B2B vs B2C Acquisition: 6 Questions you need to know!
This article covers the questions asked by our students during the training session “B2B vs B2C Acquisition” conducted with Sail Kattubadi, Business Developer at Stealth Mode during our 2nd Bootcamp.
Question 1: What are B2B and B2C?
A high-level definition of B2B & B2C is B2B: it is a business trying to make money by selling either their product or service to another business primarily. We take the example of Salesforce trying to have their services offered to another large customer or medium businesses. So the crux of it is that you have very few customers, but you have the product value is going to be larger or at least a medium-scale. Whereas B2C: where the business is selling to consumers, individuals like you and me. I take an example of Reddit or Facebook or TikTok, the advantage for them is there are millions to billions of people customers, but the lifetime value which is called “LTF” of the customers is very, very low. Therefore, the difference in acquisition strategies between B2B and B2C may be small, and the process may be different, but SEO and SEM will remain the same, the affiliate program will remain the same, and the referral programs will remain the same. You could probably operate organic growth in both cases.
Question 2: What is the difference between SEO & SEM?
Search engine optimization (SEO). You use it when you’re optimizing a website to get traffic right, and it’s very organic. For example, you have a high school student that you are targeting for your business. So you’re writing an article to help high school students choose their next path or universities or what are the skills that they need to have. You write an article and then, you try to make sure that within it, you are optimizing your website so that you’re going to get more high school student traffic that is “SEO”.
When I say SEM, “Search Engine Marketing”. It is to get the traffic and also visibility. Take for instance Google Ads. Google Ads is trying to get you by the paid search here. Also, we have Facebook marketing for example, if you want to find students who are between ages 15 to 18 that’s your target, so you take those demographics for a particular city, then you pay maybe five to ten dollars where you just focus this particular audience for a particular section.
Question 3: What are affiliate programs?
Affiliate programs are where you have companies that are affiliated like let’s say in the previous day’s oracle used to bundle with some of the other suites that they have, where they could affiliate it. Or, when you talk about B2Cs, examples where a blogger would link a particular business site like you see a financial blogger probably link them writing articles to a visa or Mastercard. Also, you see a lot of travel bloggers doing that where they link it to some hotels or wherever you know they are sending the traffic with their experiences, so those are all affiliate programs.
Question 4: What is a referral program?
Referral programs in B2C case for example, if you take any of the Uber rides, then you can share it with a friend, you get 10% off or any other formats. There is also the example of Dropbox, if you make your friend sign up you will get free storage. The same referral programs coming to business, where there are discounts that are associated with B2B.
Question 5: What are the tools that we can use them?
I think you might have heard about Mailchimp, it’s a tool for lead generation. A tool that lets users create campaigns, you can design them freehand, and you can share that campaigns with your customers. So, it’s nothing but a marketing automation platform.
Also, there is referral candy is one where you can acquire customers and market by using the reference so that the very name says it off.
You have Hotjar, the idea objective is to track the online behavior of the users and analyze it, and then used to take this feedback and see if this product or service is working that’s called a hot yard.
We have also, Drift is very helpful because you actually have conversations which are like a slack type of conversations, and you converge with your customers, and you close the deal right away, so their trademark is conversations to conversions, so that’s how they operate.
Finally, there are surveys, like survey monkey, there’s a pop-up tool which is for exit so whenever people are exiting it actually tracks them.
Question 6: Did you change your career based on your passion?
What I realized is, yes, you often might need, or feel the need to change, and go with it forever. It’s a personality thing more than anything else. When I was in India I was primarily in a tech space where I could see a lot of growth, and I could become much richer than being in the U.S. I could sense that 10 or 12 years ago, but what got me to do an MBA in the US was primarily to be having that global impact or because especially when I was associated with a lot of non-profits after my engineering. I realized that it needs to be on a global scale, so I wanted to work with UNESCO, UNICEF, and a few others. When I came here, worked a bit with the World Bank and a few others. I realized bureaucracy is too much for me, I only can survive if it is not bureaucracy. And what is the other way to help by making money you could also help others right, so I took a personal oath and this is something similar to giving a pledge where I signed up to give away my 50 of whatever I make for the rest of my life. To sum up my idea, I changed my career because I wanted to make an impact, and learn every day.
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