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!!!

Persistence is a key aspect in B2B marketing – 3

B2B, Marketing, Marketing Stamina, messaging, segmentation, single target market

I have written in the last two posts about the key importance of persistence in B2B marketing.

Now the advantage of B2B is that you can generally get a database of contacts. So if you have segmented the market well and you have a clearly defined Single Target Market, then you can go and buy it from multiple sources.

What’s important are 2 aspects viz. The age of the database- how old it is and second figuring out if the designation and function is matching.

A lot of times designations can be deceptive in terms of the power equations within the organization.

Generally larger the organization, lower is the level of the people who will be entrusted with the responsibility for doing the research and identifying vendors, creating comparison sheets etc.

So not only do you identify the the key decision makers and send messages, you also need to identify the functional people who could be responsible for doing the evaluation. You will need to influence multiple people.

So your first step would be to verify the accuracy of the database because more than 50% of your success will be determined by the quality of your database. Incidentally this would be true whether you are looking at B2B or consumer markets.

Till next time then.

Carpe Diem!!!

Persistence is a critical aspect in B2B marketing – 2

B2B, Customers, Marketing, Marketing Stamina, messaging, persistence, Triggers

In yesterday’s post I had mentioned Dean Jackson’s philosophy on 100/1000 leads – where 50% of them will change the incumbent in the next 3 years. The only challenge is that we don’t know which ones will. Its a game of patience int he B2B space.

Changing an incumbent need not be the exact category of what you sell. The “incumbent” in the B2B space is about how the customer presently gets the job done.

If presently someone licks a stamp on their tongue before sticking it on the envelope, then this is the incumbent , if someone is trying to sell a franking machine. Now until the person whose tongue is used to lick the stamp quits for a better job ( a trigger) or someone in the company realises that keeping this person only for the “licking” is an expensive option (another trigger) your messages for the franking product or services will not work.

However whenever a trigger takes place with respect to the incumbent, if you are present in front of the customer, then you become the first person they will call.

So you need to have the persistence and marketing stamina , to ensure that you are in front of the stakeholders on a regular basis. In case of B2B this is one way you build your brand. The other aspect is to make your messages “instigating” the dissonance. Slowly hammering away at possible problem areas.

Tomorrow we will look at another aspect of this persistence story.

Till then.

Carpe Diem!!!

Persistence is a critical aspect in B2B marketing

B2B, Marketing, Marketing Stamina, messaging, persistence

As a marketers we generally like to send out a message and expect to get a response. Very few times you will get some response, but in most cases it takes a long long time.

Earlier I used to hear numbers like 7 to 12 contacts before a contact will respond. So people used to talk about running multi touch campaigns between email, voicemail and cold calling. However especially after Covid struck and a lot of people were working from home, the primary means of connecting has been email or to a certain extent Linkedin.

While I don’t have statistics on how many touch points you need to have before a response is received I got some research done on different geographies for response to emails. On an average its taking more than 20 email messages to be sent (these are cold emails) on different service lines before a given service line attracted a response.

Now this is a critical aspect if you are getting into the B2B space. As I have mentioned multiple times earlier in different posts, B2B buying is not impulsive so even if the message is interesting, you may not get a response. The second aspect to be kept in mind is that identifying the right person in the hierarchy who can act on the message. Designations can be deceptive.

So you need to have marketing stamina to be in the game for the long haul. As Dean Jackson says – look at it as a 3-5 year project. Out of a bunch of 100/1000 leads at least 50% will change their incumbent vendors. You only don’t know which ones will. Tomorrow we will look at another aspect of this.

Till next time then.

Carpe Diem!!!