We have all heard of B2B and B2C marketing, but some of us have never truly grasped what the differences are.
Any marketing approach or content aimed at businesses is referred to as B2B marketing. It is used by any company that sells products or services to other businesses.
The target audience is the primary focus of any marketing strategy. As the target audience for B2B and B2C are different, the marketing strategies are as well. It is a frequent misperception that B2C marketing strategies may be used in the B2B market. However, this is not the case.
B2B marketing address the needs, challenges, and pain points of businesses, not individuals. These are not your typical end-users. Instead, they are crucial decision-makers in organizations. Here are some B2B company examples:
- Cybersecurity firms that handle the online security of various businesses;
- Healthcare manufacturers that supply equipment to hospitals and private clinics; and
- Lead generation tools like Sendvilla that offer services to small and medium businesses.
B2C marketing address the needs, challenges, and pain points of individuals. The decision markets are the end-users. Here are some B2C company examples:
- E-commerce stores that sell clothes, jewelry, electronics, etc.;
- Pharmacies that offer medicine to end consumers; and
- Movie streaming platforms such as Netflix that sell subscriptions to viewers.
The goals and purchase motivations of B2B and B2C businesses are vastly different. A B2B market is frequently concerned with ROI and efficiency, whereas a B2C market is concerned with entertainment, convenience, and other factors. Furthermore, the markets’ purchasing motivations are significantly different too. The B2B audience is more concerned with incentives and rationality, whereas the B2C audience focuses more on emotions.
Furthermore, the B2C purchase process is relatively simple because consumers can purchase a product or service directly without any approval or having to wait for clearance. The B2B purchase process, on the other hand, is complex and involves many stakeholders such as account managers, sales teams, etc.
As marketers, we must be aware of the differences and adjust our marketing strategy according to the markets we serve.