Key Differences In B2C And B2B Marketing
There is never going to be a one-size-fits-all approach to marketing.
Each industry is different, each company is different.
One of the major things to look at when formulating your marketing campaign is the differences between a B2B company and B2C company. The first one is marketing their business to other businesses, while the second one is marketing to the general public – individuals.
The general idea behind the marketing for the two types of companies is the same – bring in leads that you can convert into sales. However, the way you go about forming and executing your strategy can be and often should be very different.
Let’s take a look at those differences:
1. Who You’re Marketing To
Fundamentally, a B2B target audience is completely different to that of a B2C company. In the B2B world, you’re targeting another business which is made up of individuals working towards the common good of the company. This means that you have to first identify your target companies, then work out who the individuals are that will influence the buying decision, and then market to those people as part of the target whole.
In the B2C world, you’re focusing on individuals who have their own wants and needs. You’ll have your ideal target persona and focus your tactics on bringing in as many of those people as possible.
2. Tap Into Logic Or Emotion
When targeting individual consumers, it’s much easier to win them over with an emotional story or connection to what you’re selling. Marketing for B2C tends to focus on the benefits of the product or service and how it will improve their lives. Human emotion will win over logic most of the time.
On the other hand, a buying committee in the B2B world is more likely to look at the exact features of the product or service. They won’t be making an emotional or impulse decision like consumers do in the B2C world because the decision to purchase is made by a committee.
3. What The Customer’s Return On Investment Looks Like
B2B purchases tend to be a lot bigger in nature than those of B2C purchases. For example, a customer is going to look at the long-term ramifications of their purchase when they’re spending several thousand on software for the entire company to use over the individual looking to get their home PC up and running.
This is why in B2B, it’s good to focus on the data of what you’re selling in your marketing campaign. Tell the customer how they’re going to improve their business bottom line.
4. Marketing Costs And The Buyer’s Journey
Another major thing to consider is how much B2B marketing can cost versus B2C marketing. The buyer’s journey in B2B is known to be considerably longer than the average journey in B2C. As mentioned, a lot of B2C purchases are made on impulse. They’re also generally made more regularly because we’re talking about consumer goods like groceries and clothing. B2C customers are used to making quick purchases out of necessity and that means, as marketers, your campaigns cost less per conversion.
In the B2B world, the sales cycle of one customer can take up to 18 months if not longer. The amount of time and money that goes into nurturing just one lead from initial interest through to conversion is significantly more than in B2C. However, the scale of the sale when it eventually comes in usually outweighs the amount spent on the marketing. It’s just more important to continually weigh these differences when working on a B2B campaign.
