B2B industrial marketing or business to business market is different from B2C or business to the consumer market in some ways. So, there is a need to have an insight into the difference between B2B and B2C marketing strategies. It will help you determine a marketing campaign that resonates with your target.
B2 B’s marketing process involves selling your products or services to another business. Therefore, B2 B’s marketing strategy has to concentrate on challenges, needs, and interests of a specific business, even though the product demand of these businesses will possibly be fueled by end-users or the general public. The B2C marketing process involves selling your products directly to consumers. Therefore, B2C marketing strategy has to concentrate on challenges, needs, and interests of the general public.
B2B business occurs on a large level, so email marketing is crucial. Companies approach Luminate to buy Singapore company contacts and expand their reach to close as many deals as possible in less time.
How B2B market is different from the consumer market?
There is some dissimilarity that makes the B2B market different from the consumer market.
The decision-making unit [DMU] is complex
In a home, even complex decision-making depends on small items. Small items like food or clothing purchases involve a single person. In the B2B market, the DMU is too complex. Products with low value and risk are ordered by the office junior, while new plant purchase involves a huge team and that takes a long time to decide.
In B2B communications the target audiences are a group of consistently changing people with diverse interests and motivations. For example, the investors look for a good financial deal, while the health & safety officers desire low risk and the production manager looks for high output. Every person involved in the DMU brings their cultural and psychological stuff while choosing products or suppliers.
The B2B marketer is confronted with the knowledgeable, multi-faceted buyer, so there is a need to demonstrate high-level expertise, diligence, as well as patience while negotiating with DMU and lessen the concerns of decision-makers [financial, technical, production, etc.].
The DMU is more balanced
B2B buyers are more logical because they don’t make buying decisions based on emotions. On the other side, consumers are less accountable and less well-informed, so they are vulnerable to indulgences, whims, and show-off. A B2B buyer does not desire to risk their brand reputation investing in unreliable products or services. Therefore, the emotional problems like trust and security becomes extremely crucial. For B2B marketers focus on product’s ROI because financial incentives and lucidity drive B2B business decisions.
The B2B product is more complex
Just like complex DMU, B2B products are also complicated. Buying consumer products hardly need expertise but industrial product purchase always needs a qualified expert. Industrial products are always customized and need professional fine-tuning. You cannot choose an industrial product that looks just nice. It involves an array of safety, productivity, and technical issues.
B2B marketers have to be comprehensively informed about the product or service they are going to sell. They need to be aware of the technical details as well as the after-sales problem resolution.
In B2B market personal relationship is crucial
B2B suppliers have a small target audience that will regularly purchase, so the marketers need to build personal relations to develop trust. B2B relationship building can have consequences on the marketing budget because the focus is on cultivating connections with the limited target audience in comparison to the quantity-driven, transactional approach needed in consumer markets.
B2B buyers are long-term purchasers
In the B2B market, the long-term purchase means repeated buying associated components and parts. Besides, there is the after-sales support needed from the B2B supplier. For example, a fleet of vehicles, a computer network, a photocopier, etc., will need extensive post-sales service than the one car or home purchased by a consumer.
Repeat purchases in B2B also need ongoing expertise associated with the installation or implementation advice, which is possibly less in demand among a single customer.
Therefore, B2B buyers are called long-term purchasers and as there are limited business customers, they are valuable. So, marketers need to understand the significance of building relationships in the B2B market, especially with their main customers as well as the sales team has to be technically focused.