Generating quality leads is key to a successful business. It is a cost-effective way to raise awareness about your brand, reach the target audience, and improve sales figures. This is why lead generation is important in scaling your business.
When it comes to lead generation, the type of customer impacts the strategies you plan to use. While reaching both B2C and B2B markets is similar in approach, there are differences in successfully generating leads.
How is B2B Different From B2C?
B2B means business to business, while B2C stands for business to customers. In B2B, companies offer products and services to other companies, while B2B involves providing offerings to individual consumers.
The lead generation methods for B2B and B2C are alike, but the process may vary, depending on the audience you’re targeting. Here are some of the key differences between the two:
Regardless of the industry, knowing the target audience is essential. If you are running a B2B business, prepare to cater to a narrower market segment. Your audience is usually business owners or companies’ decision-makers. To make your products and services well-known to them, take time and effort to create effective marketing and product promotion.
On the other hand, if you have a B2C service, your audience’s scope will be much broader. To stay ahead of the competition and attract prospects, come up with an effective B2C lead generation plan with help from an experienced lead gen prospector.
To attract a specific type of audience, your content must be worded appropriately. This means jargon and more in-depth information is often necessary when addressing business owners or key decision-makers. In B2C, the content can be less formal and even conversational. However, it should still be engaging and professional while considering the type of content to be used.
Online Platform Usage
Companies and individual customers both use social media to do business. This makes these online platforms vital to build a lead generation strategy.
In B2B lead generation, many businesses utilize LinkedIn to network with other companies. It allows a fast and easy way to look for, approach, and connect with business owners and workers with key positions. As for B2C, it provides a lead generation opportunity on Facebook, Twitter, Instagram, and other social media platforms. These outlets are best used for sharing engaging content and interacting with customers directly.
Sales Cycle Length
Contracts with businesses are usually more elaborate than those made with customers. This is because the amount of time and resources used to make a purchase are larger in B2B. In B2C, sales cycles and transactions seem transactional and are often much shorter and less expensive. Since the process involved is shorter, it is easier to complete.
The way products are sold is different between B2B and B2C. Most B2B sales turn into long-standing relationships between companies since transactions often require a huge amount of money following a long period. Because of this, companies tend to partner with those they know personally.
When it comes to B2C sales, most customers don’t personally know the sellers. For this reason, they make purchasing decisions based on the company’s reputation and the quality of products or customer service.
Without quality leads, businesses lack the chance of establishing a customer base and boosting sales. Since companies can’t simply rely on their fad trends and intuition when generating leads, they have to develop well-thought-out strategies to attract their target audience. Thankfully, you now know the similarities between B2B and B2C lead generation and the basics of turning leads into paying customers.
If you need help with lead generation for startups, contact our team at WhoKnows. Our AI-optimized B2B lead generation platform can provide you with the accurate insights you need to succeed at every stage of the sales pipeline. Request a demo today!