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When it comes to marketing in general, you may have heard of the terms business to business (B2B) and Business to consumer(B2C) businesses. You may even already know what they mean. However, you may not be as familiar with B2B or B2C marketing strategies, or a business to business marketing agency. So, what do they even mean? What are they referring to? Basically, these marketers attempt to grab the attention of two different types of audiences. While there are similarities between the two, how they engage with their audience can be slightly different. Here, we break down a few of their differences below, so you have a better understanding of what each of them entails. This way, you are less likely to get mixed up between the two types of marketing!
What is B2B vs B2C
As stated above, B2B stands for business to business. That means it describes businesses whose main customers tend to be other businesses or companies. As such, all their marketing efforts tend to be directed towards the interests, needs and challenges of their customers – who tend to make decisions and purchases on the behalf of their companies, instead of for themselves. For example, a recruitment software company may sell their services and tools to HR departments, whilst an interior design agency may specialise in designing office spaces.
Whereas B2C stands for business to consumer. This means these businesses sell directly to individual consumers, rather than professionals or organisations. Therefore, all their marketing efforts tend to target the interest, needs, and challenges of individual everyday people. For instance, a music platform may sell streaming subscriptions to individuals, or an online toy shop sells toys.
While these examples may seem simple at first glance, in reality, the line between what is considered B2B and B2C can interact. For instance, the interior design agency may also design interior rooms for homebuyers. In fact, some businesses may offer B2B and B2C services or products!
Differences in B2B Marketing
So, B2B and B2C marketing differ mainly in the terms of their audience and how the business will communicate and target them. Overall, while B2C marketing focuses on creating enjoyable and relatable content, in addition to quick solutions, B2B marketing focuses more on creating longer-lasting relationships and providing a good product that returns the investment of a customer. Here are a few more major differences that we have listed below.
ROI matters
When it comes to one’s return on investment (ROI), this matters greatly for B2B marketing. This is because B2B customers tend to seek expertise and efficiency, especially if they can cut back on costs. As a result, the B2B purchase process tends to be driven more rationally and logically, in addition to any financial incentives. So, most people in the company will be asking what the product’s ROI is, and how will the business benefit from purchasing this product or service. After all, the customers, who are making purchases on behalf of the company they are employed at, will only buy things that are guaranteed to benefit the business.
Detailed content is required
Most B2B buyers expect detailed content and impeccable customer service. They are looking to be catered to by both marketing and sales teams. So, it is always good practice to include more things about your product or service upfront than not doing so. For example, make sure to answer: what can this product or service do for the company? What can it not do? What does the customer have to know or do in order to achieve success with this particular product or service? On the other hand, B2C buyers may find the extra information to be trivial or unimportant, and it may actually impede them from making a purchasing decision in the first place!
Customers want to be educated
Much like the above point, B2B customers are looking to be educated on what your product or service does. They want to look like they have all the answers when they report back to their organisation. However, in order for them to know they have made a good investment, they need to have the right knowledge and understanding about your product or service. B2B content marketing can help with this step –as most content tends to be informative and educational. This means audiences are likely to think critically about the industry, and because they see that you have a lot of expertise, they are more likely to trust you and make a purchase decision.
Have a much longer chain of command
Because B2B customers tend to buy things on behalf of a company, this means there is a longer chain of command for approvals to occur. This is because everything needs to go through corporate bureaucracy – from procurement, department and accounting heads. While individual B2C customers can make quick and speedy choices due to only buying on behalf of themselves, B2B customers need to get approval from their managers and bosses, before money changes hands. So essentially, you are technically not just marketing to one person, but everyone up the chain of command!
Buying cycle is much longer
As stated above, B2B customers generally need to get approval from their department heads before a purchase can go through. This means the B2B buying cycle is a lot longer. Therefore, B2B marketing needs more lead nurturing and close attention to the user experience. Because decisions are generally made for the company’s long-term benefit, the process B2B buyers go through when evaluating whether a product or service is suitable is a lot more complex. B2B businesses, therefore, need to be patient, and should also create marketing content that addresses the different stages of their buying cycle.
Contract tends to last longer
Most B2B purchases are not just a one-and-done thing. Most B2B companies maintain ongoing relationships with their customers. For example, a digital marketing agency may subscribe to a marketing analytics platform long-term. This makes B2B purchases a much more significant decision for clients. Therefore, when it comes to marketing, try to put yourself into your customer’s shoes. Make sure to consider what long-term projects a customer may use your products or services for, and whether their needs will evolve over time.
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