B2C "business to consumer" and B2B "business to business." are two types of business exchanges.
What is B2B?
B2B" means "business to business." The term encompasses all companies that create products and services geared toward other businesses. This can include SaaS products, B2B marketing firms, and overall business supply companies.
In the simplest of terms, B2B marketing is about promoting a product or service in the hopes of finding prospective buyers and leads. B2B is a business-to-business business model where a company sells its products first to another business, which will then often sell the product at a retail store at a marked-up price.
B2B marketers are also responsible for qualifying leads based on how warm or cold they are. In almost all companies and startups, marketing departments are responsible for:
- Building a brand, buying persona, and product design
- Along with other departments, marketers help and collaborate on product design and development. They also lead discussions about brand messaging and the buying persona.
- Market research and A/B testing
- This is about determining the sustainability of your product and finding key competitors. It is checking product worth early through A/B testing and engaging with potential customers.
- Marketing campaigns
This includes content marketing, social media campaigns, and more. In this stage, marketers should work with sales professionals to determine the buying journey of the prospects.
What is B2C?
B2C, or business to consumer, is used to describe a commerce transaction between a business and an end consumer. Traditionally, the term referred to the process of selling products directly to consumers, including shopping in-store or eating in a restaurant. Today it describes transactions between online retailers and their customers.
Due to the rapid growth of the eCommerce industry and the increasing influence of social media channels, B2C marketing strategies are constantly evolving. Yet, some of the most powerful strategies include:
- Social media marketing and advertising
- Paid search advertising
- Creative contests
- Loyalty and reward programs
- Affiliate marketing
- Giveaways and free add-ons
- Influencer marketing
- Mobile-first marketing
Business-to-Consumer, is the process of selling products or services directly to the consumers. Example: Shopping from physical stores or eating at a restaurant.
Examples of B2C companies include:
- Priceline Group.