B2B vs B2C Fintech: What’s the Difference
Posted: Tue Dec 17, 2024 6:01 am
B2C products are sold directly to consumers, whereas B2B FinTech is bought by a “buyer team” within a business – typically for use within the finance department. As a result, B2C marketers have a few advantages:
Awareness: B2C companies are often “disrupting” existing markets such as commercial banking or investment services. This means the target audience already has a frame of mexico whatsapp number reference for the product, and companies can expend more marketing resources on differentiation and brand building.
Purchase Process: B2C FinTech products are bought by an individual, and therefore, marketers can easily identify their audience. This has its own set of challenges, of course; companies typically have to achieve a far higher volume of sales to drive reliable profit. However, it is far simpler from a strategic point of view than appealing to a large, diverse B2B buyer team.
Understanding B2B FinTech Buyers
B2B FinTech buyer teams usually include individuals from the finance, operations, and compliance departments. These individuals will typically undertake separate research and then share their findings with the wider group, ensuring products are evaluated from all perspectives.
The size of the team – and the number of different departments included within it – will vary greatly based on the industry and size of the company. However, one study found that 52% of buyer teams evaluating FinTech purchases contained ten or more individuals.
This has a few important implications for B2B FinTech marketing:
Content Volume: B2B buyers always require a wide range of content to help them understand the market and learn about your specific solution – typically including short-form content like blogs and more detailed whitepapers and product sheets. This challenge is inevitably exacerbated by a large and diverse buyer team, meaning B2B FinTech companies need even more content to drive engagement across the entire team and build trust.
Messaging: You will need to develop multiple messaging frameworks to speak directly to each persona, ensuring your marketing hits each department’s pain points and articulates a strong case for your product that resonates with operations, finance and the rest.
Purchase Cycles: Most companies are likely to take several months to make a FinTech purchase, carefully considering the likely ROI and potential technical or operational challenges. As a result, marketers should expect a long “middle” to their funnel, wherein extensive nurturing efforts are required to maintain buyers’ interest.
Awareness: B2C companies are often “disrupting” existing markets such as commercial banking or investment services. This means the target audience already has a frame of mexico whatsapp number reference for the product, and companies can expend more marketing resources on differentiation and brand building.
Purchase Process: B2C FinTech products are bought by an individual, and therefore, marketers can easily identify their audience. This has its own set of challenges, of course; companies typically have to achieve a far higher volume of sales to drive reliable profit. However, it is far simpler from a strategic point of view than appealing to a large, diverse B2B buyer team.
Understanding B2B FinTech Buyers
B2B FinTech buyer teams usually include individuals from the finance, operations, and compliance departments. These individuals will typically undertake separate research and then share their findings with the wider group, ensuring products are evaluated from all perspectives.
The size of the team – and the number of different departments included within it – will vary greatly based on the industry and size of the company. However, one study found that 52% of buyer teams evaluating FinTech purchases contained ten or more individuals.
This has a few important implications for B2B FinTech marketing:
Content Volume: B2B buyers always require a wide range of content to help them understand the market and learn about your specific solution – typically including short-form content like blogs and more detailed whitepapers and product sheets. This challenge is inevitably exacerbated by a large and diverse buyer team, meaning B2B FinTech companies need even more content to drive engagement across the entire team and build trust.
Messaging: You will need to develop multiple messaging frameworks to speak directly to each persona, ensuring your marketing hits each department’s pain points and articulates a strong case for your product that resonates with operations, finance and the rest.
Purchase Cycles: Most companies are likely to take several months to make a FinTech purchase, carefully considering the likely ROI and potential technical or operational challenges. As a result, marketers should expect a long “middle” to their funnel, wherein extensive nurturing efforts are required to maintain buyers’ interest.