When it comes to monetary value, B2B or business to business markets outshine the B2C or business to consumer market globally. There is much more opportunity in B2B marketing than we can fathom. That’s why B2B marketing is essential and should be given more focus. But unfortunately, leading companies only think about B2C instead of B2B. Why would you go fishing in the pond when you have a greater scope to fish in the sea?
You may wonder why a buyer should focus more on B2B instead of B2C; here’s the view to make the argument in our favor –
Fig 1: B2B vs. B2C Order Value (Source: Soundcloud).
B2B Buyer’s Decision-Making Process:
Before moving to the buyer’s journey, we must understand that the buyer’s decision-making process is different from the B2B market. In the B2C market, the consumer goes through a series of other techniques before finally making a purchase decision. In the B2C market, the buyer’s decision-making process is quite popular. Still, people often forget about the decision-making process in the B2B market.
Let’s look at a few things first that differ the B2B buyer’s decision-making process from a B2C buyer’s decision-making process –
The Purchase Decision Is Made Collectively, Not Individually.
The most significant difference is that B2-B purchase decisions are made by a group of people, unlike B2C, where the consumer makes his decision individually. B2B marketers are often selling to a team rather than an individual, and every team member plays a part in the decision-making. Thus, it makes the decision-making process quite complicated.
Purchases Are Usually Bigger.
B2B purchases are usually made in bulk. The companies purchase a larger volume of products at a time. So, the decision-making processes are longer and more complex, and every tiny detail matters because of such large volumes involved.
The Sales Cycles Are Lengthy.
Due to the more significant amount of product and finances involved, the B2B sales cycle takes more time than B2C sales. A more substantial deal can take 6-12 months for B2B marketing.
B2B Buyer’s Journey:
As we know the difference between B2B and B2C decision-making processes, let’s look at the buyer’s journey in B2B marketing.
A 3-step buyer journey is mainly recognized by people, which includes,
But we think there are seven steps in a modern buyer’s journey in B2B marketing –
So, these are the seven steps a modern buyer goes through when it comes to B2-B Marketing. From a marketer’s point of view, it is essential to know these stages and understand what stage a potential buyer is in. This will make it easier to pursue clients to make a purchase decision.
But still, I would say higher possibilities of growth bring the path harder than usual. How’s that? Is B2B Marketing that easy to do? Well, you better check that out.
Then what are you up to – B2B or B2C marketing? Well, maybe a bit confused like everyone used to be. I understand, but one thing I can assure you, with applying proper strategies, your struggles will be over instantly. How would you find those strategies? If you are interested in business and want to make a business plan, you could read how to Sketch Your Business Plan Better In Less Time? And don’t forget to comment on our article about Modern Buyer’s Journey in B2B Marketing.