If you are a company that enters the B2B business model from scratch or wants to improve its product range in order to strengthen its current status, we recommend that you do not ignore the importance of setting a target market in b2b. The target market in B2B is the market that is likely to be interested in the products and services you offer for sale, has a high probability to buy, and where the audience your company would like to work with. When the target market is determined, you will have the chance to take steps that will increase your chances of success by creating strategies in line with your own internal dynamics.
Definition and Strategies of Target Market Selection in B2B
In B2b, target market selection is the process of determining the target audience to market products and services in the light of the data obtained and using the most appropriate strategy that we will discuss below. After selecting the target market, you will have the chance to determine your potential competitors and the situation of your competitors by narrowing the data obtained specifically for this group. It is possible to diversify your products and services by examining the products and services offered by your target audience and your competitors and finding suitable gaps. As we said at the beginning, there are 4 different accepted strategies applied for target market selection in b2b. To explain them briefly;
Single Market (Intensive Marketing) Strategy
It is a strategy where only a part of the segmented market is targeted according to certain criteria and this segment is considered as the target market. In this strategy, marketing strategies are developed according to a single category and people who are likely to show interest in the products and services offered in this category.
Multi-Market (Differentiated Marketing) Strategy
The strategy by dividing the market into segments and seeing each of these segments as separate target markets is called a multi-market strategy. The biggest goal of this market is to increase trade volume and profitability by offering products suitable for different groups of audiences. Again, the biggest disadvantage of the same strategy is that activities such as developing a separate marketing mix for each department, conducting research and engineering studies increase costs.
Whole Market (Undifferentiated Marketing) Strategy
This strategy, also known as undifferentiated marketing strategy, handles the whole market as a whole. B2b e-commerce platforms, which aim to reach and sell to the widest possible audiences, adopt this strategy. Although it is a suitable method for companies that sell standard products, the target audience consists of people who do not look for difference.
Niche Market (Narrow Segment Marketing) Strategy
In the niche market, which is the smallest unit of the market, a unique audience with unique needs is targeted. This market, which is often ignored by large companies, can have a narrow volume and serious risks if not followed properly.
Things to Consider During Target Market Selection in B2B
Observe the Conditions of the Target Market
The demands and needs of the individuals that make up the target market can change at any time. For this reason, in order for your b2b platform to be successful, you should consider these changes at all times and regularly observe the conditions of the target market you have determined.
Examine the Competitors and Competition Conditions
After determining the target market, you should also analyze your competitors operating in that market. It is possible to establish strategies for the future by examining the opportunities, product range and past activities of your competitors.
Evaluate the features of your products and services
Consider what features your products and services have that will make them stand out from your competitors and what you can do in the field of innovation. It is useful to take precautions without forgetting that a product that can meet the demands and needs today may become out of date in the near future.
Pay attention to the expectations of the target audience
Customers are undoubtedly the key actors that determine the future of your B2B platform. What are the expectations of your customers from your company and your products? You need to be able to answer this question and design your products and services to answer this question. This will increase both the loyalty among companies and the reliability of your company.
Thanks to the Trizbi b2b erp software, you will have many tools that you can use in determining the target market in b2b. You can easily use the data provided by the various statistics and reporting modules offered by the software to determine the correct target market and to take your b2b business one step further.