C.J. Smith, Director, Security Services, Promotion Watch, Inc.
Published Friday, Mar 2, 2018
As consumers, we all have experienced the fun and excitement that’s associated with opening the box of cereal to see if we’ve received a winning game piece; or we’ve twisted off a bottle cap to see if there’s a winning message revealed. Promotions are a tried and true staple of the marketing industry. It’s a business strategy that has had great success generating consumer interest, enticing first-time purchases and, most importantly, generating incremental sales.
So, you may be surprised to learn that many of these same consumer promotion strategies can be, and have been, equally successful in the business-to-business (B2B) world. B2B promotions parallel consumer promotions in many ways, and more specifically, their success and results can provide significant ROI.
Who likes a chance to win? The answer is simple – everyone! And when I say everyone, I mean, even business customers… and of course, the business wins too in a B2B promotion when you’re the sponsor.
So, how are the most successful B2B promotions executed? There are various approaches to this and arguably many ways to execute a B2B promotion, but here are some B2B promotion tips to get you started:
B2B companies appear to be on a steady increase in the number of trade promotions they’ve offered over the recent years. Logically, it makes sense. There are a myriad of trade groups and industries that operate in a particular business segment. B2B promotions offer companies a cost-effective and targeted strategy to reach potential new customers, generate leads, introduce new products and services to their customer base and increase incremental sales.
Hmmm. All of that sounds very familiar to me (i.e. consumer promotions). Ultimately, the win-win is reached when your entrants have a chance to win a desirable prize; while you, the B2B promotion sponsor, win by reaching your B2B promotion objective. And we all had some fun and excitement in the process.
Good luck with your B2B promotion!