Key Differences Between B2B and B2C Marketing
As any business owner will know, effective marketing is a key part of the success of any company no matter what the size. Businesses these days use a wide range of different marketing methods in order to boost awareness, engage with customers, and increase their bottom line. For those who have responsibility for marketing, it is essential to develop tailored marketing strategies that fit in with the aims and goals of the company.
The various marketing methods that are used by businesses these days include:
• Social media marketing with posts that can be shared
• Email marketing by sending out updates, email newsletters, and special offers
• Promotions and offers on the company websites
• Print media marketing in magazines and newspapers
• TV marketing by creating impactful advertisements
• Marketing through blogs via the company website
The various strategies that are used by marketing experts include B2B (business to business) and B2C (business to consumer) marketing. Both of these methods can prove effective but the one that you need to focus on will depend on the goals that you want to achieve as a business and your main customer base. While some businesses have a main focus on increasing awareness of their brands, saving time, and saving money, others are more focused on gaining, retaining, and impressing customers. This is where B2B and B2C marketing comes into play.
How do these two marketing strategies differ?
Although these two marketing strategies may appear to be similar, there are some notable differences in terms of what they hope to achieve. The main differences when it comes to B2B and B2C marketing are:
What the marketer’s goals are: Those responsible for marketing need to determine what their goals are before deciding on which method is going to be best for the business. As mentioned earlier, B2B marketing is all about increasing brand awareness and saving money whereas B2C marketing is more about customer satisfaction and retention.
Tactics and priorities: Because the aims and goals of these two marketing strategies are different, the tactics used and the priorities for marketers also differ. The tactics and priorities for a B2B marketer will be all about brand awareness and assets while for a B2C marketer it will be connected to the provision of excellent service and impressing the customer.
Problems and issues: These two marketing methods also come with different issues and challenges. Constraints in relation to business budgets can affect both B2B and B2C marketers. However, data suggests that financial issues are more of a problem for B2C marketers while B2B marketers tend to face issues relating to converting leads into sales.
Channels that are utilised: Another key difference between B2B and B2C marketing is the platforms and channels that are used by marketers. Both types of method use email marketing as part of the strategy. However, B2C marketers are more likely to use marketing methods such as direct mail to connect with the target market whereas B2B marketers focus more on online marketing including social media marketing posts that can be shared with others as well as on major news sites like cnn news.
The use of customer data: All businesses use customer data in one way or another. Both B2B and B2C marketing involves the use of customer data but this information is used in different ways. In B2B marketing, predictive analytics is often used to enable marketers to create detailed customer profiles and then customise offers accordingly. With B2C marketing, the focus is often on segments or groups instead of individual customers, which means that the data that they hold is analysed and used in a different way.
The impact on bottom line success: It is also worth nothing that there is a considerable difference in the impact that these two types of marketing have when it comes to business revenue. Year-on-year revenue growth is significantly higher with B2B marketing than with B2C marketing. Data shows that this growth is 250% higher with companies that use B2B marketing compared to B2C.
The number of people involved: In B2B transactions, there are often far more people involved than with B2C transactions. This means that the marketing process may be more involved for B2B businesses because they may have to liaise with more people while B2C businesses generally deal with individuals.
Logic and emotion: Because B2B marketing is targeted at businesses and professionals, purchases tend to be made using logic. This is something that is taken into consideration when the marketing strategy is being put together. With B2C transactions, there is far more emotional involvement so this needs to be taken into account when forming an effective marketing plan.
What target audiences will be looking for: The information and benefits that target audiences will be looking for with B2B and B2C marketing also differs. B2B customers will be looking for things such as financial benefits, time saving benefits, and other key factors that will have a positive impact on their own business. However, with B2C marketing you need to focus more on the individual attributes and benefits of the product or service you are trying to sell, as this is what customers will be interested in.
The language used: Even the language that is used with these two different marketing strategies is different. With B2B marketing, business jargon can be used as part of the marketing copy because it is aimed as businesses. However, the language used with B2C marketing needs to be clear and simple so that individual customers can relate to it. Far more emotion has to be put into B2C marketing language than with B2B.
As the above information shows, there are many differences between B2B and B2C marketing. When forming a marketing strategy, it is important to note these differences so that you can adapt your marketing materials and approaches to your target market. This can help to enhance the effectiveness of your marketing plans and help your business to achieve its goals and targets.