Those in the wholesale business have unique factors to consider when planning an effective B2B sales promotion. These promotions cater directly to the needs of your business and clients. There are a few questions you should be asking yourself before rolling out your B2B sales promotion gameplan.
Here are a few starting points:
- What value is the buyer expecting from your product?
- What factors are driving them to choose your product over a competitor's?
- How will you make sure your company stands out as being the best match for their needs?
In this post, we'll outline the key strategies for marketing your wholesale business and increasing your ROI.
How B2B sales promotion compares to B2C
B2B buyers are focused on making purchases that provide value beyond the product or service alone. Think strategic partnerships, branding opportunities, and value to their company or organization.
These buyers do not buy on impulse and take their time researching the best possible purchase. This gives you a great opportunity to use content marketing to inform and educate them along their buying journey, while also creating more brand awareness.
On the other hand, B2C buyers tend to seek out purchases based on their affinity or loyalty of the brand, discounts, or coupons.
What they have in common
Customers on both sides need to feel like they are getting something of value. This incentivizes follow-through of purchases and the potential to become return buyers.
In the case of B2B buyers, value, and strategy matter most. Due to volume and dealing with organizations instead of individuals, you'll need to demonstrate a clear value point to get them invested. Here are a few strategies to get started.
B2B Promotion: Discover a Successful Strategy
Source: The Digital Future of Business between Companies
Here are a few strategies we’ll focus on for B2B promotion strategies to help market your company products to customers and generate more sales:
- Trade Shows (digital!)
- Sample Products
- Influencer Marketing
- Virtual Showrooms
Trade Shows Go Digital
“73% of trade show organizers are canceling at least one show as a result of the coronavirus pandemic, up from 62% in April..resulting in more trade show operators moving their events online.”Center for Exhibition Industry Research
Trade shows have historically been a great way for brands to connect with buyers, generate awareness, and meet new customers. In the wake of the pandemic, hybrid or online variants are stepping in.
From high-end fashion to the outdoors, multiple verticals are exploring digital solutions for continuing to do business.
Informa Markets Digital Trade Event
NuORDER has recently partnered with Informa Markets to bring the digital versions of their renowned trade events online. These include PROJECT, Coterie, MICAM Americas, MICAM Milano, and MAGIC on an innovative digital platform accessible on-demand, anywhere in the world.
Brands are able to set up virtual, and interactive trade show booths, to connect with retail buyers worldwide. For international brands, digital trade events give a whole new level of accessibility.
Digital trade shows give your company a new opportunity to reach B2B customers worldwide and open a new marketing channel. For more information on digital trade events, read the Informa x NuORDER playbook here.
B2B promotion is based on conveying value and quality for buyers. Sending out sample products can put your merchandise in the hands of key-decision makers. This gives them the peace of mind they need to really understand the build quality beyond a screen.
For those in the apparel and hard goods industries, current travel restrictions make it difficult for buyers to travel to showrooms where they would usually get the opportunity to feel the material and quality of your merchandise. Sending out a sample can help overcome that issue and help B2B buyers understand the true value of your product through physical touch.
Virtual Alternatives To Physical Showrooms
Virtual showrooms are on the rise. If you're not able to send out physical samples, this route provides a digital experience for viewing and interacting with your products. With features like 360-degree photography, clickable hotspots, customizable homepages, and more, the right tool can truly revolutionize how buyers experience your brand online.
Social Media Marketing
“ 60% of buyers check out new service providers on social media, making it a more commonly used source of information than formal referrals and recommendations."Hinge Marketing Survey
Taking a page out of the B2C playbook, use social media as an additional platform for providing great content and advertising your business. With platforms like LinkedIn or Twitter, you can connect with key decision-makers and start to get an idea of what they're looking for in a partnership. Make sure to develop a strong social social media presence that matches the value you hope to convey to potential buyers.
Leveraging Influencer Marketing
Yes, you can use influencer marketing too. By pitching your product to the right audience, potential buyers can get a sense of the community that supports your product. By using their social media platforms, your brand can generate awareness on a much larger scale and widen your audience beyond your own following.
For more information, check out our Jen Powell Webinar on amplifying your wholesale business with influencer marketing today.
Your B2B sales promotion strategy should be focused on generating awareness and providing clear examples of your brand's value. With remote working still the norm, strategic use of digital trade events, virtual showrooms, and social media presence is more important than ever. With the right mix of digital tools and quality content, your business can build better B2B relationships and maximize sales.
Learn how NuORDER powered digital trade events and virtual showrooms can improve your B2B sales promotion today - request a demo.