(Solved Homework): In a proper B2B Marketing Plan one must ask themselves certain questions with…
In a proper B2B Marketing Plan one must ask themselves certain questions with regard to generating awareness, acquiring prospects/nurturing prospects and qualifying sales readiness. Choose a small business (You can choose an existing business, or make one up) as an example for this post. Think for a moment you are the owner of this small business. Please discuss the following: How will customers find you & your expertise. How many become identified prospects & give permission for contact? How many meet qualified lead criteria? How many meet qualified lead criteria? How many meet a signaling readliness to buy?
Expert Answer
Answer
Hello, I shall share some of the experiences I had or I have seen during my professional life.
In B2B marketing, your customers are organizations rather than end user. So, there are 2 ways to market your product here.
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(Solved Homework): In a proper B2B Marketing Plan one must ask themselves certain questions with…
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- Focusing on organizations – Takota air bags
- Focusing on end user – Intel processor chips
Intel created a brand awareness among end users and they indirectly compel computer manufacturers to use intel product.
How will customers find you and your expertise?
From what I have known, customers do not come to you or they do not even know you and your product. You need to approach them first.
Here comes the most important point. Do not go with a product to organizations. First, know their unmet or unidentified needs by knowing their business and then try to solve it by creating a product.
And the quality of your product or feedback from peer organizations determine or make B2B companies perceive your expertise.
How many become identified prospects and give permission for contact?
Depending on the product, you may target an industry or a gorup of organizations across different industries having a similar need.
In the early stages, when your product is not yet a success and the organization still in a nascent stage, cold calls and rejections are common. The ratio will be around 1:100 or even worse.
How many meet qualified lead criteria?
It mainly depends on our targeting effectiveness. If we target the right ones, qualifying rate will be high. Initially since we perceive high of the product, our target base will be larger compared to reality.
How many meet a signalling readiness to buy?
This depends on the product satisfying the needs of business and the organization’s willingness to try new products. It depends on some factors like cost, time taken to implement, flexibility etc.
Practically, the number is minute (a single digit).
