Have you ever been at a networking event and the person you’re talking to says they are in B2B sales? Were you left standing there wondering what their jargon meant but were too afraid to ask?
If you’re left wondering what B2B is, then you’re in the right place. Keep reading to find out the answer to the question “What does B2B sales mean?”, and learn how your business can profit from it.
What Does B2B Sales Mean?
The term B2B stands for “business to business” and encompasses any business that works with other businesses instead of individual customers.
Understanding B2B sales can be as simple as looking at some examples. There are three different types of B2B sales. Some examples of these include the following:
1. Supplies
Some examples of companies that sell supplies to both consumers and businesses might be an automobile dealership that sells cars and trucks to individuals but also sells several large trucks to a local business.
Additionally, a large company is not going to walk into a local office supply store to buy their printer paper. They likely work with a vendor who sells printer paper in much larger quantities and delivers the paper to the company on a regular schedule.
2. Services
You’ve likely hired a tax consultant to help you with filing your personal taxes. Well, a B2B tax accountant is one who solely works with businesses.
Some accountants might prefer to work with solopreneurs, while others choose to work with SMEs, and still, others might only offer accounting consulting to Fortune 500 companies. All of these examples are business to business.
3. Wholesalers and Distributors
When you purchase apples from the grocery store, more than likely the store didn’t purchase directly from the farmer. They likely purchased from a distributor who purchased from the farmer. The distributor is the middle-man, and the B2B seller, while the store is B2C (business to customer).
The B2B Difference
And while B2B customers often have larger budgets and can purchase products and services with higher price points, they often require more touchpoints before they reach the sale.
Many B2B consumers say they consume five to eight pieces of content before making a sale. And the majority say they are 57% through the buying process before they ever speak with a sales representative.
So, if you want to be competitive in today’s B2B market, you need to provide valuable content to your purchases so they can have access to the content they need to make their decision. If you need tips for making B2B sales, check out http://www.b2bbeast.com to learn how to scale your marketing plan.
Never Wonder Again About B2B
So, now you will never be left behind in a conversation wondering what does B2B sales mean again. The next time you’re at a networking event and someone says they are in B2B sales, you can jump in with knowledge about their industry without worry about sounding uninformed.
For more great information about this and other topics, check out the rest of our blog.