How much guesswork is involved in your B2B market segmentation strategy? Are you building products for an imaginary buyer? In the B2B tech sector, this happens more often than you would think.
Business to Business (B2B) messaging is more intellectually stimulating and harder to create than Business to Consumer (B2C) messaging. B2B messaging is harder to test as well, which is why the use of solid research methods is critical.
These challenges exist for one simple reason: B2B sales are more complex. Consequently, this complexity leaves B2B marketers with a heavy burden, one that can only be lightened with solid customer insights.
Does your sales team approach new product sales the same way they approach existing product lines?
According to Darden School of Business Professor Thomas Steenburgh, new product sales look very different from selling existing products. Selling new products can require more face-to-face time with customers than when selling established products. Management also has to be patient with the fact that new sales just take longer to go through. However, getting new product sales right can generate huge returns in the long run.
One of the most important lessons of key account management: having a single account take up more than 20 percent of your profit and loss statement (P/L) is business suicide. Unfortunately, many executives don’t follow this sage advice – which results in broken businesses, laid-off employees, and the loss of entrepreneurial dreams.
B2B quantitative research works differently than in B2C.
According to Ron Carucci, executive leadership coach and co-founder of Navalent, many executives experience “altitude sickness” upon arrival into their roles for the first time. As a result, 50-60 percent of executives fail within the first 18 months of being promoted or hired.
Facebook and Instagram provide tremendous B2B marketing opportunities – if your B2B creative is good enough to grab viewers’ attention. This is especially important in the niche B2B tech context, where generic creative really doesn’t fly.
In B2B data-driven marketing, your data is a bit like a bicycle chain.
In the B2B buyer’s journey, buyers have to wade through a lot of nonsense to find relevant information.
Think about your bosses, current and past. Have they made you a better worker? Do you feel like you’ve learned from them?
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