How to leverage B2B and B2C mobile applications?
Mobiles have become an essential part of our life. A recent study by a research firm estimated that an average human being touches his/her phone 2617 times a day, while the top 10% do so 5427 times a day!
This dependence on technology and mobile applications acts as a huge resource to startups. Smart and intelligent investing in mobile applications can be a boon to the growth of your business. Technological developments and better apps go hand in hand, leading to new features, more accessibility and, an overall improvement in user experience. Mobile applications can improve sales, customer loyalty, gain valuable feedback and help build databases of prospective clients.
The success of your mobile app depends on various factors ranging from your target customers to the competition with similar apps available in the market. They can be broadly classified into business to business (B2B) and business to customer (B2C) applications. Know more about the need for investing in mobile apps in today’s world.
B2B Mobile Applications:
Applications whose target audience is other businesses including or excluding their own, fall in this category. According to salesforce, 70% of businesses are looking for increasing their mobility. This is why apps like Google Analytics app and WebEx are so popular. B2B apps can be available to the public like DropBox and LinkedIn Pulse or can be made specifically for particular businesses.
These apps are built to perform a specific task which is why their niche market is very easily identifiable. However, this is also why these apps need a lot of features, which entails high developmental cost. Startups require targeted customer campaigns to sell B2B applications. Businesses prioritize value over costs. If your app really saves their time, B2B apps have easy ROI and good customer loyalty.
Let’s understand with an example of WebEx -
WebEx is a platform owned by Cisco that targets corporate businesses and company teams and, is a global leader in providing them with online meeting services, holding meetings, webinars and offline training services and courses. It includes third-party integrators and independent audits. While they spend in development and infrastructure of the platform, they earn revenues from subscriptions by other businesses.
B2C Mobile Applications:
Applications whose target audience is individual customers come under this category. These apps are mainly used to create, share and view content. These include loyalty apps, e-commerce apps and stand-alone apps. B2C apps have a very large audience and it is difficult to find their niche market. Due to the large competition, your app needs to offer something innovative to grab your customer’s attention. But since you have a large audience, the success of your app depends on the ratings given by your users and has the ability to go viral.
Your app does not necessarily require a large number of features and thus you can have lower developmental cost as compared to B2B apps. However, due to the large competition, your app does require large marketing campaigns and frequent updates to attract and retain customers.
Let’s discuss the business model of PayTM-
It is a marketplace-cum-payments bank business model which deals in Payment solutions, Recharge services, Bill payments and provides users with an e-wallet and reservation/booking options. It earns revenue on them by charging a commission on the transaction or from the sellers and service providers. A very widely used method of attracting customers used by PayTM is to offer cashback. This cashback can be reduced over time as your app grows in popularity. PayTM has also ventured into B2B markets by introducing PayTM Mall, Digital Gold and, PayTM bank.
If you need any help with B2B or B2C mobile application for your organization, feel free to contact us.
