Yesterday we looked at the key challenges that you face in the B2B space because of the various hierarchies involved as well as the inertia because of the various stake holders and the dynamics / politics between them.
When you target the consumer market, in a lot of situations your prospective customer may be invisible (as Dean Jackson would put it). In the case of B2B customers at the industry, company and even to a certain extent on the person level, you may be able to identify the people but you may find it difficult to reach them to verify if they are actually the right people for your offering.
In case of the consumer market, if you have given an incentive or a cookie (again as Dean Jackson calls it) to make her identify herself, in case of the B2B market, a lot of times I have seen that the people just take the white paper or any other cookie just to gain knowledge whether its part of their job profile or not.
So while the B2B buyer is partially visible, getting her to qualify herself is a lot tougher in my opinion. That’s why identifying the Single Target Market makes the work a little easier.
But identifying the Single Target Market is a massive amount of work. It may require a lot of iterations to get to the exact definition with the right set of constraints defined including going down to the set of people you intend to target, their roles, hierarchies and the challenges at each level of the hierarchy. Here the concept of the Ideal customer profile goes down to the individual role. That’s critical.
Till next time then….happy identifying
In the B2B space , especially technology related , you will hear about ABM a lot. I was introduced to this term by the consulting firm Gartner about 5 years back. Since then along with other buzz words like intent data and AI I have been watching the progress in these technologies and methodologies.
I have generally refrained from using buzz words in my blogs. Today however I was going through some articles on how the B2B space has changed in terms of marketing. What are the trends that are taking place and found ABM is occupying a lot of mind space.
Getting large scale leads to fill the funnel has always been a challenge in B2B compared to B2C. In addition there are multiple people who take a decision, which adds to the inertia of decision making. Due to this people don’t like to change an incumbent until its absolutely necessary in B2B.
In technology marketing the other issue, with customers, is also the decision whether a technology should be adopted or wait and watch.
When you start with a single niche and choose a bunch of a 100 or thousand accounts (you can read my earlier post on identifying the economics ) to target you automatically learn the challenges of the customers over a period of time.
In ABM also look at an Ideal customer profile in a specific niche. What I found different and useful about ABM is that you first get into an account or customer and then spread your wings within the account so that more people know you and you can sell more value within an account.
What I still need to figure out, and I will let you know once I do, if there’s a size or type of company where this will work better or if there’s a type of offering for which this is not suited.
If you have used ABM , I would love to hear your experience
Till next time then.
This statement is as or even more important than identifying who’s your ideal customer.
Reason being when we are trying to identify the single target market , where this ideal customer exists, we always get emotional. It happens all the time with me as well, I always think that maybe with just a small tweak, I would also have a larger ICP market.
That’s where the problem starts, we do the first tweak, then the second and soon we have a large target market to focus on. Your brain feels comfortable with this because it sees a larger number so a higher possibility of success. The brain works on the mechanism that even a small portion of a large pie is better. However the chance of not being able to any portion of the large pie is a very strong reality.
To avoid this situation seducing you to look at larger numbers, its always a good idea to identify who would be a bad customer for you. This helps eliminate the add-on numbers to your ICP.
Its always always a good idea to look at a very small section of the market, learn from it, dominate it before expanding into others.
Till next time then…..eliminate all the people who would not be good customers.
Continuing from where I left yesterday you only have a fraction of a second before the person presses the delete button on your mail- assuming it even reached her.
To be able to do this, you have to be a wordsmith so you can continuously reduce the unwanted words and reorganize them so that the right nuance is brought out in your mail .
But even before that you have to think completely in terms of that person’s interests and keep your interests aside.
Assuming you have followed me up to now , you have segmented your market, then identified an economically viable niche and then isolated that one person who would seek you out
While I have stated all the assumptions in one paragraph, we have complete departments whose only job is to continuously figure this out and keep improving on the definition of the ideal customer.
But if you have done the above work, kept your self interest aside, placed yourself in that ideal person’s life you can list out a lot of things where you can directly touch a cord.
Within that, my experience in B2B has been that if you are selling something to a department which sits on the cost side then it always takes a longer time.
On the other if you sell something which can increase revenues then it moves faster. As Dean Jackson says everyone in an organization is entitled to bring in money but for spending money you have to cross multiple levels of approval.
So see how you can get your offerings to work for the marketing side.
Till next time.