Business practices are anchored upon the necessity for margins of both growth and profit. In order to manage the needs for growth and monetary increase, a strategy must be placed to ensure a business is captivating their audience and hitting the necessary checkpoints for success. This is argued by Denise Yohn in her 2019 Forbes article regarding marketing’s place in modern society. This point is highlighted and further underpinned by Analysus Mason’s 2020 article that factors in the impact of the Covid-19 pandemic on businesses across the world.
It is for this reason that businesses must utilise the full potential of their marketing and sales teams. To revisit the goal of any business, increasing sales and growth, there are two predominant audiences to target; the consumer of a product/ service (B2C) or supporting a business that provides the product/service (B2B).
If your company is engaging in B2B Marketing your aim is vastly different than marketing to an individual. Allie Decker notes in her 2021 article that B2B Marketing requires a focus on the needs, interests and challenges of individuals who are making purchases on behalf of an organisation. Comparing this organisation framework, where there is a process for approval that must be passed up the chain of command, against an individual-based purchase, who is the decision maker, reveals a much longer process for B2B organisation-based marketing. Due to this time frame being significantly longer than B2C marketing Harry Markowitz’s risk-return trade off principle dictates that the return will be significantly higher.
It is for this reason that B2B Marketing is noted as being a slower process with a lower volume than B2C Marketing but generates higher returns per successful transaction. This longer process therefore increases contact time between your company and the organisation which Decker highlights as a major factor for organisations keeping companies on for multiple contracts, as they can count on your company to provide and deliver expert services. This is well and good once you’ve won the work, but how do you go about achieving this?
There are three stages to B2B Marketing;
The Awareness Stage – Prospect is experiencing and expressing symptoms of a problem or opportunity.
Consideration Stage – Prospect has now clearly defined and given a name to their problem or opportunity.
Decision Stage – Prospect has now decided on their solution strategy, method or approach.
Your aim as a company is to be able to support this organisation at every stage of this process and make the period between each as short as possible.
To get onto the Prospect Timeline you must be able to identify the needs and problems of your chosen market or industry and develop a strategy that can effectively solve them. Therefore, you must determine your service offering prior to contact. This can take the form of developing an eflyer, brochure, targeted presentation, or website to relay your services that have been tailored to the needs of the market.
To find out more about B2B Marketing and how Chapman Consulting can assist you with utilising its various channels, contact us at firstname.lastname@example.org
Look out for more business enhancing articles in our next Wednesday Wisdom post.