Marketing is the lifeblood of any successful business. Businesses commonly spend around 10% of their revenue on Marketing. It’s no secret that the tactics that work in B2B (Business-to-Business) Marketing are different from B2C (Business-to-Consumer). B2B marketing companies have a completely different sales funnel – they’re customer number is less and their sales process is higher tough. In B2C it is often the converse – the customer numbers are more and their sales process can even be facilitated without a sales person intervening (digital). Take a look below at some of the key differences.
In B2B marketing, you’re focused on targeting the decision maker within a particular company. It’s often a 1:1 sell, instead of a 1:many. You’re often looking for a particular job title and you need to understand who the gatekeepers are for that particular role. The ‘size of prize’ is often much larger than in B2C. As naturally there are less customers to target, B2B marketing companies need to think strategically about the lead generation funnel and the role of marketing within it. B2C marketing often has a less ‘heavy’ sales component, the marketing is 1:many which means B2C marketing companies need to have a diverse range of tactics to hit these consumers up to 15 times for them to even become aware of their product.
B2B marketing companies should focus more on digital marketing, SEO (Search Engine Optimisation), AdWords, Blogging, Social Media (in particular LinkedIn – articles are great here) and content marketing to target the decision makers of a business. This involves thought leadership, which is a long-term approach in establishing authority within an industry. B2B companies should invest time and energy into understanding their customer pain points, researching the industry and creating great content. Video content in particular is a great way to optimise reach, credibility and engagement. The other key channel for B2B marketing companies is offline – lead generation tactics such as networking and partnerships to form strategic alliances and drive collaboration, speaking, sponsorship, trade shows and expo’s and events are very effective in this space.
While B2C marketing also relies heavily on digital (AdWords, SEO, Blogging, Social Media content marketing) there are a wide variety of tactics which can be used to create stand out campaigns such as ATL (TV, radio, print, outdoor, catch up TV, PR), events, influencer marketing. In B2C Marketing awareness can be more critical than B2B (where marketing might be used to support a more targeted sales strategy). The best way to create awareness in market it to utilise multiple channels within any given campaign – ATL, digital, content marketing and offline. In the case of both channels – the ART is the key. The tactics are only as good as the content you fill them with – spend time and energy making great content (video in particular). For B2C a focus on value added content such as entertainment and education is key (rather than just pure selling).
It is common for a B2C customer to make a quicker purchase than a B2B customer. However, there are still ‘higher involvement’ products that warrant a longer sales cycle (buying a car). The customer buying cycle traditionally follows the following flow – needs awareness – information search – evaluation of alternatives – purchase decision – post purchase evaluation. For many B2C purchases this can happen in the span of a day. As B2B marketing companies advertise to the decision makers of a business, the path to a successful sale can be much longer. A business is a larger vessel to make a decision with more red tape (the bigger the business, the more red tape). Businesses often evaluate their requirements, weigh up the negatives and positives, receive approval from each decision maker involved such as stakeholders, consider the integration of the product into multiple departments and consider any other factors that would be required once the product has been implemented. It’s vital to have a tailored strategy for your individual market (B2C vs B2B), target audience, product and business strengths. If you are searching for a B2Bmarketing company in Melbourne,reach out to us at VIVO Marketing, one of the leading B2B marketing companies in Melbourne, Australia. We look forward to talking with you.