The difference between leads for B2B and B2C is pretty much basic for even the average business owner. However, it never hurts to make a quick review on some of the easily identifiable differences.
Now the first difference is of course, the target market. Obviously B2C is going to be much larger in number compared to B2B. Why is this so is because products for B2C are meant to serve relatively simpler and more private purposes (e.g. cleaning detergent, laptops, toys). In contrast, B2B leads don’t necessarily represent individuals but individual companies. As such, they are much smaller in number but also pay higher than the average consumer.
The second difference is the process in which leads are converted into sales. In B2C, it can happen very, very fast. Take advertising for instance. You see a commercial on TV for this really delicious combo meal that’s being served by a popular fast food chain. Suddenly, you realize you were about to go out and weren’t sure where to buy lunch. In advertising, business owners use the power of suggestion to direct you to their establishment (or one of them) to make a purchase.
This process can happen quickly without too much thought or discussion but this actually occurs in several, rough steps. Remember, there can be a particular distinction between marketing and sales for business people. In marketing (or more specifically, lead generation), you simply point a prospect into the direction of your business. The sale however, then occurs right after when the prospect arrives there and places an order.
It’s much, much slower in B2B markets. In fact, some would say that B2B transactions aren’t so much as making sales as they are making business partnerships between firms. From here, you can see what this implies.
This brings us to the third difference which is the difference between the means of B2B and B2C companies use to generate leads. In B2C, you already have advertising and there’s not much happening between showing a product’s picture and people flocking to the place where that product is being sold. The time it takes for leads to convert into sales generally range from a few minutes to just a few hours.
B2B on the other hand, deals (if not struggles) lengthily with just getting the leads alone. Unlike consumers who have needs that can be easily generalized, company decision makers don’t take kindly to such generalization. They would want to know what makes your product helpful to their business.
For example, suppose you were looking for CRM leads for your ERP software company. You wouldn’t use advertising would you? No, you’d try more flexible and personal means of contacting the people in charge. In case you find yourself unable to bear the costs, you outsource services like telemarketing and have real people individually communicate with your target decision makers to set appointments. It’s only after then, can you worry about making a good enough business presentation about how your product can help their customer service and hopefully make the sale. It’s pretty obvious that with just the meeting part (all to make a single sale) is lengthy in contrast to a customer simply falling in line and placing an order before heading off to enjoy what he/she bought.
Well that ends this brief review and hopefully, you’ll continue to keep the above in mind whenever you need the leads to keep fueling the sales of your business. If you’re a B2C firm, be quick with your advertising. If you’re a B2B group, take it slow with outsourced telemarketing.