What B2C Marketers Can Learn From B2B
There’s a lot of talk in the B2B world about what we can learn from consumer marketers. Like treating business buyers as individuals, with their own personas, analyzing their digital buyer journeys, and using social media to communicate with them. And how to speak to buyers like humans, with messages that both inform and entertain. These are useful lessons. But did you ever think about what consumer marketers can learn from us? I have a couple of ideas.
The first is about prospecting strategies, and the second is about building relationships.
Offer Problem-Solving as a Way to Attract Prospects
Much of B2C prospecting is about deals and discounts. In business markets, on the other hand, the proven prospecting model involves offering a solution to a business problem.
In practical terms, this means content marketing. Preparing educational, objective. non-sales-y material that addresses a customer problem. In business markets this might be a white paper, research report, infographic or case study. In consumer it might be a recipe book, a blog or a how-to video.
It can be used as a motivational offer to generate a lead, or it can be used to establish thought leadership, and to stimulate viral sharing.
This way, you establish yourself as a helpful resource, expert in your field, and trustworthy enough for a business relationship.
You also tend to attract a more qualified customer than you do with a deal. A buyer who really needs the solution, and will appreciate it, and appreciate you. And will turn into a loyal buyer, and an advocate.
This is an approach that consumer marketers can use successfully. Look at YouTube, which is filled with how-to videos for consumer products.
Nurture Your Customers (and Prospects) Until They’re Ready to Buy
B2B marketers are really good at this. We recognize the power of the Rule of 45, which says that 45% of business inquirers in a category will eventually buy in that category. And when they become ready, we need to be there. Otherwise, we may just as likely lose the deal to our competition.
So, B2B marketers have elaborate systems of outbound contacts designed to stay in touch until they’re ready. Known as lead nurturing, it’s a key component of the B2B demand generation process. With a nurturing program, we can expect to triple, possibly quadruple, the productivity of our campaigns.
Consumer marketers already understand this principle. Look at the retargeting banner ads that follow us all around, weeks and months after we’ve stopped by a website.
But I think there’s additional opportunity here for consumer marketers. Nurturing needs to be personalized, acknowledging the relationship, and building it over time through two-way communications. It’s one-to-one, not mass advertising.
Perhaps it’s about developing a different attitude. Consumer marketers enjoy prospect universes that are something like 10x those of B2B marketers. Maybe they have the sense that there are plenty of fish in the sea, and instead of nurturing, they are tempted to move onto the next prospect. But maybe it’s time to treat every inquirer as your last.
A version of this article appeared in Biznology, the digital marketing blog.
Ruth P. Stevens consults on customer acquisition and retention, and teaches marketing at companies and business schools around the world. She is past chair of the DMA Business-to-Business Council, and past president of the Direct Marketing Club of New York. Ruth was named one of the 100 Most Influential People in Business Marketing by Crain's BtoB magazine, and one of 20 Women to Watch by the Sales Lead Management Association. She is the author of Maximizing Lead Generation: The Complete Guide for B2B Marketers, and Trade Show and Event Marketing. Ruth serves as a director of Edmund Optics, Inc. She has held senior marketing positions at Time Warner, Ziff-Davis, and IBM and holds an MBA from Columbia University.