When it comes to marketing your product, a B2C customer is more likely to feel emotional and be subject to buying products on a whim or on the spur of the moment. But B2B customers will be much more logical and seek to make informed business decisions. B2B customers aren't going to look for personalized commodities. For B2B companies, the sales cycle is usually longer compared to B2C.
Your customers need more points of contact with you before they're ready to buy. In general, B2B also takes longer because several people have to approve the purchase decision. They have accounting departments that have to approve the purchase, and it's often a team decision as well. It may take some time before the purchase is approved internally.
In comparison, in B2B marketing, a few sales can make a quarter. B2B buyers look to the long term, which means they spend more time researching and seeking recommendations. The B2C customer is more prone to impulse buying or emotion-driven purchases. The B2B e-commerce world still conjures up thoughts of that dusty website, checking its watch and wondering where everyone is.
Since B2B e-commerce purchases are not as emotionally driven as B2C e-commerce purchases, it is important to provide detailed information about products and services. And with a Forrester report that 83% of B2B companies expect to increase their e-commerce sales in the next three years, it's also an opportunity to grow. B2b marketers learn the complexities of industries they may never have thought twice about before. A company that sells office furniture, software, or paper to other companies would be an example of a B2B company.
Another difference between B2B and B2C is that the B2B buyer will expect their seller to thoroughly understand their industry and be well-equipped to answer difficult questions. B2B organizations didn't have much of an incentive to optimize their customer journey, but this is changing in the current climate. B2B, on the other hand, will be easier for you if you have a lot of experience working in a corporation. To learn more about the future of B2B e-commerce, download the Forrester report, B2B Embraces Its Future of Omnichannel Commerce.
B2B and B2C companies sell their products and services to different audiences, which requires different marketing and sales approaches. The sales cycle is also very different for each environment, as B2B selling is a much more deliberate process. While B2B marketing and sales are primarily focused on building trust, authority, and price leadership, B2C marketing is all about becoming memorable. According to a McKinsey report, 76% of B2B buyers find it helpful to talk to someone when researching a product or service, but only 15% want to talk to someone when placing an order.
At the same time, B2B customers often share their knowledge with suppliers because they want access to external innovation.