The difference between business-to-business (B2B) and business-to-consumer (B2C) systems runs deep. But have you ever wondered how much a B2B customer experience actually differs from the one of B2C, or why B2B customers want to be treated the same way as B2C? To understand this better, let’s have a look at the differences between the two business systems.
B2B vs. B2C
The most apparent distinction perhaps, which comes to mind is the fact that in B2C space, there is simply a customer. B2C system may be defined as the activity of selling products to customers for their personal use. In a B2B setting, on the other hand, the products or services are being sold directly to other companies.
In both B2B and B2C space, however, being able to provide the best customer experience has become a priority. But in B2B sales, customer-experience is much more complicated, prolonged and costly than those of B2C brands, which also means that the buying process involves more individuals. For this reason, B2C companies, unlike B2B, have a shorter process of buying, which may last from a couple of minutes to a few days.
Another differentiation is related to the relationship between the customer and the company. In the B2B segment, there’s a closer, lengthier relationship with a customer. In B2C brands, the messages are mass communicated, which makes the relationship short-term. The purchase decision tends to be based on consumer’s wants rather than needs and therefore is sparked by an emotional decision. The decision to buy in a B2B space is generally fuelled by needs and budgets. Consequently, the business buyer makes a considerable effort in taking the very rational decision.
B2C expectations are migrating to B2B
The digital age has been increasing consumers’ expectations to the point of no return. Modern-day B2B consumers demand their purchase experience to be better and similar to that of B2C. Buyers want their customer experience to be immediate, customized and easy. In fact, according to McKinsey’s study — which included 1,000 B2B decision makers — slow interactions with their suppliers proved to be the biggest drawback. It’s necessary to note, however, that customers not only expect to purchase products or services smoothly and instantly, but they also demand ongoing personalized interactions with brands. Moreover, if a company is unable to meet these expectations, then most likely it will lose its potential customers because just like B2C, speaking to them quickly and on an individual level has become critical for B2B brands too.
But how can B2B brands stay up with all these rising expectations?
Digitizing the customer-experience
Technological advancements and the increased use of smartphones are offering more opportunities to provide customers with fast, individualized and seamless customer service. The influx of smartphones, social media, and messaging apps have influenced not only how people search for information, but also how they buy products and services. And while other sales channels may still be powerful, chatbots and messengers have been catching up in popularity in B2B industries. Accenture Interactive survey reports that many B2B companies have already started to implement new strategies based on technological innovations. For instance, 42% of organizations — involved in the study — in B2B space are using chatbots, and more specifically, 79% of those are using them for customer experience purposes.
“By 2020…digital customer experience and digital sales channels will become the primary points of differentiation for B2B companies. Brands that adapt to the changing expectations and behaviors stand to benefit, while those that ignore the trend will risk losing significant market share and see their businesses disrupted” Accenture Interactive
The importance of a customer-centric mindset
Understanding what customers want is, of course, central to both B2B and B2C, but understanding where they want brands to communicate with them today isn’t less important. Messaging apps have been gaining popularity and allow companies to provide customers with support and assistance in a conveniently and quickly. While achieving the same B2C customer experience in B2B may be more challenging, it’s essential to understand that as technological innovations continue to improve, customers’ expectations will continue to increase.
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