospitals, select universities, and churches, are considered institutions. What differentiates them from other buyers is their need for cost-effective products. Because these organizations are not reselling a product for a private profit, they will most likely be looking for products at a low cost.
Let CloudMellow Help You Perfect Your B2B Business
Now that you know about the different types of B2B buyers, let CloudMellow help you build a digital marketing strategy to help you attract them. Whether you’re looking for a new website, brand development, or paid advertising, our team can bring a unique perspective to the table. Contact us today to get started with a free digital analysis!