Budgeting for Marketing Activities – 2

B2B, budget, Marketing, Marketing Stamina

In yesterday’s post I showcased a quick and dirty method to identify your budget for doing marketing activities. Once you have identified with your rough calculation the amount of marketing budget you need to ask for and the outcome you have to deliver, you now need to figure out how you will go about your campaigns

In B2B the lead time to get an order is quite large – large is a relative term – depending on the size of the deals that you are looking for. The second characteristic of the B2B market is that generally there is no impulse buying especially in the mid to large companies. The third characteristic is that there are multiple buyers involved in most B2B deals, so the inertia is larger and the decision cycle is complex.

What this means is that you have to have the marketing stamina to ensure that you are able to consistently get in front of the customer with your content so that when the need arises at the customer end, you are in front of them and they call you first.

The advantage with B2B customers is that they are what Dean Jackson would call as semi visible. Meaning you can get a list of companies for most combinations. However within the company its difficult to identify who are the people involved with what you sell and the dynamics within them. Where are the power centers that you need to be aware of.

Since it is easy to identify them, B2B customers are inundated with a whole lot of marketing material. the other challenge is that even if you know say the decision maker is a CFO, chances are that the research on a new vendor or product will be done by a junior who will be assigned the job. So you either run parallel campaigns for different levels, or you run the campaigns in such a way that the people can easily remember you and handover details to the person who is researching.

Due to this I used the term, Marketing Stamina. It takes time to build a momentum before which you can get some real enquiries.

Till next time then.

Carpe Diem!!!

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