We have in the last two posts, looked at the challenges of the B2B market, whether its the hierarchies involved or the dynamics between various roles.
There’s another two dynamics which are specific to the companies and the people in those specific companies.
Some companies are marketing driven, which means that generally they want to lead the market whether its in the use of new technologies, tools, new initiatives. They are willing to experiment to continue to be the leader in the market. Since these companies are willing to experiment, they are generally more receptive to new ideas. The culture in these companies is to experiment hence down the line every one is generally open to seek new ideas. People are generally not afraid to take decisions.
Then there are others which are finance driven and keep a very tight control on “accounting ” costs, audits etc. They are always wanting to ensure that they take steps once something is proven. They want to have proof before moving forward because they don’t want to be caught up in audits. People are always trying to ensure that their “backside” is protected. These companies are therefore slow in adopting new initiatives.
These are the two extremes. If you look at it as a continuum then most of the others fall in between. There’s nothing good or bad about either of these. It’s more important to map with you’re selling
If your product or service is ‘new’ with technology or process etc. then it makes sense to start with marketing oriented companies. On the other hand if your product or service is more a replacement or substitute for something where you can give cost benefits, then you should look at starting from the other end.
Once you have identified the Single Target Market, your next step will be to identify the companies and do more research on them to prioritize your efforts.
Till next time then.