Do you know who your customers are? What makes them tick and why they buy from you? Do you primarily sell to consumers or other businesses? Knowing who’s buying from you and what solution you provide for them, can increase your sales and the overall satisfaction of your customers.
For instance, take B2C and B2B businesses:
Business to consumer (B2C) cater primarily to consumers. Examples include retail, entertainment, food and beverage sellers.
Business to business (B2B) cater to other businesses. Examples include office supply companies, businesses that manufacture components for other manufacturers (e.g. of computers or vehicles), or provide professional services such as web design, legal, and financial services.
Key differences:
Buying decisions: B2C businesses tend to make buying decisions quickly, and may be influenced by emotion. B2B businesses need more time to seek approval from management, and their buying decisions tend not to be influenced by emotion.
Marketing: B2C businesses typically use tv and radio, and consumer magazines, as marketing media. B2B businesses use trade and technical shows, industry publications and sites. They both use social media but the channels they use, and how they present their brands, will differ.
Message: B2C businesses stress low price, the feel-good factor, and FoMO (fear of missing out). B2B businesses focus on value and service, and may also reference the trust built up long-term.
There are grey areas, naturally. Consumers, as well as businesses, use office supply companies. Cleaning businesses may service offices as well as private homes.
When was the last time you analysed who your customers are, and segmented your marketing and sales approaches based on the B2C and B2B businesses in your customer base? Call us if you would like help getting started.