Data: Key B2C Lessons For B2B
B2B can learn valuable data insights from B2C companies. Discover how B2B adapting to the self-serve model of B2C and uses data efficiently
B2B is always considered superior to B2C. But as time changes, the tables turn too.
Today, B2C has advanced and B2B is catching up in some areas. This isn't another post pitting B2C against B2B in which you're forced to take a side (between are you team B2C or team B2B?).
It’s time to learn from one another and grow together, so we’ve put up some of the valuable lessons that B2B can learn from B2C. Let’s dive in!
Does B2B Use Data Efficiently?
As you know, data usage in businesses has increased and target marketing and sales are at their peak. Yet, the sales funnel and customer journey differ for B2B and B2C.
B2C let the customers self-learn about their product and service and become a familiar face before putting them through the sales funnel.
But B2B lacks this aspect making their sale process a bumpy road. Sales reps being pushy, incomplete websites, and inconsistent customer service are B2B nightmares.
B2B sales reps must understand the customers are more than just their job title, demographic and firmographic data and understand the actual needs of the customers. The lack of understanding is not letting them build meaningful business relationships.
So, the answer is no. Traditional B2B data usage is being challenged by evolving company models and customers despise the traditional sales funnel.
Should B2B Move Towards B2C?
So, in a traditional B2B sales funnel, the lead is dependent on the sales rep for awareness about service and the next process like pricing and buying. In B2C customers never encounter a sales rep and become self-aware of the product and decide.
In a recent HubSpot survey, it’s revealed that only 19% of decision-makers want to connect with a sales rep in the awareness stage. Yet, numerous cold emails and cold calls are sent out every day.
It’s high time B2B adapt to the self-serve method of B2C as it has proven to shorten the customer’s sales journey. How to do that? Let the customers self-educate and explore your products or services independently. This can be achieved by providing comprehensive online resources, enabling AI chatbots for basic queries, and designing an intuitive and accessible website.
75% of the decision-makers don’t want to talk to a sales rep immediately and if you hold important information for the cold calls, oops, you lost a customer today. Instead, give out all the information upfront and let them self-educate, enter the process first, and they will come to you once they are ready. This way, the customer will feel more important and have more trust in your business, and they won't have to spend as much time in the sales funnel.
How B2B Can Use Data More Effectively?
Understand Customer Lifecycle
Delve into your customers' professional and personal lives to craft messages that connect with their emotions. Analyse keywords used across channels and gather feedback through surveys to identify common sentiments.
Tap Into Emotional Appeals
Recognize that purchasing decisions are influenced by emotions, not just logic. Address emotions like loss aversion, insecurity, and fear of failure to resonate with your customers and demonstrate empathy.
Prioritize Top Customers
Implement account-based marketing to focus sales efforts on your most profitable clients. Identify high-value customers based on lifetime value and recent revenue contributions. Utilize InFynd database to enrich customer profiles and target ideal customer personas.
Foster Collaboration
Involve all customer-facing departments (marketing, sales, and customer service) in creating customer journey maps. Conduct customer interviews, establish focus groups, and utilize journey maps to monitor and improve each touchpoint.
These are some of the valuable lessons B2B can learn from B2C. By implementing these data-driven strategies B2B businesses can create a more engaging and revenue-driving sales funnel and customer journey.
