Modern globalization has changed the whole set of business affairs; from production to selling. Strategies focusing primarily on ‘production processes’ and least caring about ‘reaching the customers’ have terribly failed because customers already have an abundance of suppliers who reach them every time.
So here we're on the road to reach the 'prospect customers'. Once you’ve set your business objectives and you know that your product/service would ultimately derive ‘demand’, then start narrowing down your ‘target customers’. There must be some ‘primary markets’ and some ‘secondary markets’ and in those regional markets, you’ve to categorize your prospects.
There’re two categories for ‘prospects’.
- To solve their domestic/routine problems
- To satisfy basic needs
- And finally, to feel elevated
If your product fulfills any of above ‘demands’, you can further fragmentize individuals on the basis of ‘needs, characteristics or behavior etc.’ ‘You cannot liquefy all of the consumers in a given market, so it’s sensible to break down market into segments and then select the best segment (market targeting) and then devise the strategies to earn customers better than those in competition (market positioning).
Unlike individuals, their buying behavior is founded on following grounds;
- To reduce operational expenses of the businesses
- To increase business revenues
- And lastly, to catch on business competitors
In B2B engagements, understanding the business mechanism of end-party is much important. Though the general objectives of all businesses are same, yet they all have ‘different levels of demands’ and even if they’ve same ‘driving demand’, they are bound to remain with different buying powers. So reading B2B customers’ sales reports, cash flow projections, business resources, post-sales users’ behaviors, closely is rather important as this would allow you to bring up proper and long-term engagement with them.
Once you've found an ideal type of customer, now, it’s much simpler for you to organize and execute your marketing strategy.
Competitive Advantage: ‘I and They’
When there’re already thousands of service providers in market, why would customers pick ‘you’?
In general, it’s about ‘goods and services’ that you’re offering to the target market. If there isn’t demand of the product that you are likely to bring, then ‘Drive the Demand’; this is what the world businesses are most focusing on these days.
What’s competitive price you set up for your services after your cash flow projections? And does this pricing comply with your business objectives? In B2B relationships especially, it’s always profitable to go an extra mile for clients because eventually it helps in fostering long-term relationship.
It’s pity that this ‘positioning’ is the most neglected aspect in most of the businesses. Positioning tells how you are distributing your products to withstand into the market place.
Promotions reflect your marketing intelligence and show how you tell your target market about your products.
You might be wondering that what’s all this worth for. Though these are simple things but ‘most of the simple things are the most difficult things to explain
’. If you don't agree, start explaining the things discussed above in relation to your business.