Business-to-business (B2B) and business-to-consumer (B2C) are two terms that are hardly new, but somehow continue to get mixed up. In marketing, understanding the key differences between the two can save time, increase sales and eliminate confusion. By now, the majority of marketers understand that one is catered toward businesses, whereas the other is for the consumer audience. Let’s dive a little deeper, and focus on three key differences.
It should come as no surprise that your marketing approach needs to be different. In B2B, marketers need to take an “attention-retaining approach.” Focus on prioritizing lead generation for the long term, which includes creating ideas that expand the brand – thought leadership articles from the CEO, whitepapers, etc. On the other hand, B2C marketers should take an “attention-grabbing approach.” Brand awareness is key, and a great way to garner this attention would be to utilize influencers for product reviews.
Consider your prospective buyers! Consumers and businesses purchase for entirely different reasons. Since B2B focuses more on logic, showcasing the knowledge and ROI behind the product can be helpful. Keep in mind that B2B requires marketing to not just one decision maker, but a chain of command. In contrast, B2C purchases are typically quick, requiring the “yes” from one person and are almost always emotionally-driven.
As mentioned, B2B purchases are decided through a chain of command. Instead of educating one person about a product, marketers need to educate several. If this wasn’t challenging enough, the buying cycle is longer and the cost of a sale is often more expensive than in B2C. This is not to say that B2C marketers face zero challenges. For B2C, these purchases are all about immediacy and keeping up with the customer journey. The biggest challenge would be to maintain positive reviews and information about the product across different platforms.
In the marketing world, there is no one-size-fits-all approach. This is especially true when dealing with B2B and B2C tech. The first step is to find an agency that understands the key differences. Luckily for you, UPRAISE has experience in both!