Owning a business or having a brand (e.g. your brand say as a marketer, blogger, subject matter expert, etc.) means that at times you will be marketing to consumers, but at other times you will be marketing to businesses. If you think about it, every type of business/brand out there can sell directly to consumers but can also have business-to-business transactions.
Business to Consumer Marketing (B2C)
This is where you market and sell directly to the end-users of your goods and services. These types of transactions have a higher number of consumers but they purchase smaller quantities, the buyer decision process is straight forward because the consumers are making their own decisions, the customer journey has a shorter duration, and the customers typically pay the same prices unless they utilize rewards, coupons, loyalty benefits, etc. These transactions also help you to build direct relationships with your consumers.
Business to Business Marketing (B2B)
This is where you market and sell to businesses. They may not be the end-users of your products and services, there are fewer transactions but much larger quantities are purchased in each transaction, the decision process is more complex as there are often several decision-makers, the customer journey takes a longer time, and pricing varies based on volume, contracts, or negotiations.
These types of marketing and transactions have several differences as I explained above but whether you do B2C or B2B, the biggest similarity is that in both cases you are marketing to people, and your goals will always be to fulfill a need and build a connection and relationship that results in loyalty and return business.
Check out last week’s post