DealCloud’s founder and president of financial services, Ben Harrison, was recently featured in CRM Magazine in an article titled “Whether B2B or B2C, Buyers Are Still Human.”
The article features insights from industry experts like Harrison highlighting while businesses and the CRM technology that supports them have often been stratified depending on whether they cater to business-to-business (B2B) or business-to-consumer (B2C) markets, there are elements of B2B marketing that should be used in B2C efforts and vice versa.
When discussing the importance of centralized data in a CRM system, Harrison said:
“Another common element is that the CRM system for either B2B or B2C should serve as a single source of truth for clearer communication and better business intelligence and reports.”
When it comes to CRM, there are also lessons B2B can learn from B2C. In B2B, marketers need to understand the target industry, Harrison says. He points out that many CRM system vendors offer industry-specific solutions, modules, or features for companies in life sciences, healthcare, financial services, or government, for example.
“You have to understand how those relationships are formed and managed,” Harrison advises. “What is the focus of the technology? Do you understand the end market?” said Harrison.
B2B customers’ needs can change quickly, Harrison adds. So he advises using dashboards to keep on top of B2B market trends.
According to the experts, B2B and B2C have become more intertwined in the past few years as more interactions have moved online and marketing personalization has become more important to both types of businesses.