When the services or products you offer are on a B2B basis, it can be quite hard to pinpoint your target market and fellow businesses. After all, you have to consider things such as the budget of your audience, their current scale, how their interests align with your own, and how what you have to offer can be beneficial for them - and possibly vice versa, too.
Because knowing your B2B audience is critical for how you plan your digital marketing, account management, and sales strategies, we recommend you keep reading for some top tips on how to identify B2B target markets for your own business.
As mentioned before, the scalability and size of your target B2B market are important. This is because, if your target clients are too small, they may not have the budget to invest in your products; too large, and they will have the budget to look elsewhere that can afford a higher loss margin. By researching and finding those businesses that are the right size to opt for your B2B services, you're automatically more likely to glean a buyer-seller relationship with them.
Leading on from the previous point, your target market's annual revenue is an important factor in whether or not they'll be opting for your B2B service, whether it be a wholesale or individual product or outsourcing of one of your unique services. If a large number of your target clients are the correct size and scale yet blame their annual revenue numbers as a reason for not entering a buyer-seller relationship with you, this could also be a hint that your services might be priced too high.
The needs of potential B2B customers is great to identify because it can often inform you of the reasons why a business is drawn to you in the first place. Was it your low prices? Your great quality? Do your products offer a unique selling point such as overlaying intent AI? Whatever the reason is, if you can learn why businesses are coming to you for your products or service, you can then identify what market to target going forward.
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Building and targetting the right audience has never been so important. Take a look at my latest post that looks at three top tips on how to identify B2B target markets.