Did you know that 77% of B2B buyers use social media as a resource during the buying process?

If you’re like most business owners, you’re probably feeling a little lost when it comes to marketing your company. You know that you need to be doing something, but what?

It can feel downright impossible to know where to start when it comes to marketing your company. There are so many options and tactics available, how do you even begin?

But don’t worry. Keep reading because this guide breaks down the four different types of B2B markets and provides actionable advice for each.

1. Commodities

Commodity markets are those in which the products or services being traded are relatively standardized and there is little differentiation between suppliers. This means that price is the top consideration for buyers in these markets.

The most common commodities traded in these markets include oil, gas, gold, silver, wheat, corn, and coffee.

Given the standardized nature of these products, it is often easier for buyers and sellers to agree on a price since there is less room for negotiation. This can lead to more efficient markets overall and greater liquidity.

2. Niche

In business, the term “niche” refers to a specialized market for a particular product or service. Niche markets are much smaller than commodity markets, and they typically involve products or services that are highly specialized.

Because there is less competition in these markets, suppliers can charge premium prices for their goods or services. For example, a niche market might be the market for custom-made bicycles.

This market is small, but it is willing to pay high prices for a product that meets its specific needs. Businesses that can identify and serve niche markets can be very successful.

3. Manufacturing

The manufacturing industry is essential to the economy, providing jobs for millions of workers and producing the goods that we use every day. However, the manufacturing market is very different from other markets.

Rather than being composed of many small businesses, the manufacturing market is dominated by a few large suppliers.

These suppliers typically have long-standing relationships with their customers and can command high prices for their products or services.

This concentration of power can make it difficult for new businesses to enter the market, and it can also lead to higher prices for consumers.

4. Service

Service markets are those in which the service being provided is the primary focus, rather than the product. In these markets, buyers are looking for a supplier who can provide a high level of service and support.

Price is often less important than in other types of markets. Service marketers must therefore focus on creating and delivering value to their customers.

This can be done by offering a unique service, providing a high level of customer support, or delivering significant benefits to the customer.

By understanding a B2B business and the needs of its customers, service marketers can create a competitive advantage and build long-term relationships with their clients.

Want to Learn More About These Types of B2B Markets?

So, there you have it! The four different types of B2B markets. Now that you know more about the different types of B2B markets, you can start thinking about which one is right for your business.

Do some research on each type of market and talk to other businesses in your industry to get a better sense of which one would be a good fit.

Want to learn more about the B2B marketplace or how to generate business buyers’ Best Avax NFTs to buy? Check out our blog!