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Tuesday, November 10, 2009

B2B Marketing is BIG Business

Business-to Business (B2B) marketing is most definitely BIG business any way you slice it. A study by the Business Marketing Association (BMA) revealed that B2B marketers in the US spent about $85 billion dollars in 2003.
There are some key differences between B2C and B2B marketing.

B2C:
  • Short sales cycle
  • Small purchases
  • One/few decision makers
  • Seeking product satisfaction

B2B:
  • Long sales cycle
  • Large purchases
  • Many decision makers
  • Seeking ROI

B2B Marketing Activities
The BMA study spending break out, in billions of dollars:

  • Trade Shows/Events -- $17.3
  • Internet/Electronic Media -- $12.5
  • Promotion/Market Support -- $10.9
  • Magazine Advertising -- $10.8
  • Publicity/Public Relations -- $10.5
  • Direct Mail -- $9.4
  • Dealer/Distributor Materials -- $5.2
  • Market Research -- $3.8
  • Telemarketing -- $2.4
  • Directories -- $1.4
  • Other -- $5.1
All of these B2B marketing activities are valuable marketing tools, but the one that has climbed close to the top of the list over the last few years is Internet/Electronic Media. In the US, Internet-based B2B marketing investment continues to grow relative more traditional B2B marketing methods.

I haven't found reliable statistics for Canada, but anecdotal evidence indicates that Canadian companies are far behind the curve on Internet marketing.

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