There are major differences between B2C and B2B transactions, and as such, major differences in the way B2C and B2B lead generation ought to be handled. Here we will discuss several differences between the two as well as methods that can be used to improve your B2B lead generation campaigns.
What is B2B?
“B2B” refers to “business to business” sales and describes commercial interactions and transactions between two businesses, such as a manufacturer and a retailer. B2B products are rarely used by individual consumers, and there may be many parties involved in a B2B transaction.
What is B2C?
“B2C” refers to “business to consumer” sales – the exchange of goods and services between a business and a customer or consumer.
Differences Between B2B and B2C Lead Generation
Strategies commonly employed in B2C lead generation may not prove as effective in B2B lead generation. B2B lead generation is typically a more complex, prolonged process than what is found in B2C lead generation. Here are a few methods that can be used to improve B2B lead generation success:
- In B2B, you have to keep in mind not only the decision-makers to whom you are selling, but also the wide variety of factors influencing those decisions. Factors to take into account include industry trends, forecasts, budgetary needs and an often lengthy sales cycle.
- While consumer products are only sold to an individual, B2B usually demands interacting with buying groups or teams. Catering to the specific needs of each individual who influences the purchase decision is crucial in closing sales.
- B2B sales often involves longer buying cycles than B2C, meaning that you will need to develop strategies for long-term nurturing through various tactics including phone conversations, direct mail or email marketing. Keeping a prospect regularly engaged throughout the buying cycle is vital for success of B2B lead nurturing.
- Researching a prospect is an important facet of B2B lead generation. In order to procure quality leads, detailed research regarding a prospective company’s divisions and subsidiaries, as well as the overall industry dynamics, will help generate an effective campaign.
- In B2B lead generation, your prospects may be high-ranking decision-makers such as CEOs and IT managers, meaning that they will expect your representatives to be highly knowledgeable and understand the complexities of their industry. Apply what you have learned through your in-depth research when interacting with them.
- If you outsource your B2B lead generation to a third-party, coordinate with those representatives so that they fully understand your business as well as the prospect’s. Choose a firm that is willing to work with you to develop a quality, long-term relationship and an in-depth understanding of your business’s goals.
A well thought-out B2B marketing campaign may be difficult to plan, but it can have outstanding lead generation benefits for you company. Leave the hard work to the experts at Invenio®. Contact us today to learn more.