B2B Exam 1
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Differences between B2B vs. B2C Marketing
- Strong buyer-seller relationships (not as rare)
- Shorter distribution channels (direct vs. indirect)
- Greater emphasis on personal selling (avg $)
- Greater Web integration (site for special customers)
- Unique promotional strategies (trade shows)
- Consumption (derived demand for carpet protectant)
- Knowledge of customer’s customer
- Marketing research (tend toward qualitative)
- B2B involves multiple organizational buying influences
- Service component of product offering plays key role
- 80/20 rule
Roles of Tactical Marketing and Sales
- Lead generation
- Lead nurturing
- Sales tools and collateral
- Selling is for Conversion
- convert leads to prospects
- convert prospects to customers
- retain customers
Types of B2B Customers and Products
- 1.Original Equipment Manufactures
- Federal, State/Province, Local, County
- Schools, colleges, universities, hospitals
- Wholesalers, brokers, industrial distributors
- Products1.Raw Materials
- 2.Manufactured Material
- 3.Component parts (OEM parts)
- 4.Accessory Equipment
- 5.Capital Equipment
- 7.Facilitating supplies/services
Common B2B Marketing Challenges
- Generating high quality leads
- Generating a high volume of leads
- Marketing to a lengthening sales cycle
- Generating perceived value in "cutting edge" product benefits
- Generating public relations buzz
- Competing in lead generation across multiple media
- Marketing to a growing # of people involved in the buying process
What is a Sales Cycle?
The sales cycle is the sequence of phases that a typical customer goes through when deciding to buy something. As a rule, the sales cycle is described from the customer's perspective. The first phase of the sales cycle may be either the customer's perception of a product, or a perception of a need that the product might satisfy. The following steps include research and evaluation; the last step is the customer's decision to purchase the product.
The Nature of Demand: Why Important?
- 1.Which markets should the firm serve?
- 2.What businesses should we enter/exit?
- 3.Where should we invest scarce company resources?
- All of the above are based on projections of demand
Derived Demand - pg 25
- Demand for business products and services is derived form the demand for the end –consumer customer.
- Elastic vs, inelastic demand - steel used in automobiles raw salt used by Morten - products without substitutes
Value and Value Proposition
- Is the perception ofva product’s benefit beyond its price
- Clear statement of the tangible results (benefits) a customer gets from using your products or services
Three Elements to a Customer-Enticing Value Proposition
- 1.Business Drivers
Three Parts of Value
- 1.Value received from the product
- 2.Value received from the services
- 3.Value received from the relationship
Four Critical Questions B2B Marketers must ask Themselves
- 1.Who are our customers?
- 2.What do our customers want?
- 3.How do our customers make their buying decisions?
- 4.Where do our customers go for information about our products and services?
Outbound vs. Inbound Marketing
- Outbound Telemarketing, tradeshows, direct mail, email blasts, print ads, tv/radio ads (Interruption)
- search engine marketing (SEO & PPC), blogging, and social media
Components of Inbound Marketing
- blogs, videos, white papers, Ebooks
- on-page, off-page, link-building, keyword analysis
- Social Media
- twitter, linkedin, facebook, forums, blogs
What do Business Marketers Do?
- Identify potential customers.
- Identify and evaluate attractiveness of market segments
- Communicate with customers and sales organization
- Analyze buyer behavior, needs and requirements
- Study the market and competitive environment
- Develop new products and services.
- Set prices and terms.
- Manage cost of sales and gross margin.
- Allocate resources across products.
- Develop promotional material to support sales organization
- Develop and manage lead generation programs
- Make sales calls on key customers.
- Assist sales in developing account-specific marketing plans
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