At the outset, targeting retail customers and businesses may seem like two completely different ball games.
With retail marketing, you can go for brand advertising (like radio ads or TV commercials) that B2B marketers targeting a niche group typically stay away from.
B2B marketers, on the other hand, engage in marketing channels like tradeshows and webinars that B2C marketers don’t really care about.
However, there are a lot of similarities too that marketers targeting the retail segment can learn from B2B marketing. Here is a short list.
Adopt a targeted marketing approach
When you are targeting a wide consumer group, it is easy to throw money at ad campaigns that are broadly targeted. This could be buying a billboard on the city’s freeway or an ad spot on a highly watched TV show.
Here is the thing – the pricing for such ad campaigns are based on “eyeballs”. The problem with such campaigns is that regardless of how broad your market is, you are still paying for views that are not going to translate into sales.
For example, if you run a Honda dealership in your town, and pay for a billboard, you are paying for an audience that includes people taking the bus who are never going to need a car.
Most B2B marketers, with the exception of those like Salesforce or GoDaddy, tend to stick to campaigns that are highly targeted to their target group.
So a better way to spend your money would be to take a highly targeted marketing approach. Invest in strategies that let you reach an audience that is either behaviorally or demographically targeted at your offering.
While the cost per view is going to be dramatically higher here, this is going to be more than made up for the higher conversion rate among this audience.
Increase face time with customers
In a B2B setup, salespeople set up face-to-face meetings, attend trade shows, and organize webinars to acquire leads. In each of these instances, the target buyer interacts with a human on the other side and this helps them build trust with the brand.
A big difference between B2B and B2C marketing is how little face-to-face communication there exists in the latter. Most marketing campaigns adopt a one-to-many route where the communication is done over an ad that reaches thousands of people using faceless communication channels like banners, fliers or ads.
For better conversion, look for marketing strategies that allow human interaction to be more prominent. You may, for instance, launch YouTube channels where people in your team talk directly to the buyer. If you are on online service, use screen recorders to show and tell your customers how to use your product.
The idea is to give your brand a human identity. Trust and conversions will automatically follow.
Taking the right approach towards social media
Consumer facing brands are generally more social and have a greater presence on these channels compared to B2B businesses. However, there is one thing that the latter does right – and that’s measuring the right metrics.
Social media can be quite distracting with marketers chasing vanity metrics like followers, likes, shares and comments. In the end, what matters is conversion, and here, B2B marketers – with their focus on lead magnets and conversions do a better job.
Having said that, there are some strategies that consumer brands do that can work better when it is executed with the conversion-driven approach of B2B marketing. This includes things like influencer marketing, online events, and giveaways.
By measuring the success of these campaigns by the revenue they generate for your business, you are better placed to not only gain from such campaigns, but also replicate it further for more exposure and success.
Over to you – have you come across a B2B marketing campaign and wondered how this can be applied in a retail customer setting? Share your insights in the comments.