When it comes to business-to-business (B2B) marketing strategies, things can differ a lot, particularly when these strategies involve markets in both developed and developing countries. But this does not mean it is impossible by any means to come up with effective B2B marketing strategies. Here are just a few ways that things differ between developed and developing countries when it comes to B2B marketing.
When it Comes to the Product
Developed countries have very high standards when it comes to products that can be found on the market. If products are not up to par with regular standards, then the company is liable to go out of business rather quickly. Consumers expect products to be extremely durable and be able to last a good amount of time.
In developing countries, however, consumers and businesses are not as concerned about the quality of products on the market. Beyond that, most consumers in developing markets have no problem purchasing products that will last just 18-24 months. Because of this, the best marketing strategy for developing countries is to target the small area of the market that is concerned with quality, while developed countries should continue to focus on quality and service.
When it Comes to Price
In developed, Western markets, consumers are much more willing to spend more on a product that comes from a well-known brand or that is considered to be the best. So, when it comes to working with developing markets, B2B marketing usually focuses on the select few that would be willing to spend more for the top-quality products being offered. But, pricing can prove difficult in Western markets due to the constant demand for higher-quality products and competition. This leads to what is known as specialist pricing, that is based on product models, making it easier to remain competitive, without sacrificing pricing.
When it Comes to Place
When Western businesses seek to open B2B agreements with developing countries, they sometimes fail to recognize the struggles that may accompany this growth. Specifically, while the developed country may know the best channels to use in Western countries, it may be different elsewhere. For that reason, it is incredibly important for businesses to take these market differences into account, and consider having a base-of-operations within the developing country they are working with, as they will know the best place for the products to be placed.
When it comes to Promotion
Tying in with place is the idea of promotion: methods like mass marketing are great for Western B2B markets, they may not be the best method in a developing country. In order to succeed, it is crucial that businesses take the time to study and understand what marketing strategies will work best. Particularly since it will be a new, unfamiliar product that will have to first gain the public’s trust, before it has a chance at becoming popular.
These are just a few of the ways developed and developing markets different when it comes to B2B marketing strategies. Of course, things differ depending on the specific markets in question, but the basic ideas will hold true. With the right considerations, B2B partnerships between differing countries can easily succeed.