b2b marketing – Flashcards
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what three social media platforms are most effective for B2B distributing content in 2016
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linkedin, twitter, youtube
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the marketing goods and services to other companies, government agencies, institutions, resellers in order to produce their products and or facilitate or support operations
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B2B marketing
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why b2b marketing is different than b2c
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buyer-seller relationships, decision making - single person in b2c vs coalition sale of multiple people in b2b, different marketing tactics, greater web integration, unique promotional strategies (consumption and knowledge of customer's customers)
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b2b vs b2c marketing tactics
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b2b - products (can be technically complex and not for personal use) place (shorter, more direct channels) price (complex purchasing or competitive bidding) promotion (emphasis on personal selling) b2c - products (offer standardized, for personal use) place (more indirect channels) price usually list or predetermined) promotion (emphasis on advertising)
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buyer seller relationships in b2b vs b2c
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b2b - technical expertise important, significant interpersonal relationships, stable, long term relationships encourage loyalty, purchase based more on logic - focus on info and features to save money, time or resources b2c - less technical expertise, more nonpersonal relationships, changing short term relationships encourage switching, purchase based more on emotion - focus on benefits and how it helps them
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b2b differences vs b2c
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more qualitative, complex decision making, products and applications, business buyers - rational and logic, smaller number of customers and large consumption, personal relationship critical, consumer markets drive innovation more, consumers markets rely more on packaging
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b2b characteristics vs b2c
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fewer larger buyers, closer supplier- customer relationships, professional purchasing,more/multiple buying influences, longer sales calls/cycle, geographically concentrated buyers, demand differences
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deepen customer relationships and website development
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69%
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raise brand awareness and website development
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80%
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strengthen thought leaderships and website development
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79%
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develop brand positioning and website development
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85%
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deepen customer relationships and email
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60%
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raise brand awareness and email
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63%
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strengthen thought leaderships and email
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65%
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develop brand positioning and email
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69%
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deepen customer relationship and social media
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54%
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raise brand awareness and social media
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88%
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strength thought leadership and social media
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91%
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develop brand positioning and social media
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75%
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deepen customer relationships and online video
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69%
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raise brand awareness and online video
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61%
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strengthen thought leadership and online video
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70%
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develop brand positioning and online video
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68%
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deepen customer relationships and mobile apps
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24%
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raise brand awareness and mobile apps
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18%
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strengthen thought leadership and mobile apps
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26%
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develop brand positioning and mobile apps
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25%
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business good demand is ultimately derived from consumer good demand
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derived demand
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not much affected by price changes
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inelastic demand
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demand for business goods and services tends to be more volatile than demand for consumer goods and services
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fluctuating demand
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what techniques are most effective and least effective in b2b to depend customer relationships, increase brand awareness, strengthen thought leadership and develop brand positioning
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most effective - social media and strengthening thought leadership least effective - raising brand awareness and mobile apps
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a marketing technique of creating and distributing relevant and valuable content to attract, acquire and engage a clearly defined and understood target audience with the objective of driving profitable customer action
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content marketing
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different forms of content
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articles, blogs, case studies, digital newsletters, ebooks, email, images, infographics, microsites, mobile content, news releases, pdf, podcast, research, slide shows, social, video, white papers
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TOMA stands for
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top of the mind awareness
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CTA stands for
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call to action
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simply about becoming an authority on relevant topics by delivering the answers to the biggest questions on the minds of your target audience
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thought leaders
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visually describes the sales process from initial contact to final sale
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sales funnel
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4 types of content
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viral, vanity, conversational and convictional
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top 3 goals of content marketing
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lead generation, thought leadership/market education and brand awareness
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the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate and choose among alternative brands and suppliers
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organizational buying
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characteristics of organizational/business buyer-seller relationships
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environmental factors, market factors, organizational factors, individual factors, relationship factors, reducing risk - social performance and financial, value creation
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a set of characteristics that describe prospects whom are most likely to spend money on your product or service
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firmographics
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6 roles in buying center
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decision maker, gatekeeper, influencer, recommender, initiator and controller
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reports that fax keeps breaking down
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initiator
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sets budget for purchase of new fax
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controller
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gather info from vendors
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gatekeepers
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view demonstrations narrow choices
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influencers
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recommends a product to decision maker
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recommender
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selects fax to purchase
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decision maker
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complete buying process: emphasizes product definition and specifications
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new task
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shop around: emphasizes supplier search and evaluation
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modified rebuy
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repeat order: emphasizes need recognition and purchase
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straight rebuy
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a type of marketing characterized by prospects and customers seeking out and finding companies rather than vice versa
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inbound marketing
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the traditional form of marketing where a company initiates the conversation and sends it message out to an audience. examples: tradeshows, tv commercials, radio commercials, print ads, cold calls and email blasts
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outbound marketing
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a type of outbound marketing that seeks to capture a prospects attention by forcing marketing communications in front of them; opposite of permission marketing
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interruption marketing
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a type of marketing that seeks to first gain permission from prospects before marketing to them
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permission marketing
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the use of technology to manage the process of converting prospects to buyers, empowers b2b marketers to focus more on the strategic and creative activities that improve marketing ROI. these solutions can provide rich functionality to measure demand generation campaigns that generate more high-quality sales leads
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marketing auotmation
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a piece of marketing content (e.g. whitepapers, videos, newsletters) used to educate and generate interest for a company's products or services
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marketing assets
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a detailed description of a fictional person that represents a group of individuals targeted by your sales and marketing efforts
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buyer persona
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a metric that expresses the length of time, in days, that it takes for a company to convert resource inputs into cash flows. this metric looks at the amount of time needed to sell inventory, the amount of time needed to collect receivables and the length of time the company is affordable to pay its bills without incurring penalties
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cash conversion cycle
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refers to a test situation in which a list is a split into two pieces with every other recipient being sent one of two specific emails to determine which email is more desirable
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A/B split
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what customers problem, need or want your business addresses
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pain points
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build awareness and get prospects curious about your product/service; blog - deepens rapport with visitors, white papers - educational focus, long lifespan in depth and potenitally expensive
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lead generation
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the process of generating revenue from leads by collecting, qualifying and interacting with individuals and/or organizations in relevant ways throughout the buying process
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lead management
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the process of building relationships with qualified prospects regardless of their timing to buy, with the goal of earning their business when they are ready. Relevance is key as individual customers have different preferences and needs. opt-in incentive, newsletters and case studies
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lead nurturing
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lead nurturing best practices
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use multi media touches to nurture leads, quick response to web leads can maximize conversions, use a lead scoring system
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types of marketing campaigns
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stay in touch, drip and accelerator
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drip out relevant content to prospects over time, helping to educate and build trust and credibility for your company
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stay in touch
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move prospects along the buying cycle faster by providing relevant nudges triggered by specific buyer behaviors or sales updates
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accelerator
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services of scheduled emails that deliver thought leadership to prospects that have opted in the receive marketing communication
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drip
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types of leads
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marketing lead, sales-ready lead, qualified, converted
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generated by marketing but not qualified as a sales prospect
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marketing leads
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deemed qualified for sales and converts into a contacts
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converted leads
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ready to engage with sales as determined by ideal customer profile and scoring methodology
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qualified leads
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ready for sales interactions, often decided by a lead score
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sales-ready leads
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3 critieria for successful segmentation
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segment must be measurable, segment must be accessible, segment must be substantial
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5 dimensions of segmentation and what questions they answers
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benefits desired - why firmographics - who purchase behavior - how geographics - where product usage - how much
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needs based segmentation
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convenience - geography, firmographics (size of company, products made), behavior (price, delivery, quality sensitive), needs (security, power, esteem)
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segmentation methods
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industry/firmographics - size, geography, competitive environment, fixed costs customer tiering - potential fit and opportunity needs based segmentation - most predictive
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needs based segmentation
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price focused segment, quality and brand focused segment, service focused segment and partnership focused segment
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benefits of segmentation
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vendor can better satisfy needs of customers, leads to more revenue in shorter time at lower costs, targeted segments are better fit with vendor's offering, prospects more likely to buy, close faster, product bigger deals more loyal - profit, well defined segments means more targeted messages and programs that resonate with buyers, means higher response rates, better engagements shorter conversation cycles and overall better return on marketing investment
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segmentation criteria
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value drivers, adoption patterns, price sensitivity, go to market/buying preferences, event triggers
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does your solution reduce costs, increase revenues, comply with mandates, protect assets, improve agility, reduce risk
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value drivers
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innovators, early adopters, early majority, late majority, laggards
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adoption patterns
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preferences in procuring solutions, channel/direct preference
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go to market/buying preferences
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compliance with legislative mandates, mergers, new executive, disruptive products
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event triggers
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systems and strategies that seek to drive revenue through an improved understanding of customers and an increase in customer satisfaction and relationship building
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CRM
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why b2b crm is helpful
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store info in easily retrievable databases, organizations become more efficient, tracks progression or regression - real time info on product movement, identifies and defines roles of marketing and sales personnel, entire company can share info and increase knowledge base across all departments
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what is included in the best b2b emails
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personalized to decision maker, tied to their business needs/pain points and customized to business situation, short and pithy - people decide in 20 seconds, conversation starter - question, invite to event, learn more, readable from preview window, include social media profile links in outgoing email
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email mistakes
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words like free, secret, click here, low prices, affordable, special offers, delighted, pleased, honored; capital letters are shouting and rude; no small talk; dont talk about your product/service; dont brag; hard sell/solicitation; no laundry list; pictures dont work
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strengthen thought leadership and online video
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70%
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why study b2b?
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more job opportunities than consumer products more than 50% of economic activity in US, canada, france organizations buy differently than consumers
