Entrepreneurs looking to navigate the exciting world of business-to-business (B2B) sales should be aware of the distinct differences between B2B and business-to-consumer (B2C) marketing. As Tyrona Heath, Director of Market Engagement at The B2B Institute at LinkedIn, points out on the #FACLive Show, “there are a couple of key differences for people to think about” when it comes to these two approaches.
Longer Sales Cycles and More Decision-Makers
One of the most significant contrasts lies in sales activation. Heath explains, “Sales activation is much harder in B2B than it is in B2C. Why is that? Because it takes longer for B2B decisions to be made.” Unlike a consumer picking up a bottle of Coca-Cola, a familiar product requiring minimal explanation, complex B2B purchases necessitate a lengthier sales cycle.
Imagine IBM securing a multi-million dollar IT contract. B2B deals involve more people with a stake in the outcome, requiring “a dozen different touch points needed to close a deal” and “more things that need to be communicated.” These deals are hefty investments, so naturally, a more cautious and collaborative approach is taken.
Building Relationships for Long-Term Success
The emphasis on relationship building is paramount in B2B marketing. Heath emphasizes that “because it’s decisions being made for the long haul, relationship building is so important.” The goal is to establish trust and become the go-to brand for future needs. “Building memories with people so that you’re the brand that’s thought of when it’s time for them to make that decision is incredibly important,” says Heath.
Missed our live conversation with Tyrona Heath? Replay here
Balancing Brand Building and Demand Generation
Crafting a B2B marketing strategy requires a delicate balance between brand building and immediate demand generation. Unlike a catchy B2C jingle that might spur a purchase, B2B requires nurturing brand awareness alongside clear communication of the product’s value proposition.
Heath highlights this by stating, “we have to balance brand building and demand generation…we have to build memory with people, we have to invest in brand, but at the same time, we have to also be there and able to communicate the product itself to capture the demand.”
By understanding these core differences between B2B and B2C marketing, entrepreneurs can craft targeted strategies that resonate with their audience and lead to long-term success.
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