B2B Vs. B2C Marketing
Marketing isn’t something you can copy and paste to your various target markets. B2B marketing is completely different than B2C marketing.
Today we will go over the differences between B2B marketing and B2C marketing.
Relationships With B2B and B2C Customers
Your relationships with your business customers are going to be totally different than your relationships with your average joe. In B2B marketing you are going to have a close relationship with your customer. For the most part in B2B relationships, the service or product that you sell is going to be of larger value than what a normal customer buys from you. There are going to be contracts and specific terms, as is the case in interim executives or consultancy companies. Because of this, you need to have a close relationship with your B2B customers.. Your B2C customers typically buy your product, and that is the end of the relationship.
Sensitivity to Price
Business consumers aren’t to concerned about the price of your product. If they deem your product will benefit their company, then they will go ahead and buy your product even if the price is a little high. Average consumers are the complete opposite. If your price is too high, then they will most likely go to a competitor, regardless if your quality is superior.
Level of Risk
In B2C deals, usually the purchase takes anywhere from a few seconds, to a few minutes. The reason for this is because B2C sales are more impulsive. When you go to a fast food restaurant, you don’t weigh the pros and cons of a chicken sandwich compared to a turkey sandwich, you buy the one that you have a craving for. On the other hand, B2B sales take a lot of time. They can take anywhere from a few days to a few months to compromise and accept a deal. This is because B2B deals are more risky, since they cost a lot, and the relationship between you and your business customer could last for a few months, depending on the contract.
B2B marketing and B2C marketing are 2 different beasts. They each value different things, from their sensitivity to price, to the relationship they will have with you.