Molly Ayala
General Electric Company (GE) is an American multinational conglomerate founded in 1892. The company has multiple divisions, including aerospace, energy, healthcare, lighting, locomotives, appliances, and finance. GE has been ranked among the top 10 brands worldwide and has had success with its B2B marketing. This paragraph will explore the topic of whether General Electric is a B2B company by examining its business model, products, and services.
| Characteristics | Values |
|---|---|
| Type of company | Multinational conglomerate |
| Year founded | 1892 |
| Headquarters | Boston |
| Divisions | Aviation, healthcare, energy |
| Former divisions | Appliances, financial capital, locomotives, lighting |
| Ranking | 64th in the Forbes Global 2000 (2023) |
| Revenue | $19 billion |
| Number of wind turbines | 55,000 |
| Number of gas turbines | 7,000 |
| Annual number of patients served | 1 billion+ |
| Installed base equipment | 4 million+ |
| B2B marketing | CMO Linda Boff |
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What You'll Learn
GE's B2B marketing strategy
B2B marketing is critical to General Electric (GE), a company made up of five major divisions, each with its own unique products and services. GE's B2B marketing strategy has contributed to its success in targeting a large business audience and securing its position as one of the top 10 brands worldwide. Here is an overview of GE's B2B marketing approach:
Understanding the Buyer's Journey:
Brand Positioning:
GE positions itself as a "125-year-old startup," emphasising its long history of innovation and its ability to create a better way, following in the footsteps of its founder, Thomas Edison. This positioning highlights GE's experience and stability while also conveying its adaptability and forward-thinking approach.
Embracing Digital Transformation:
GE understands the importance of embracing new platforms and connectivity. By leveraging the teaming of hardware, software, and analytics, GE unlocks, collects, and delivers valuable insights. This approach has significant implications for productivity and efficiency gains for both GE and its customers.
Expanding Marketing Strategies:
GE's B2B marketing is not limited to traditional direct and outbound techniques. They recognise that today's buyers turn to search engines and digital resources to find solutions to their work-related challenges. As a result, GE utilises a wide spectrum of marketing strategies, including digital and online channels, to stay competitive and reach their target audience effectively.
Research-Driven Approach:
Research is the foundation of GE's B2B marketing. They conduct comprehensive marketplace and brand research to make informed decisions. This research helps them understand their clients' needs, improve their processes, and develop relevant services. By knowing their customers, GE can better address their challenges and provide tailored solutions.
Targeted Marketing:
GE outlines its ideal customer profile and Total Addressable Market (TAM) to ensure precise targeting. They set actionable goals for their marketing team members and track B2B marketing metrics and KPIs to optimise performance. GE also focuses on offering unique value propositions that set them apart from their competitors.
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GE's renewable energy business
General Electric (GE) is a B2B company that operates in the renewable energy sector through its subsidiary, GE Renewable Energy. GE Renewable Energy is a global business with a presence in 80 countries and offers a diverse range of products and services in the renewable energy space.
The company's renewable energy division includes onshore and offshore wind energy solutions, blades, hydro, storage, and utility-scale solar programs. With approximately 57,000 wind turbines and 7,000 gas turbines, GE's technology base helps generate approximately 25% of the world's electricity. This significant market share highlights the company's impact and influence in the renewable energy industry.
GE Renewable Energy's success is built on innovation and a commitment to sustainability. The company strives to accelerate the transition to more reliable, affordable, and environmentally friendly energy solutions. By leveraging its diverse portfolio of leading technologies, GE is working to electrify the world while simultaneously reducing its carbon footprint. This dual focus on performance and sustainability aligns with the increasing demand for clean and efficient energy solutions globally.
The company's B2B marketing strategy has also played a crucial role in its success. Through effective marketing, GE has positioned itself as a leader in digital industrial solutions, emphasizing software-defined machines and connected, responsive, and predictive technologies. This approach has helped GE Renewable Energy establish itself as a trusted partner for businesses seeking innovative and efficient energy solutions.
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GE's wind turbine products
GE Wind, a division of GE Vernova, manufactures and sells wind turbines internationally. In 2018, GE Wind was the fourth-largest wind turbine manufacturer in the world. The company's wind turbine products include onshore and offshore wind turbines, blades, and utility-scale solar programs.
GE entered the wind turbine business in 2002 with the acquisition of Enron Wind, the only surviving US manufacturer of large wind turbines at the time. Since then, GE has made several strategic acquisitions to expand its wind turbine portfolio. In 2009, GE acquired ScanWind, and in 2011, it acquired Wind Tower Systems LLC, a manufacturer of space frame wind turbine towers. In 2015, GE's acquisition of Alstom's energy-generating assets brought the 6-megawatt 'Haliade' offshore turbine to its portfolio, one of the world's most powerful turbines at the time.
In 2018, GE announced it would begin testing the world's largest wind turbine, the Haliade-X, at its facilities in Blyth, England. The Haliade-X is a 12-megawatt turbine that underwent extended testing at the Østerild Wind Turbine Test Field in Spring 2016. A prototype installed at the Port of Rotterdam produced 288 MWh in 24 hours in February 2020, and a 14 MW prototype started there in October 2021. GE and Hyundai also agreed to build a Haliade-X factory in South Korea.
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GE's history and formation
General Electric Company (GE) was founded in 1892 and incorporated in the state of New York, with its headquarters in Boston. The company was formed through the merger of the Edison General Electric Company and the Thomson-Houston Electric Company, with support from Drexel, Morgan & Co. Thomas Edison, the renowned inventor, had business interests in several electricity-related companies, including the Edison Lamp Company and the Edison Machine Works. Henry Villard, an Edison supporter and investor, proposed consolidating these interests, and Drexel, Morgan & Co.—a company founded by J.P. Morgan and Anthony J. Drexel—provided the financing and facilitated the merger.
Around the time of its formation, GE's Canadian counterpart, Canadian General Electric, was also established. The following year, in 1893, GE expanded further by acquiring the business of Rudolf Eickemeyer in Yonkers, New York, gaining access to his patents and designs. In 1896, GE was listed on the newly formed Dow Jones Industrial Average, remaining a part of this index for 122 years, albeit not continuously.
Over the years, GE diversified into multiple divisions, including aerospace, energy, healthcare, lighting, locomotives, appliances, and finance. The company established its lighting division headquarters at Nela Park in East Cleveland, Ohio, in 1911, after absorbing the National Electric Lamp Association (NELA). In 1919, GE's then-general counsel and vice president, Owen D. Young, founded the Radio Corporation of America (RCA) as an international radio communications venture. RCA served as GE's retail arm for radio sales.
GE has a rich history of innovation and has ranked highly in various global rankings. Two of its employees, Irving Langmuir and Ivar Giaever, have been awarded the Nobel Prize. In 2020, GE was ranked 33rd among the Fortune 500 companies in the United States by gross revenue. However, the company has also faced challenges, such as underperformance in the market and the need to sell off divisions, particularly following the Great Recession in the late 2000s.
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GE's ranking and performance
General Electric (GE) is one of the top 10 brands worldwide according to most rankings. The company's value increased by more than $300 billion under former CEO Jack Welch, making it the world's largest company at one point. Fortune Magazine named Welch the "manager of the century" in 1999. Welch's approach to management, which included a "'rank and yank' policy of employee performance evaluation, was highly influential. However, GE has more recently shifted away from this policy, abandoning formal annual reviews in favour of more frequent feedback via an app. This change reflects a broader trend among high-profile companies like Microsoft and Adobe, and it remains to be seen how it will impact GE's ranking and performance in the long term.
GE's head of human resources, Susan Peters, has acknowledged the influence of millennials on the company's decision to move away from annual reviews. She attributes this shift to the preference of younger employees for more frequent and faster feedback, enabled by mobile technology. This change also aligns with GE's increasing focus on high-tech and industrial businesses, such as power and water infrastructure, advanced jet turbines, and imaging equipment. By the end of its transition, GE expects industrial businesses to provide over 90% of its earnings.
While GE's ranking and performance have been closely tied to its management practices, the company has also benefited from its position as a leader in digital industrial solutions. GE has emphasised software-defined machines and solutions that are connected, responsive, and predictive. This focus on connectivity and digital transformation has the potential to drive significant productivity and efficiency gains for the company and its customers.
In summary, GE's ranking and performance have been influenced by its management practices and its position as a leader in digital industrial solutions. While the company has historically been associated with rigorous performance evaluation systems, it is now moving away from formal annual reviews towards more frequent feedback. This shift reflects changing workforce demographics and GE's increasing focus on high-tech and industrial businesses. The impact of this transition on GE's ranking and performance remains to be seen, but it underscores the company's adaptability and willingness to embrace change.
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Frequently asked questions
Yes, General Electric (GE) is a B2B company. GE has a B2B marketplace that includes wind turbine products from GE and other original equipment manufacturers. GE Renewable Energy created a user-friendly B2B storefront with the help of Deloitte Digital.
In 2023, GE Renewable Energy stated that it is a $16 billion business. In the same year, GE was ranked 64th in the Forbes Global 2000. In 2019, GE's annual revenue was ~$19 billion.
General Electric has multiple divisions, including aerospace, energy, healthcare, lighting, locomotives, appliances, and finance. GE Renewable Energy offers onshore and offshore wind, blades, hydro, storage, and utility-scale solar programs. The company also has ~55,000 wind turbines and ~7,000 gas turbines, generating ~30% of the world's electricity.
