Archive for the ‘Buying process model’ Category
Wednesday, October 13th, 2010
This morning, a colleague called to brainstorm ideas on how to promote an upcoming program on “reaping the benefits of a diverse workforce”. Her concern was that the small business owners she was targeting had opted not to attend other programs on diversity.
To address her concern, I immediately donned my strategic marketing hat. Some would say that when you have a hammer, everything is a nail…
Helping prospects recognize they need what you have to offer
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When you’re a marketing strategy consultant, everything comes down to marketing strategy
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Read the full post (932 words, 5 images, estimated 3:44 mins reading time)
Tags: buying process, Marketing strategy, marketing strategy consultant, small business owners, small businesses
Posted in Buying process model, Marketing strategy | No Comments »
Monday, October 11th, 2010
As I’ve mentioned in previous posts, Boston is rapidly rebranding itself as what Boston Globe columnist Scott Kirsner, and perhaps others, have dubbed as the Innovation Economy. This week the focus was on marketing.
MITX, under the umbrella of FutureM, organized dozens of (mostly free) events dedicated to exploring and sharing how the newest technologies and insights are changing the way that marketers think, create, engage, and measure. It was information-packed, exhilarating, and exhausting.
This post focuses on what excited me most as a B2B marketing consultant. Hint: My company’s tagline is “using customer knowledge to increase sales”.
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The future of marketing will be all about customer data
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Read the full post (878 words, 5 images, estimated 3:31 mins reading time)
Tags: B2B marketing consultant, customer development, customer engagement, customer feedback, customer information, customer research, customer-centric, digital marketing technologies, FutureM, innovation, market need, marketing research, minimally viable product, web analytics
Posted in Buying process model, Internet marketing, market intelligence, social media marketing, Speaker notes, Uncategorized | No Comments »
Friday, August 13th, 2010
Last night, 50 Wharton alums gathered in downtown Boston to hear Professor Peter Fader speak about “The Paradoxes of Interactive Media”. Of special interest were Dr. Fader’s comments on how target marketing has changed. His message: when profiling your most promising prospects, focus on differences in behavior rather than demographics.
To illustrate his point, Dr. Fader looked at the data underlying a study that concluded that Hispanics were more likely to purchase DVDs than Caucasians. He began by acknowledging that the conclusion was accurate–but not particularly useful.
Lies, Damned Lies, and Statistics
Tags: Boston, demographics, market segmentation, market segments, marketing campaigns, purchasing behavior, target marketing, trigger events, Wharton
Posted in Buying process model, How to, Internet marketing, market intelligence, Marketing communications programs, Marketing strategy | No Comments »
Wednesday, December 30th, 2009
A quick search on Google indicates that surveys about business-to-business (B2B) marketing priorities tend to concentrate on tactics–rather than strategy. They also tend to focus on investments in various types of promotional activities, rather than the greater marketing picture. As for strategy, at least one survey seems to indicate that in a tight economy, B2B companies rank demand generation first and then raising awareness.
What happened to the focus on the customer?
The irony is that gaining deeper insights into customer, or prospect needs, rarely shows up as a priority, let alone a high priority. Why not?
Tags: B2B marketing, customer case studies, customer intimacy, demand generation, lead gen, listening tools, marketing priorities, marketing research, sales, sales enablement, social communities, social media, surveys, usability testing, win/loss
Posted in Buying process model, Internet marketing, Marketing communications programs, Marketing strategy, social media | 2 Comments »
Wednesday, September 24th, 2008
Here’s a response I received last week–after posting a complaint on the offending company’s online feedback form about a misleading product offer.
“Thank you for your e-mail regarding your account. It is always our aim to provide the highest level of customer satisfaction. We are always concerned to learn that any customer is unhappy with the service we provide.
All applications are processed by our Customer Recruitment Department, so you will need to contact them directly [at phone number] with your request.
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Integrated Marketing Campaigns – What happens when they’re not?
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Read the full post (991 words, 1 image, estimated 3:58 mins reading time)
Tags: branding, buyer experience, customer satisfaction, integrated marketing campaigns, marketing messages, marketing research, post-sales strategy, return on marketing investments, sales cycle
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Friday, September 5th, 2008
There are many reasons that sales cycles stretch out. As we discussed when we reviewed how businesses buy, most companies delay buying until: 1) they recognize a clear need for a solution, 2) have a sense of urgency, and 3) identify product or service providers that they believe will meet their needs.
At that point, however, most buyers have a heightened awareness of the cost of delay–and are anxious to move forward. When they don’t, it’s a telltale sign that your product or service is missing the mark.
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Maximizing Sales Productivity Depends on Meeting Marketing Requirements
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Read the full post (1099 words, 1 image, estimated 4:24 mins reading time)
Tags: buying behavior, contact management system, marketing research, most promising prospects, primary marketing research, purchasing patterns, sales cycles, sales history, sales productivity
Posted in Buying process model | Comments Off
Thursday, August 21st, 2008
So you’ve got the attention of your prospective buyers. The good news is that they now know of the existence of your business. The bad news is that they know far less than you think they know about your company. That’s because most of us are so busy, that we only have the capacity to think about our most pressing concerns.
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Shorten the sales cycle: one marketing message at a time
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Read the full post (790 words, 1 image, estimated 3:10 mins reading time)
Tags: brand, buying process, case study, clinician marketing, drip campaign, email marketing, email newsletter, marketing messages, physician practice marketing, sales cycle
Posted in Buying process model, How to, Marketing communications programs, Marketing strategy | 1 Comment »
Friday, August 8th, 2008
Will prospective buyers turn to you when they’re ready to move forward?
Getting the sale depends on affirmatively answering all three of the following questions:
- Have they heard of your business?
- Do they know that you can address the problem?
- Will they remember you when it comes time to buy?
Brand awareness is not sufficient. Think back to your own experience.
Sure, you’ve lost sales because prospective buyers haven’t heard of your business. But, I’ll bet you’ve also lost business because prospective buyers just didn’t realize that you offered a particular product or service.
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Will prospective buyers turn to you when they’re ready to move forward?
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Read the full post (751 words, 1 image, estimated 3:00 mins reading time)
Tags: capturing attention, marketing messages, marketing research, messaging, raising awareness, sales cycle, target audience, trigger events, value proposition
Posted in Buying process model, How to, Marketing communications programs, Marketing strategy | No Comments »
Monday, August 4th, 2008
This diagram describes the buying process. I contend that before anyone buys anything, they need to go through these nine steps. This is true for any purchase.
The higher the risk, the longer the sales cycle…
For low risk, inexpensive purchases like a candy bar, buyers whip through all nine steps in a matter of seconds. When it comes to major purchases, the buying process often takes months and sometimes years. For example, think back to the time it took your own business to decide to put up—or even redo—your website…
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Making the sale depends on addressing an urgent need
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Read the full post (551 words, 1 image, estimated 2:12 mins reading time)
Tags: buying process, qualified prospects, sales cycle
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Wednesday, July 23rd, 2008
Last week, we discussed the importance of reducing the cost of sales—which I defined as the time it takes to prospect for new clients and close new business. This week, I’d like to discuss how to get started.
Step one is recognizing that for the most part, we can’t convince anyone to buy something from us that they don’t want. When it comes to shortening the sales cycle—as with other forms of behavior change, the thing to remember is that it’s all about attraction and motivation—rather than persuasion and pursuit.
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Shortening the sales cycle starts with getting into buyers’ minds
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Read the full post (320 words, 1 image, estimated 1:17 mins reading time)
Tags: buying behavior, buying process, cost of sales, marketing research, sales cycle
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