B2B vs B2C Marketing: How the Two Strategies Differ
The world of marketing is constantly evolving, where trends are never static. It is important to understand your audience’s behavior in order to see your business succeed. Take this trend for instance, almost 50% of business queries are made via smartphones, a figure that is expected to rise to 70% by 2020. Mobile influences more than 40% of the revenue of leading organizations, says an article on Blue Corona. Such behavior helps identify which channels and platforms to use for targeting the right audience for your business.
To identify the right channels, it’s important to understand the difference between marketing for B2B (business to business) and B2C (business to consumer) companies.
What is B2B Marketing?
Business to Business marketing focuses on the result-oriented features of your product offerings and why other businesses should invest in them. The core of any marketing strategy must include analyzing and optimizing digital campaigns – including ad category segmentation. The basic questions to keep in mind in the case of B2B marketing are:
- Will the products add concrete value to the customer’s business?
- What role will the products play in the client’s business growth?
B2B marketing is a lot about the organization that is purchasing the product, rather than the one creating it. This means that marketing has to be based on robust research on the business sector that you wish to target. What are their pain points? How does your product resolve them?
What is B2C Marketing?
Business to Consumer marketing is focused on individual consumers. Here, the focus is on building an emotional connection with the consumer. The message needs to be simple and should talk about results and benefits of using a product. The consumer is looking for ways to make their lives easier. Here too, while you focus on pain points and solutions, the story needs to be identifiable by your target audience.
What Makes B2B Different from B2C Marketing?
- B2B purchases are knowledge-driven, whereas B2C are emotionally driven. B2B audiences want to be well informed and educated before investing in products and services. They think critically and make decisions based on need, timing, and ROI. B2C customers allow emotions to color their decisions. If your brand tells a good story that engages the consumer, you could even trigger impulse buying.
- Various departments might need to approve purchase decisions in the B2B scenario, making the process lengthy. B2C deals with one individual who makes the buying decision. It is usually a shorter buying cycle, unless it means a large investment.
When marketing activities are focused on influencing purchase decisions and target distinct audiences, you can enhance chances of closing deals and making sales, while also establishing long-term relationships with your customers. Brand loyalty can then play a big part in a company’s growth.