Details on the B2B Marketing Process
First and foremost, what is B2B? B2B (business to business), according to TechTarget, ‘is also known as e-biz and is the exchange of products, services or information (commerce) between businesses’ – which is very different from B2C or business to customers. From marketers’ perspective, B2B would mean that the customers are the business owners themselves and the product to sell would be beneficial to their respective businesses. Meanwhile, in B2C, the customers are the end users – and the product to sell would be used by the end users themselves.
On the other hand, here is a quick overview on the difference between B2C and B2B:
|Target Market||Large||Small (Very Specific)|
|Purchaser/s||Single buyer||Many (Decision Makers)|
|Buying Process||Single step||Many steps|
Knowing the basic difference between B2B (business to business) and B2C (business to consumer) will tell you that your target audience are totally different. Kindly note, that clients in B2B are well versed in the business and might be a tad harder to convince as they will be meticulous on the products/services that you are offering.
In a previous article published on 72 Solutions entitled ‘Surprising B2B Facts You Need to Know this 2016’, it states there that “it is not only in outbound B2B prospecting that trends have affected the market. In a recent article by Lee Odden, CEO of Top Rank Marketing, he cited 140 jaw-dropping revelations in B2B content marketing based on the 6th edition of B2B Content Marketing – 2016 Benchmarks, Budgets and Trends – North America as released by the Content Marketing Institute. One surprising fact was, although the top content marketing tactic is lead generation through social media (at 93 per cent), the most effective tactic on the other hand is in-person events followed by webinars and webcasts.”
To begin with, here is a teaser for the surprising facts relating to B2C as shared by The Marketing Insider Group prior to proceeding to B2B: ‘Consumer’s average attention span is 8 seconds – 1 second less than a goldfish – dropping four seconds since 2000’. Tough as it may seem, it is the reality that marketers have to face due to increasing market saturation and consumers becoming overly accustomed to old school marketing technique and ordinary sale pitches. On the other hand, there is a definite difference between B2C and B2B Marketing. Although the B2C market is getting tough, B2B on the other hand is becoming promising: “eMarketer estimates that the US adult email audience will reach 203.8 million by 2017.”
Moreover, when it comes to lead generation, Marketing Profs cite that the most effective tactics in B2B lead generation are the following: inside sales, executive events, telemarketing, tradeshows and conferences, and email or electric newsletter. Aside from email marketing (i.e. email blasting), social media is also becoming an effective tool in lead generation. According to Reach Force: 44 per cent of B2B marketers have generated leads via LinkedIn, whereas only 39% have generated leads through Facebook and a rough 30% through Twitter. Why LinkedIn? In a report published by LinkedIn, it cites that the two biggest reasons why professionals access content on LinkedIn is to ‘keep up with industry news’ and ‘discover new ideas within the industry’ – 78 per cent for the former and 73 per cent for the latter.