HYOSUNG TNC

‘An Era of Inevitable Business Competition’

In the modern business world, with countless corporations engaged in relentless competition globally, it is no longer sufficient for a business to merely deliver superior products and services or to advance its technological prowess. Corporations must proactively interact with customers, imprinting a positive and vivid brand image while accumulating cognizance and trust. This highlights the paramount importance of marketing. Within this dynamic, new marketing methodologies are fervently adopted across organizations. Recently, B2C2B marketing has emerged as a key component of targeted audience engagement and dissemination strategy.

About B2C2B Marketing

B2C2B, an acronym for ‘Business to Consumer to Business.’ is a sophisticated marketing model that seamlessly integrates the principles of B2B (Business to Business) and B2C (Business to Consumer) marketing. To grasp the concept of B2C2B, it is essential to first understand the concept of B2B and B2C marketing. B2B marketing targets organizational needs, interests, and challenges, while B2C marketing transcends mere transactions, seeking to captivate consumer interest. Although targeted at different audiences, these marketing strategies share many similarities and are not entirely distinct concepts. B2C2B marketing is a strategy where B2B companies increase their visibility through B2C marketing, thereby exerting a positive brand influence on B2B customers via a ripple effect. Hence, B2C2B marketing can be construed as a strategy that melds B2B and B2C marketing to reap greater marketing returns.

B2C2B Success Stories Around Us

As B2C2B marketing gains prominence, numerous global corporations are actively adopting this strategy. A prime example is Naver's Zepeto, widely recognized as a triumphant illustration of B2C2B. Zepeto, a metaverse service that has gained massive popularity amongst Generation Z, surpassed three hundred million registered users worldwide as of 2022.

Zepeto's escalating user base spurred its application of B2C2B marketing, executing content marketing via blogs and social media platforms. Through blogs, Zepeto provides information and tips related to its in-app content, while sharing content-related reviews and events on social media. This strategy enhances interaction with consumers, raising awareness of the products, services, and content within Zepeto. Concurrently, Zepeto imparts valuable information such as industry trends and emerging patterns to its corporate clients.

Beyond Zepeto, other corporations, like Airbnb, have found success through the B2C2B model. Airbnb operates a review system, allowing consumers to share their experiences in accommodations. These reviews offer critical information for other consumers contemplating a reservation, inducing hosts to provide superior service and increasing the probability of a positive experience for guests.

Similarly, Uber has integrated the B2C2B marketing model. As an American ride-sharing service based on smartphone technology, Uber operates a referral program to increase new user sign-ups. Existing users can receive discounted or free services when they refer new users. This tactic enables Uber to recruit new users while encouraging existing ones to participate.

B2C2B marketing represents a distinctive approach to B2C marketing. Initially, the business engages with the consumer, and subsequently, it becomes the consumer's participation that generates additional value for the business through their experiences. Essentially, B2C2B marketing fosters an uninterrupted stream of consumer-to-business communication, resulting in positive customer experiences and enhancing customer loyalty.

Hyosung, Adapting to The B2C2B Trend

Hyosung recently launched 'HYOSUNG X ONAD,' a collaborative marketing project targeting Generation Z. As part of its B2C2B marketing communication initiative, the project aimed to elevate Hyosung's brand awareness among Generation Z while planning creative marketing communications from their perspective.

The project was operated for roughly three months, from September to December 2022, and was a collaboration with 'ONAD,' a marketing association club from the Seoul and Incheon area universities. A total of 48 college students who are members of ONAD participated in the project, operating in 15 teams. Each team chose a different marketing task to execute. After analyzing the materials provided by Hyosung and interviewing professionals to evaluate current issues, they carried out their assignments. They were also given intermediate feedback on their tasks. The final projects were personally assessed by ONAD members and Hyosung employees, and awards were presented to the top three teams.

Through this project, Hyosung sought to engage in emotional branding by utilizing marketing communications for Generation Z, a future key consumer demographic. Though well-recognized by older generations, Hyosung was less familiar to Generation Z. The company aimed to position itself as a tangible, colorful corporate group for them, primarily by fostering 'Active' and 'Young' brand imagery through dynamic B2C2B communication.

The integration of fresh and innovative ideas from the university students into Hyosung's branding and marketing communications became a possibility. Furthermore, a strategic direction was established, allowing the potential implementation of viral marketing targeting the younger generation using both ONAD's platform and Hyosung's in-house platform. By utilizing such B2C2B projects, Hyosung is expected to enhance positive brand associations with Generation Z in the future.

Hyosung is attempting to incorporate the B2C2B model into its marketing strategies across various target groups in this era of marketing revolution. The marketing environment is anticipated to evolve even more rapidly in the future. Hyosung plans to establish efficient marketing methods and business models that connect customers and businesses, as well as businesses with each other, through a balanced approach to B2C and B2B marketing.

By researching and analyzing the value chain of how Hyosung's services and technology reach customers and how this subsequently leads to the creation of added value between businesses, Hyosung aims to innovate and build global competitiveness. Look forward to the continued growth of Hyosung as a leader in marketing trends like B2C2B in the globally competitive business world.