It is difficult for people outside the industry to accept that B2B marketing is unique. The techniques employed to service this market sector are worlds apart from the standard approaches to consumer-focused marketing.
These differences have a profound impact on the development of each sector’s marketing strategies. Read more below.
Defining B2B marketing
B2B marketing is about the selling of a company’s product or service directly to another company. In B2C, consumers choose the products they want to buy based on price, as well as status, popularity, and other triggers that appeal more to their emotions. On the other hand, B2B buyers make their decision to purchase according to price and potential for profit.
B2B companies buy in bulk, so in terms of a product purchase, they are already different. B2B companies sell products wholesale, so they need to utilise an ecommerce platform that can offer purpose-built solutions for B2B wholesale smoothly and efficiently.
The differences in B2B and B2C marketing
B2B marketing focuses on meeting the needs of other businesses. The audience is different, and their needs are unique to their company, thus the success of a B2B marketing campaign depends on bringing more prospective customers to a company’s website, building engagement, and finally, increasing sales.
In B2B marketing and lead generation, the effort focuses on building personal relationships to establish long-term business relationships. The relationship-building phase in B2B marketing is crucial, particularly during the buying phase. It gives you the chance to prove your brand of business ethics, morals, and practices. The priority of B2B marketing is lead generation, including repeat and referral business.
In B2C marketing, the focus is on transactional relationships. The marketing effort is focused on getting the consumers to buy more products, not on building personal relationships with the customers.
Branding is an integral part of B2B marketing, which is another facet of building a closer relationship with customers. Branding means delivering consistency in product presentations and the delivery of services or products. The company should strengthen brand recognition to allow your company’s personality to be more visible, as this supports lead generation, as well.
In B2C, the prestige that the brand will bring is more important.
Maintaining open communication
While the tactic of appealing to emotions is more applicable to B2C marketing, you can also use this tactic during the client’s decision-making process. You should maintain open communication between you and the client. Use this time to compare your company’s positive aspects versus your competitors to ensure that you can be steps ahead of them. It is during this time that the B2B customer evaluates your company, and often their decision will be based on rational motivations, such as whether choosing your company will be good for their business.
B2B companies operate in a niche market, so it is critical to understand the demographic of your target audience. Understanding your audience means compiling and analysing accurate data, quantitatively and qualitatively. Use your business tools to collect high-quality data, not only regarding your consumers but also your particular sector.
Since the decision-making process from a B2B customer takes longer, support their decision by fielding marketing efforts that will keep your brand on top of the list. Constant communication is important, just like building a firm relationship with your customers is vital to ensuring your company’s success.
Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.