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Business To Business Marketing FAQs

April 22nd, 2011 | Author: Marketing

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Business to Business or B2B marketing is the selling of services and products to businesses in order to support the operations of companies. Companies use these services to increase marketing, sales, profits and efficiency. With B2B, one should know the requirements, the present situation, competitors, trends, technology and costs involved. Besides traditional offline approaches, B2B uses an integration of online tools such as email marketing, online communities, CPC (cost-per-click ads) and pop-up or banner advertisings.

1. What are the five distinct concepts associated with B2B?

As in any type of marketing, B2B includes the exchange concept of marketing, the turn of production concept, the product concept, the phenomenon of marketing myopia and the sales concept.

2. What are a few business to business marketing features?

In B2B marketing, transactions are made between and within value chains. It has a small numbers of customers who require personalized marketing, including customized products and prices. Selling processes are complex and lengthy, and involve lots of players creating a demand decision chain. B2B is also noted for developing profitable, value-oriented relationships between two companies and several individuals within them.

3. What is a B2B marketing strategy?

It is a set of programs coupled with the target market opportunities in order to achieve organizational goals. Shaping this strategy involves three steps – target market choice, setting marketing objectives and building the B2B marketing program.

4. What are some similarities and differences between B2B and B2C?

B2B and B2C marketing are totally different. B2C or Business to Consumer marketing discloses, sells or markets services or goods to a group or target consumer. It is product driven and maximizes the value of the transaction. Repetition and imagery create its brand identity.

But the marketing programs are same for these two categories. Examples are events, direct marketing, internet marketing, advertising, public relations, word of mouth and alliances. The two categories differ in behaviors such as how the programs are executed, what they say and the product of the marketing activities. Both B2B and B2C have the same initial step in developing a marketing strategy.

5. What is a B2B buyer?

A B2B buyer understands your services or products better than you do. He wants to buy them to help his business remain profitable, competitive and successful.

Business To Business Marketing provides detailed information on Business To Business Marketing, Business To Business Email Marketing, Business To Business Marketing Strategies, Business To Business Internet Marketing and more. Business To Business Marketing is affiliated with Network Marketing Opportunities.

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The Ten Commandments of Successful Marketing

April 19th, 2011 | Author: Marketing

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I’ll start off with a somewhat controversial declaration: Marketing Rules! Okay, maybe it’s not that controversial. What I mean by that is business is all about marketing when you break it down to the basics. Therefore, successful business is all about successful execution of the company’s marketing function. Don’t believe me? I can swap stories with you that illustrate millions of dollars of lost value for companies that have struggled with the marketing function.

A company can have strong financial managers and accountants, but without customers, for what will they account? Without revenues, what will your IT staff have to maintain? The same questions can be asked of the operations, legal and many executive functions. At the end of the day, a company is successful because it has customers that pay. Without customers, the projections crafted by your CFO and sold by your CEO mean nothing.

Before we launch into the list of marketing commandments, let’s define marketing.

In my view, the easiest way to define marketing is as everything you do to place your product or service in the hands of potential customers. To more easily remember these concepts, marketing is often described as The Four P’s:

o Product (the solution being sold)

o Placement (sales and distribution channels)

o Promotion (finding new prospects and compelling them to become customers)

o Price (pricing and positioning strategy)

In this way, marketing encompasses a number of important activities such as public and community relations, brand management, media planning and advertising, product development and positioning, pricing schemes, sales and distribution strategies and much more. It is important that your company agrees on a definition of marketing. If you don’t, you’ll find that many necessary jobs will go unattended to and many roles unfilled.

Now that we’ve defined marketing, let’s review some guidelines that I believe can help you market your services more successfully:

1. Thou shalt care –

The first rule is to care about meeting people’s needs. People don’t spend money to buy products. People spend money to alleviate a pain or avoid the likelihood of a painful situation. You have to care about that. This is the first and greatest commandment of marketing.

2. Thou shalt have a plan –

Write a marketing plan. Effective marketing campaigns just don’t happen. They are the result of diligent efforts from dedicated marketers.

3. (Unless You are Wal-mart or Dell) Thou shalt not compete on price –

By definition, there can be only one low-cost provider in any market. Therefore, if you can’t be that #1 provider, you are going to have to develop a new niche in which to be #1 and compete on something other than price. If you are the leader and can afford to compete on price, great! If not, play a different game.

4. Thou shalt practice integrated marketing communications –

Advertising is not marketing. Neither are public relations, community relations and direct sales. However, altogether, they each make up a critical part of a comprehensive marketing program. Smart marketers use an integrated approach.

5. Thou shalt execute your plan relentlessly –

Plans aren’t made for your bookshelf. After you write them, use them. Refuse to be a lazy marketer. Refer back to your plans from time to time to make sure that you are still on track.

6. Thou shalt not be boring –

the biggest risk is to take no risk at all. Some people consider this to be the greatest commandment of marketing.

7. Thou shalt not be cheap –

While marketing campaigns don’t always have to be expensive, sometimes you have to spend money. There is an old saying that goes like this: If you don’t advertise, nothing happens. I have learned the hard way just how true this is.

8. Thou shalt measure your efforts –

John Wanamaker said: “I know half of my advertising is wasted, I just don’t know which half.” A century later Al Ries said: “If half of John Wanamaker’s budget was wasted at the turn of the century, then three-fourths of the typical advertising budget is wasted today.” Invest time in figuring out how well your money performs when used in various ways.

9. Thou shalt know your customer –

You never know your customers as well as you think you do. You have to know who is buying your service. This might be a very different person from whom you are targeting. Your past experiences, while valuable, do not tell you everything that you need to know and are no substitute for thorough market research.

10. Thou shalt always interact with real customers –

How many marketing plans are devised in conference rooms by people who haven’t seen nor spoken to a “real” customer in years, if ever? Too many! Successful marketing is magical. Compelling people to part with their most precious resources (their time and their money) and give them to you is hard work. The successful marketer doesn’t get nearly enough respect, in my opinion, for accurately identifying a market need, developing a solution to fill it and effectively communicating the solution. I have not known a good marketing professional who didn’t spend time in the field with customers at least some of the time.

These are my commandments. I find that things work better when I make sure that my teams obey them. When we don’t, I am convinced that we pay a great price, even when we don’t realize it. What are your commandments for successful marketing? Write me; let me know, and I’ll share feedback from our readers in the future!

By Mark Anthony McCray, MBA

Mark Anthony McCray, author of the upcoming books, “The 31 Rules for Succeeding as a Mortgage Broker” and “The 31 Rules for Prospering Financially” ([http://www.the31rules.com]), is the Founder and CEO of Houston, TX based First Capital Mortgage Company (http://www.dealsdone.net). First Capital is a commercial mortgage banking and brokerage firm that has helped its clients leverage millions of dollars in financing for their real estate acquisitions, developments and investments over the years. Write to Mark at mark@dealsdone.net or call 713-267-4040 for more information about the author or First Capital’s services.

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Drive Your Sales With a Professional Marketing Plan

April 18th, 2011 | Author: Marketing

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A marketing plan is a blue print document for a business which is developed to plan and implement the marketing activity necessary to achieve the goals set out for the business. For most small and medium sized businesses this will mean a marketing plan which is developed to achieve the sales and profit targets set for the business. A good marketing plan will target available resources in the most efficient and planned manner and enable the business to achieve its objectives. There are a number of stages to developing an effective marketing plan.

1. Define the business itself – What is the business in terms of size, location, sales channels, etc. What does the business do, what are the unique sales points or main sales points of the business or its services and products.

2. Define the objectives – What are the objectives for the business, these may include increasing sales from existing customers, winning new customers, increased profitability, launching new products or services, moving into new geographical areas, opening up new markets, raising awareness of the business or brand, developing new distribution channels. Most likely it will be a combination of several of these objectives.

3. Identify the target market – The marketing plan should identify the types of customers or clients that the products or services will be sold to. Factors to consider for B2C businesses will be social group A, B C1, C2, D & E. Geographical location, age group, gender, interest group, etc. For B2B businesses factors will include business sector, size, geographical location, job title, turnover, etc.

4. Timescale – It is most productive in developing a marketing plan to break down the achievement of the objectives by timescale. Set out what needs to be achieved in the short, medium and long term. In the short term it may be best to focus on achieving a level of sales which can at least support the business outgoings, longer term objectives would include achieving high levels of awareness in the target market and a reputation for excellence in your field.

5. Marketing Tactics – Once points 1 to 4 have been decided the next stage in the marketing plan is to decide which marketing tactics need to be employed to best achieve the objectives that have been identified for the short, medium and long term. The marketing tactics employed could include advertising, direct marketing, graphic design (logo, brochures, leaflets, point of sale), online marketing, search engine optimisation, public relations, sales promotion and channel marketing. The factors which decide which marketing tactics will be most effective include available budget, the nature of the target market, the main sales points of the business and its services and products, competitor activity, market conditions and availability of suitable media.

6. Media Selection – Once marketing tactics have been decided the next stage of the marketing plan is to select the most appropriate media. There are a whole host of available media channels whatever marketing tactics are employed. For example, for direct marketing there are a multitude of list brokers offering many options for suitable lists – so contact at least 4-5, the internet is now an excellent means of sourcing professional marketing help, consider which options are best for your business. For advertising you can select from media such as national, regional and local newspapers, magazines, newsletters, radio, posters, banners and even TV. The selection will depend entirely on your target market and budget – make your budget work as hard as you can.

7. Creative Message – This aspect of the marketing plan will de developed directly from the unique sales point and major sales points that were identified earlier in the marketing plan. The creative message may include a strapline that encapsulates the key sales point for the product or service. The creative message must be consistent across all media and have impact and standout. For the implementation of this aspect of the marketing plan it is advisable to seek the services of a professional marketing agency – again this can be sourced via the internet.

In summary, your marketing plan is key to the success of your business, it is a blueprint for the long term development of the business sales. It is important that your marketing plan centres around achieving sales and profitability, return on investment is key to good marketing. It is best to get professional help when developing your marketing plan – use the internet to source that help.

Carl Roughsedge is Director of http://www.e-Moonlighting.co.uk which specialises in providing marketing, marketing plan and graphic design services to small and medium sized businesses around the World. To obtain professional help with you marketing plan log on to http://www.e-Moonlighting/how_to_brief_us.html

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How to Write a Guerrilla Marketing Plan

April 17th, 2011 | Author: Marketing

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Behind every successful product or service is a well-researched marketing plan. A marketing plan guides a company how to market a product or service to a specific target market and helps a company remain focused on its marketing objectives.

Developed by Jay Conrad Levinson, the father of Guerrilla Marketing, a Guerrilla Marketing Plan is a condensed version of a corporate marketing plan. It focuses primarily on the most powerful income producing strategies needed to generate sales. While a Corporate Marketing Plan may be 20+ pages long and full of detailed market research and competitive analysis, a Guerrilla Marketing Plan is short (3-5 pages) and focuses on the marketing strategies you will use to produce sales immediately.

A Guerrilla Marketing Plan should include the following strategic marketing information:

1. Define your product or service.

2. What major problem does your product or service solve?

3. Determine who most needs the product/service being sold. Who is your target market?

4. Describe the #1 most important benefit a customer will receive from your product/service.

5. Why should a customer buy from your company instead of from a competitor? What benefit will a customer receive from doing business with your company?

6. Determine your company’s position in the marketplace. Are you the company that focuses on extreme quality, low price, the largest inventory, the safest product, the best guarantee, etc.? What powerful slogan will you use in all of your marketing materials to convey your position?

7. What is your guarantee to your customers?

8. Determine a measurable sales goal for the next 12-months (i.e., $250k in sales).

9. Determine a marketing budget to achieve your 12-month goal. Your budget should be a minimum of 10% of your projected 12-month sales goal.

10. Determine the most powerful and cost effective marketing and PR strategies for marketing your product or service to your target market and achieving your 12-month sales goal.

For more information, you can download a free ebook on how to write a marketing plan and 100+ strategies for marketing your business at http://www.marketing-consulting-company.com

Peter Geisheker is the CEO of The Geisheker Group Marketing Company. Peter specializes in developing and implementing strategic marketing programs for small businesses. For more information please visit http://www.marketing-consulting-company.com.

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Increase Sales With Targeted Marketing

April 16th, 2011 | Author: Marketing

Increase Sales With Targeted Marketing

Marketing is by no means a small game, and marketing your small business to big success will require some dire attention to detail. A hefty amount of work goes solely into marketing an organization’s goods and services each year. Billions are spent on things like advertising, promotions, consumer surveys, and quality control to assure the thorough-put of an organization’s reach to its most valuable asset – the consumer.

The sunny side of this road is that we have come a long way in understanding the bridges between attracting consumers and making sales. This allows for a small business to learn from the previous failures and successes of its competitors. Outsourcing through more adept organizations, who are fervent in turning up qualitative and quantitative statistical research, is then a luxury to your small business.

Many of those going into business for the first time tend to believe that the more people they market to, the more sales they’re bound to make. While this may only seem logical to the average mind it is quite far from the truth in the world of small business marketing. You shouldn’t try to compare your small business with that of a multi-billion-dollar corporation like Coca-Cola where, to them, everyone is considered a potential customer. For your small business to grow and make a name for itself you will need to do the opposite. This means eliminating unnecessary marketing expenses on those groups of people who are not very likely to benefit your small business.

Finding Your Target Market

You need to become successful in your marketing efforts and drive up your sales, without incurring additional expenses or furthering your business in debt. That requires finding your target market. A target market is a well defined set of present and potential customers that your small business attempts to satisfy.

You will need to identify your target market and focus all of your marketing energy on that specific group. There are a number of analytical approaches to understanding and refining your target market depending, of course, on your product and business. However, it is important to be creative and open-minded when seeking out your target market. Many aspects of a target market may seem vague and obscured, at first, to the inexperienced marketer.

In defining your target market you will need to create what is called a marketing mix. The marketing mix combines the four variables – product, place, promotion and price – that are controlled by your business, and uses them in a manner which aims to satisfy your target market. The product variable is made up of all the qualities that are perceived by the customer from your product and have the potential of satisfying their wants. The place variable determines time, place, and possession value. This means distributing the right product to the right place, at the right time, and in the right quantities. The promotion variable focuses on communication between the marketer and the customer. Is your message getting across to your target customers effectively? If so, how are they reacting and how fast? These are important variables to note when effectively trying to promote your product. Finally, the price variable notes the amount of money or resources your business seeks from the buyer in exchange for the goods or services being sold. All four of these variables are what make up your entire marketing mix and must be coordinated and developed so that they may both satisfy your market and result in a profit for your small business.

Furthermore, you will need to understand the relevance of dividing your market in order to pursue effective targeted marketing for your small business. This is what we call ‘Market Segmentation‘. Every market can be segmented into a number of categories and subcategories. A few basic market segmentations, for example, would be geographic, demographic, psychographic, and product-related segmentation. The primary objective here is to identify all of the characteristics or traits your most promising customers have in common so that you may harness all of your business efforts on reaching those particular customers. This will involve nitpicking through the market and finding a market segment, or a smaller group of people or firms, that exists within a larger market and whose wants are currently not being filled by products already on the market.

The Mass Market Strategy

The mass market strategy assumes the target market to be any potential buyer of brands in a product category and offers a single marketing mix. The mass marketing strategy has been used by such large corporations as Ford, for example, even in the early 20th century to retain low production and distribution costs. Henry Ford offered only one marketing mix for all car buyers with the Model T automobile, which enabled him to become the lowest-cost mass producer of cars.

Times have changed though and today’s consumers are more demanding and expectant than ever. Pursuing a mass market strategy proves unreeling to the ill-capitalized firm. Mass marketing draws a great deal of risk and uncertainty when inexperienced or underprivileged.

Market Segmentation

As your small business begins to better understand its market, it will become second nature to practice market segmentation. Offering one or more marketing mixes to just one segment of a market might prove more resourceful than trying to conquer the entire market share. In this case, agility becomes the tradeoff to muscle.

Markets are often segmented based on geography. Geographic segmentation divides a mass market into such units as regions, nations, states, cities, and districts. For example, your small business may choose to target the sunny Florida state differently from the windy city of Chicago due to the climate for which their geographic locations afford them. This may result in two different market segments for a product category that holds a market in both geographic segments. Just as more stringent emissions laws in California cause auto makers to provide for a different market segment from the rest of the country, your small business too will become overpowered by geographic segmentation for all sorts of reasons.

Markets are also segmented on the basis of demographic variables. Demographic segmentation pertains to statistical data as in age, gender, race, nationality, education, occupation, and purchasing power. Your products can not only be marketed depending on where a potential buyer is situated, but also based on who they are and to what they are associated with. Power drinks are targeted mainly to athletes and male fitness fanatics. Apple computers target the youthful and creative individual. Centrum Silver vitamins are targeted to people over the age of fifty. The demographic classifications of your target market can go miles long and stories high or they can be short and resolute depending on how well you know your product and market.

Psychographic segmentation zeros in on social class, personality, and life-style. For example, the Oprah Winfrey show targets independent women. Harpo productions has committed a great deal of its marketing efforts in various psychographic segments by empowering female opinion. Also, the Mirage hotel and casino in Las Vegas, Nevada caters to the high-roller gambler’s life-style. These market segmentations are subject to a great deal of scrutiny, however, and it can be hard to clearly predict the scope of a psychographic market segment.

A firm may also divide a mass market based on the consumer’s amount of usage of a product or service, the type of usage involved, and what benefits the consumer is looking for. This is called Product-Related segmentation. For example Google AdWords, targets the direct marketer or low-budget small businesses looking to gain global, national, or even regional exposure for their business with the flexibility of controlling how much or how little they spend.

Once you have clearly understood your target market and begun the process of eliminating unnecessary marketing expenses on groups or individuals outside the scope of your target market, you will inevitably see a much higher return on your investment and long-term growth in your business. Targeted marketing increases the chances of your small business for channeling more spectators into buyers.

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What is a Smart Marketing System?

April 16th, 2011 | Author: Marketing

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What is a Smart marketing system? Well, a Smart marketing system is not really a known term, but rather a term coined by someone who writes marketing books, does seminars and is a consultant in marketing. It makes sense to coin new phrases and new terms and indeed that is in perfect form of someone who does marketing.

To me, I believe a Smart marketing system would be one that would be similar to the one that I developed for by franchising company, which I had founded. I called my marketing system; Bonzai and Blitz Marketing. Whereas the marketing consultant and author who wrote about the Smart Marketing System; talks about a hybrid model of marketing which can be applied to be different types of businesses, I am quite confident that the Bonsai and Blitz marketing that I have created in the real world is far superior in every way, yet both methods are superior to what nearly all businesses out there are doing presently.

In fact, we proved it when we marketed our franchise system in 23 states, 450 cities and 110 major markets. We attacked the market and targeted the customers and slammed the competition into the carpet so hard that they gave up. Now that is marketing; it is that Smart marketing? Could I call my marketing system a Smart marketing system? Indeed I probably could; but I chose to call it Bonzai and Blitz marketing.

What we learned in this scenario when studying various hybrid marketing plans is that different people have found different ways to market and any marketing system that achieves results in the market place is a Smart marketing system. And that means whether it is my Bonzai and Blitz marketing system or the actual branded; Smart Marketing System by a marketing guru and consultant; it is still marketing and creative marketing which puts together multiple marketing methods towards a single message and a single goal for the company. I believe that in this case anyone would consider that to be Smart marketing. I hope you will consider this in 2006 and develop your marketing plan in a creative, innovative and successful fashion.

“Lance Winslow” – Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/. Lance is an online writer in retirement.

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Five Quick Steps to Your Marketing Plan

April 5th, 2011 | Author: Marketing

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Marketing is essentially project management. A marketing plan consists of several projects designed to promote your small business using various methods. There are five basic steps to follow when putting together your marketing plan that will ensure you get the most marketing bang for your buck.

Step One: Marketing Goals

The first step is to write down the marketing goals you have for your small business. Whether it be increasing sales by 10%, releasing a new product, or improving online sales, you should write down all of your goals.

Once you’ve got everything written downs, go over each goal and make sure it is realistic (do you have the staff to service 10 new clients?), if not, revise.

Step Two: Set Your Marketing Budget

Before you can plan how to achieve your goals, you’ve got to know who much you can invest in the methods you’ll use. Be realistic about your budget and don’t spend more than you’ll make back; there are plenty of low cost ways to market. But, DO invest in marketing, it will pay-off. If you’re not willing to spend money on your small business’ success, you devalue your products or services. Plus, if customers forget about you, they don’t buy from you.

Step Three: Evaluate Marketing Methods

There are many ways to market your small business. In his book, The Marketing Toolkit for Growing Business, Jay Lipe shares a list of what he calls marketing “vehicles.” His list includes (Taken from The Marketing Toolkit for Growing Businesses, by Jay Lipe, 2002):

Newspaper Ads
Magazine Ads
Yellow Pages
Television Ads
Cable TV Ads
Radio Advertising
Direct Mail
Billboards
Telemarketing
Internet
Publicity
Trade Shows
Event Marketing
Direct Sales

I’d also like to add a few more methods or “vehicles:”

networking events
public speaking
article marketing
press releases
e-mail
event sponsorship
donating

Another great resource for inexpensive marketing methods is Making Dollars Out of Cents: 101 Tips for the Frugal Marketer,” by Heather Jacobson. This ebook offers just what it says, 101 great tips that are inexpensive yet, effective.

Based on your goals and budget, choose the methods that will work best to help your small business achieve the desired outcome. Some of the methods will support multiple goals, others will revolve around one goal. Just choose the methods that best suit your small business.

Step Four: Time-line Out Each Project

Once you’ve chosen the marketing methods you’ll use to achieve your goals. It’s time to put them in the calendar. Each goal should have a deadline for achievement and each method should have a target completion date. Work backward from these dates, planning out when each part of the goal/marketing method needs to be done to move to the next step of the process, (For example, if the method is a postcard mailing, the post card needs to be designed by approx. 2 weeks before it is mailed, printed by one week before the mail date and labels need to be pulled the day before, etc…).

As you calendar out each item, be conscious of how busy you’ll be and balance out your daily/weekly to-do’s and the frequency your methods will ‘hit’ your customers/audience. Balance out each communication to ensure there’s no overload.

Step Five: Execute!

Once you’ve got your plan and timeline, it’s time to get started. Outsource the work you can’t or don’t want to do, but make sure things keep on track. Review everything for consistency of message and feel–remember, every time you communicate you are reinforcing your small business ‘brand’ with the public.

For information on resources mentioned in this article, go to: http://www.kleobell.com/CBS/market_goal_plan_small_business_2.cfm. [http://www.kleobell.com/CBS/market_goal_plan_small_business_2.cfm]

If you’re interested in receiving monthly resource articles designed to help your small business become THE source for products or services for your customers, go to: [http://www.kleobell.com/register.cfm] and sign up for Creative Business Solutions, and get a free bonus report, Branding Matters!: What Branding Is and Why Every Business Should Care.

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