As the economy is starting to take a turn for the worse, it is worth taking a moment to consider which industries have the highest earning potential when it comes to B2B. Many B2B industries are capable of flourishing even during a bear market, and it is likely that job seekers will begin to prioritize companies which are safely situated in a high-earning B2B industry.
Although there are many different high-earning B2B industries, we have taken a selection of some of the growing industries which have weathered the storms and come out on top.
Marketing and advertising
Some things never change, and one thing that will always be a constant in the commercial sector is the importance of good advertising and marketing. It is becoming increasingly difficult to stand apart from the competition now that we are all dealing with a truly international competitive market. Companies now need to compete not just with other local or domestic companies, but with companies from around the world that offer similar products and services.
One aspect of marketing which has now made this a truly high-earning B2B industry is the growth of digital marketing. Although not yet as fully mainstream as other forms of advertising, digital advertising is now a must have for virtually every company. Digital advertising itself can be expensive — in part because of the limited platforms on which to advertise, and in part because talented digital marketing professionals are highly sought after.
That being said, another aspect which increases the earning potential of marketing is the fact that digital marketing must be a multi-channel approach. There is SEO to think about, but there is also social media marketing – and both SEO and social media content creator are multi-layered and complex. Companies such as Hootsuite, Mailchimp and HubSpot will likely continue to flourish in the market as their services are needed more and more.
There is more to fintech than PayPal! Thankfully the fintech industry has grown and expanded to the point that there are a number of different players in the competitive landscape, all challenging one another to be better and strive further. One company which is particularly noteworthy is Stripe. Its innovative and low-fee approach to processing payments has made it a favorite with shoppers and sellers alike.
There remains a lot of room for improvement in the fintech space and it will be exciting to see what the next few years hold. However, one thing that we can be sure of is that fintech will remain profitable as it is fairly easy to recoup fees from transactions and all ecommerce platforms around the world require fintech of some sort to process their payments.
IT managed storage and cloud
Data collection and storage is now a big business, and it is likely to only get bigger as society becomes increasingly reliant on digital technology and processing. On top of that, more and more countries are rethinking their approach to data protection. Some countries, such as Germany, require domestic data to be kept solely on data processors located in Germany. If more countries follow Germany’s lead, this could result in the data storage industry growing even bigger.
Many B2B buyers are also looking not just for data storage but for a complete solution or package. This gives innovative companies the opportunity to put together product offerings which appeal to certain markets and industries.
Cloud technology is one way in which a diverse group of B2B buyers have started investing in tech solutions. Cloud solutions are still in the relatively early days, and it still stands to be seen how popular (and secure) cloud offerings can be for B2B buyers.
You are likely noticing a certain digital trend – this is for good reason! Nearly every business of any size now needs a full suite of different digital and tech tools, however, most businesses are unable to build bespoke solutions for themselves, and this is where B2B providers step in.
Cybersecurity is incredibly important for all companies which process sensitive personal and financial customer and client data, as they are more likely to become targets for hackers. The right cybersecurity products can protect companies of all sizes and industries, but they certainly are not cheap. These safety and security solutions are definitely something which large companies will invest heavily in, while their smaller competitors may forego them.
While these are the current highest earning B2B industries in the commercial sector today, it is entirely possible that changes could revolutionize the industry and create an entirely new need.