Streamline Your B2C Sales Cycle for Higher Education with airSlate SignNow

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hello and welcome to another feature of the cat Indian channel of business-to-business versus business to customer marketing this video is a part of series of MBA 101 course if you are studying introduction to marketing course you can be assured that the questions from this topic will show up on your exam and it is important you clearly understand the differences of the two segments there is a difference between marketing to a business and marketing to a consumer although you're still selling a product to a person experience shows that the difference between the two types of market runs deep we're going to list the key elements that differentiate these two segments examples of b2b would be caterpillar who builds equipments to serve the needs of construction industry or Boeing who makes airplanes for airline industries examples of B to C would be coca-cola servicing our needs for carbonated drinks or McDonald's providing us the fast-food service would be to be there is a close relationship with the customer I work in the engineering department for a large aviation company we shared our project schedules targets with other business that we procure parts and materials from we also share things such as part drawings engineering improvements and best practices the relationship was very important because any changes in the schedules or milestones would have a direct or indirect effect on our company would be to see the relationship is impersonal and the message is mass communicated meaning when you buy a can or a bottle of coke you enjoy by drinking the product and the business relationship between you and the business ends when you've purchased the product same goes for McDonald's once you finish purchasing the burger the business relationship ends it is very short-term business-to-business marketing are generally small vertical markets often niche in size comprised of a few thousand sales prospects - maybe a large as a hundred thousand prospects b2c on the other hand are typically large broad markets of tens to thousands to billions of sales prospects also b2b sales are higher ticket purchases usually costing from just a few thousand dollars to tens of millions of dollars also the decision to purchase in b2b sales is generally driven by needs and budgets therefore it tends to be very rational decision b2c sales can range in cost from $1.00 to a few thousand dollars except for cars and homes b2c purchase decision tend to be made based on wants more than needs or a budget and therefore are triggered by more emotional decisions b2b sales require consultative selling which is selling based on understanding a client's needs and developing a relationship of trust sometimes from a two-step level sales organization including the seller sale force and distribution sales force b2c cells are usually direct to the consumers or involve the retailer the sales approach is a traditional product sell of convincing the consumer they need or the service being sold we will look at differences in more details as follows number one number of buyers for b2c are usually large think about McDonald's serving over a billion meals and number of buyers for b2b are usually like location of Caterpillar which will usually sell couple hundred large equipments to a construction builder number two size of orders are usually small example coke bottle or a chocolate bar for business-to-business the size of orders are usually large an example for the aviation company at work for used to manufacture pressure vessels weight or one-ton and extremely large in size number three b2c sales can range in cost from $1 to a few thousand dollars except for cars and hopes whereas b2c b2b sales are higher ticket purchases usually costing from just $1000 to tens of billions of dollars number for b2c purchase decision tend to be made based on wads or that needs or a budget and therefore are triggered by more emotional decision whereas the decision to purchase of b2b sales is generally driven by needs and budgets therefore tends to be very rational decision for number five and six b2c sales have a short purchasing period of anywhere from a few minutes which is the impulse buy to a few days and as a simple sales consummated immediately b2b sales typically have a purchasing process that is usually defined in months and the sale is very complex often taking additional months to complete number six brand identity in b2c markets is created through advertising and now social media brand identity in b2b markets is created through personal relationships and consultative selling we discussed eight nine and ten in previous slide but if you were writing an exam and need this list please send me an email and I'll email this to you these b2b and b2c marketing differences are crucial to your marketing strategy and tactics know your target audience developing an appropriate b2b marketing message and the distribution methods of your communication messages are very different if you're a b2b as opposed to b2c company using big businesses consumer marketing tactics are not cost effective and are not likely to produce the new business-to-business clients you seek b2b sales prospects are very different from b2c b2b sales prospects are found in small vertical markets which require a consultative selling and take longer to sell b2b sales are higher ticket sales driven by a rational sales approach that require developing personal relationship the payoff for b2b sales prospects is a high lifetime customer value knowing the marketing differences between b2b and b2c are just a big big steps to achieving the b2b sales lead prospecting success thank you for watching this video this is Canada channel signing off please stay tuned for more videos peace you