A 101 On B2B Marketing Strategy
January 14, 2019
Identifying Your Value Proposition and Targeting Customers in Your Industry who Benefit from Your Offerings.
Business-to-Business companies (B2B) and Business-to-Consumer companies (B2C) may differ in purpose but they share a common need: Both benefit from a strong marketing strategy. The difference is that B2B organizations are essentially marketing to the industry, rather than the end consumer. However, the basic principles remain the same. Developing this strategy for either type of company involves identifying the company’s value proposition, determining the customers that value the company offering, evaluating current or future strategies, and working to achieve the company goals through a strategic promotion plan, always with ROI in mind.
Advertising Agencies, like KSA&D, have expertise in helping B2B companies through the following five steps to determine, develop and deliver the best business-to-business marketing strategy for each unique industry.
What is your value prop?
What value does your company offer to potential customers? Knowing what sets your company apart from the other players in the industry are key talking points when promoting the industry. For instance, a chemical or raw material company may have high-purity products which include analytical testing to prove their quality. Based on prior research, the target customer for this example values high-purity products backed by the confidence in their quality. As another example, your ideal consumer values convenience, therefore, they value the fact that your company can manufacture and ship high-end materials with quick turnaround. Targeting customers who value the attributes that your company offers is the key to success.
Who are you targeting?
When your company identifies its value proposition–the attributes that differentiate it from the competition, the marketers have to determine the target audience. Who is your company’s ideal customer? For a B2B company, in what industry is the ideal customer, what is their job title, where are they located, etc.? From there, it’s helpful to perform more research, since often times the ideal customer isn’t always the same as the current customer. Use Analytics data to determine the demographics, motivations, engagements, and behaviors to determine how they are accessing your website–desktop or mobile–to help formulate your marketing strategy. Pairing this information with the values of the customers help to determine the best marketing strategy for your brand’s specific industry.
Do the research.
To determine the strategic direction, brands must evaluate the current status of your business. The research consists of understanding the perspectives of current consumers and non-consumers. Surveys, interviews, and other forms of interaction with these individuals can help determine why one person decided to choose your business and why another did not. This research ultimately creates a baseline from which to move forward. It can identify opportunities that your company can seize to thrive in the market and weaknesses that may be hindering its success. As such, it fuels the next step in the process.
Determine the objectives and tactics.
After conducting research and determining the status of your business, you can start to develop objectives and potential tactics. In other words, what do you want to accomplish from marketing? This is where the marketing strategy process can get more B2B-specific. If your business is just beginning and wants to gain traction, general lead generation could be an appropriate objective. If your company is more developed and is receiving notable impressions but lacking conversions, the objective could be moving those potential customers down the marketing funnel. If your company has many customers and wants to keep those customers, the objective is to encourage repeat sales and loyal customers. The objective will vary from business to business, but will ultimately help drive your marketing activities.
Ready for launch!
The last step in creating a marketing strategy before implementation is to determine how you will promote your products or services with your unique value proposition to your target audience. Using the data from your research in the targeting phase, determine the best outlets to reach this audience. Advertising to a niche segment produces a strong ROI but can be expensive. However, with the multiple advertising outlets available with precise targeting and a strategic plan, it can be done efficiently and effectively.
KSA&D can help you to determine the best channels and most appropriate content messaging, that will deliver an optimal return. Whether the plan is pure awareness or jumping right into a lead generation campaign, a strong advertising agency will help your brand drive customers down the funnel. Using data, analytical and advertising teams will work together to determine the best promotion plan to drive customers through each phase of the funnel. Ultimately, this step is where your company decides where the effort and budget should be spent to achieve the marketing goals that were set forth.
At KSA&D, we work with many B2B brands and implement successful marketing initiatives to facilitate the brand’s goals. Additionally, our marketing department collaboratively strategizes with our internal design and web development teams to implement and execute these strategies successfully. Interested in a thorough B2B marketing experience? KSA&D can bring your brand’s vision to life. Start the conversation here!