Bored of B2C marketing get a chance to learn about the exciting world of B2B marketing. Getting an opportunity to listen to Alex Kim about the B2B marketing was a pleasant opportunity. It helped me learn a lot about the field. Some of the lessons I have shared below in this blog.
B2B marketing is a little different from B2C. It is usually more in-depth and has higher involvement of the stakeholders. Some of it is due to the monetary value of the purchase. Usually, B2B sales have significantly higher monetary value compared to B2C sales. It is a long process; the stakeholders do rigorous research and analysis. It is based more on logic than emotions. To be successful at B2B marketing many companies are applying ABM: Account-based marketing to market their B2b products or services. It is relationship-driven, and it looks for lasting beneficial relationships. One must spend much more time trying to convince the B2B customer. It requires understanding their needs and if required also tweaking the product to honor the client’s demands.
On the contrary, B2C marketing has lower involvement, lower monetary value, and many times a lower frequency of purchase. Considering these factors the companies doing B2C marketing focus more on the group of customers than the individual customers. It requires mass marketing which can be done with help of television, social media, ooh, etc.
Now coming to the digital buyer journey B2B:
The journey is similar to b2c marketing. There is a pipeline listed below that showcases the digital buyer’s journey.
Here it is important to note that the ratio of visitors to winning the deal is less compared to B2C marketing. But the value sales compensate the expenses incurred to target the wide range of prospects.
Intuitively, I understood the difference between B2B and B2C marketing, but I was never able to articulate it. I always wanted to ask a seasoned practitioner how would they define the difference between the two. The best part was the question was addressed before I could get an opportunity to ask him about that. His explanation was quite detailed. Also, I am very excited about B2B marketing as it is the ultimate test of marketing. it is difficult and detailed compared to B2C marketing. I would love to explore a career in this field.
The things that I learned from the speaker were to be open, ask for connections, and invest time and effort into building relationships. I believe these are the foundation of good networking. And networking is not only necessary for getting a job but also for a successful career.
It was a wonderful experience, and the lessons learned would help me throughout my working life.
Reference: Alex (2021) B2B Marketing & The Customer Journey.
