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IS B2B THE NEXT BIG THING?

According to Morris, Pitt and Honeycutt, the huge growth that B2B marketing is experiencing is largely due to three “revolutions”

1. The Technological Revolution:

The internet and digital technology has changed our lives much more than we realize and the current generation of buyers have much more power in their decision making process. This is also true for the B2B industry, which involves digital interactions that are constantly increasing.

2. The Entrepreneurial Revolution

Over the last few years of macro-economic downturns, many companies are becoming leaner, by downsizing staff and trimming their budgets, as well as trying to reinvent themselves. Speed and innovation are key to standing above the competition, and B2B marketing is taking the lead in identifying new users for existing products, as well as new products to satisfy unmet needs.

3. The Marketing Revolution:

Customization is becoming the norm. The solution provided to every customer is being tailored to fit their needs, and gone are the days when “mass-market” was commonplace.

The internet, especially social media, has become one of the most important sources for B2B customers. On the seller’s side, the share of revenues from B2B sales through digital distribution channels has doubled over the last 10 years. This can be partly attributed to the fact that digital distribution channels have very low fixed costs. It also helps them acquire new consumer groups such as SMEs, while allowing them to modify their “Go-to-Market” approach.

Almost half the consumers in the B2B realm prefer less face-to-face sales time and more interactions over the internet, while also demanding more flexibility in the design of their product.

As a consequence, B2B marketing budgets are on the rise as well. Almost half of marketers in the B2B space have decided to increase their budgets for 2013. Specifically, 67.2% of marketers plan to increase their digital marketing spending, and 52.5% of content marketers will up their search marketing budgets [1].

Dell came up with the “Dell Social Media Command Centre” in 2010 that tracks all references to Dell in social media, in multiple languages. All the employees are trained at a “Social Media University” which allows them to represent Dell in social media and the blogosphere. This allows each department of Dell to use social media for representing its own part of the business.

Perhaps the golden age for B2B has arrived. What we are seeing today is a major shift in marketing trends, and to think that we are not moving forward would be wrong. Regardless of what era we find ourselves in, companies must keep up with the times or risk being left behind.

Notes

  1. catagonia posted this

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