A business goes through several steps to gain revenue. The first is to come up with an idea for a product or service. Next, the item is designed, tested, and readied for market. Once this happens, the business must market the item to potential clients.
These could be part of a business-to-business (B2B) model. On the other hand, the company could market via business-to-consumer (B2C). To understand these concepts a bit more, here are 6 key differences in B2B and B2C marketing tactics.
1. The Selling Process
B2B companies sell directly to other organizations. Usually, they provide an item the other one needs, such as a part for a manufacturing machine. It could even be a supplier of managed service providers, MSP marketing that executives call for outsourced IT. In this case, a company like TechnologyMarketingToolKit is the place that initiates B2B selling tactics.
On the other hand, Germany B2B Platform their wares to the general public. For instance, a print-on-demand entity promotes its t-shirts and other apparel to individual buyers. Another example is a real estate agency that markets its services to potential home buyers.
B2B marketing doesn’t cater to a company’s employees. Rather, it focuses on the key decision-makers. These are normal people at the executive management level or company owners. These are individuals who have access to budgets and financials to determine if the service or product is affordable.
Conversely, B2C marketers cater to anybody who has the potential to utilizes their products. This doesn’t mean they develop campaigns for a broad audience. Instead, they limit their promotions to a variety of demographics. This could be by age, sex, or financial status.
Today’s marketing focuses on the story behind the business and the products it creates. Companies design stories about their brand to encourage would-be customers to make a purchase. However, the emotions they try to invoke differ between businesses and customers.
B2C marketing targets the consumers’ emotions. It’s about the product’s value and how it relieves a certain desire in their life. B2B marketers take the logical approach to storytelling. In other words, they need to let the decision-makers know how their product or service improves their bottom line, increases productivity, or makes their digital infrastructure more secure.
Readability is a major consideration in both B2B and B2C marketing. You must get your message through in a manner that minimizes complicated jargon. In turn, the business or consumer has a clear idea of what they’re buying.
This level of simplicity differs slightly between B2B and B2C. When marketing to the former, there’s more of an effort to include the processes to make it work. In the case of an Enterprise Resource Planning (ERP) application, there’s some need to market the module types and their respective offerings to consolidate company operations.
Basics are what’s needed in B2C marketing tactics. They must ensure the company’s products are the natural solution. It doesn’t need to address a pain point. Most of the time, B2C focuses on wants instead of needs.
5. Return On Investment
Businesses don’t buy items on a whim. Whatever they purchase must have a respective return on investment (ROI). In simpler terms, what the organization buys has to pay for itself within a short time.
Regular consumers don’t tend to rely on ROI when they make purchases. Thus, B2C marketing tactics focus on entertainment values and other exciting parts related to the purchase. This could include additional incentives to freshen the deal.
6. Product Costs
Business purchases are neither small nor quick. Major investments require planning and income generation to buy the product or service. Thus, B2B marketing looks at the long game. It continues to address executive concerns and improve on its initial offerings.
B2C tactics focus on immediate return. As many items are purchased on impulse, consumer marketing looks at short-term prospects. Someone who likes an outfit probably won’t wait until they have the budget. They’ll take advantage of the current deals and incentives for a quick turnaround.
As you see, there are several differences in B2B and B2C marketing tactics. Yet, they have one thing in common — their goal is to serve a sector of the public. It’s the main way to increase their revenue and respectability.