B2B vs. B2C Marketing for Insurance Brokers
No matter what industry you’re in, it’s crucial to know your audience. Depending on the type of insurance you sell, you may be in a B2B (Business to Business) or a B2C (Business to Consumer) market. These two are fundamentally different in some ways—but similar in others.
Here’s a look at things to keep in mind when selling to a B2B and B2C market.
Informative content works for both. Business buyers and consumers may have different needs in terms of what they need, but they both have something in common—you know more about insurance than they do. If they’re searching out information about insurance, chances are they have an immediate need.
No matter whether your customers are primarily B2B or B2C, keeping them informed with well-produced content can be a great strategy.
B2B marketing tends to be more targeted. With B2C marketing, you may be selling homeowners insurance to anyone who just bought a home within your target area. That’s a pretty wide net, compared with the specialized professionals who make the purchasing decisions within companies of certain types and sizes.
B2B marketing can be more complex. With B2C, you’re generally selling insurance to a single person or family. One person—or two people as spouses—make the purchasing decision, and their interests are generally aligned.
With B2B, you may need to convince various executives—including the company CFO, CEO, COO, and others. All of these people have different needs when it comes to working with an insurance agent. Your content and messaging need to speak to all those perspectives and needs. In addition, it needs to give the person with purchasing authority the information they need to explain their decision to higher-ups.
B2B is more about trust. If you’re working to place challenging risks that can’t be insured through an off-the-shelf policy—possibly working with a wholesale broker— your clients’ needs are complex and custom policies have to be crafted. In these situations, trust is key, demonstrating your expertise is crucial with B2B markets.
B2C customers prioritize speed, convenience, and price. The consumer market is much more oriented to speed and convenience—and will appreciate instant quotes and other streamlined features. In addition, many consumers are price-driven.
B2B customers tend to expect that finding an insurance policy may take a while, and require multiple conversations with experts—particularly if they have custom needs for specialized risk. And cost often isn’t as important as appropriate coverage.
Business and consumer markets can be very different when it comes to generating business—but both can be highly rewarding. Keep the differences in mind, and you should be able to get great results.