There is a notable difference between B2C and B2B marketing. While both are comprised of similar techniques, the motivations and relationships between vendors and clients or customers are markedly different.
The journey from prospect to conversion and finally to sale often takes a unique form, as a prospective client will be looking for very different features in a product than a member of the public.
Despite this, there's one key similarity that unites the two – both types of customer or client journey can start with a single email from a direct marketing list. With reports finding that Australian businesses are leading their global counterparts in B2B sales, it's important to find out what their secret is.
Australian businesses finding B2B sales success
Marketing advisors 360 Leads recently published a report analysing the effectiveness of B2B marketing campaigns in various regions worldwide.
21.7 per cent of Australian businesses achieve their lead generation targets.
According to the organisation, Australia performs well above the global lead-generation conversion rate of 17.3 per cent, recording a figure of 21.7 per cent. Lead 360 also discovered that Australian businesses complete more B2B marketing processes than their counterparts in the US and Canada, with social media backing up mailing lists to create a more comprehensive strategy.
President and CEO of the firm Stuart Lewis believes the country's location is a significant factor in its domestic B2B marketing success.
"Geography isolates Australia from a certain amount of market clutter, and that may enable Australian companies to more effectively connect with their domestic target audiences," he explained.
Are B2B clients like regular consumers?
Accenture noted some key similarities between the way both clients and customers approach the purchasing process. While their motivations may differ, both parties investigate similar channels when trying to work out if a product or service is right for them or their business.
The organisation found that online interaction is an essential part of the purchasing process, with 98 per cent of all B2B decision makers investigating new goods or services via digital channels before making a commitment.
Direct mailing lists are therefore an integral part of the B2B relationship, as these communications could be the first step on the way to a sale. However, Accenture also found the balance of power is shifting more toward the buyer than the marketer, a fact that will create extra challenges for lead generation teams.
Accenture Interactive Managing Director Anatoly Roytman believes it's up to marketers to meet the needs of buyers in the online space.
"The stakes have never been higher for B2B sellers to create a positive online customer experience, one that is integrated with existing channels," he explained.
"Those who deliver a seamless omni-channel experience will be rewarded with repeat business and loyal customers."
What changes between B2B and B2C?
Some of the major differences between B2B and B2C marketing concern their measurements for success. While consumers may assess these decisions based around a simple need or their overall satisfaction with a product, businesses are likely to have strict metrics for measuring return on investment and overall performance.
These processes change further depending on the type of goods and services a businesses is marketing through a direct mailing list. B2B International created a diagram of the typical decision matrix a client contact will categorise potential purchases by.
According to the organisation, each new investment is considered on a scale that measures the associated risk and value. For example, products that are low value and low risk might be an easy sale through direct marketing lists, but the opposite may pose significant challenges.
The Prospect Shop provides B2B mailing lists which allow businesses to target specific audiences with their marketing content. Contact the team to find out more.