subject: Taking the Fork in the Road - 10 Paths to B2B Marketing [print this page] Taking the Fork in the Road - 10 Paths to B2B Marketing
Yogi Berra once quipped, "When you come to a fork in the road, take it." Great words for today's business climate! History shows that high-growth, market innovators create disruption. They're like pioneers, building makeshift bridges while they cross rivers. They plan through action, evolving their strategies as they bounce off obstacles.
Leaders of these companies must get above the trees; beyond setting strategies, assigning priorities, and assessing results. They must keep their team moving forward, exploring all paths to success. Today more than ever, businesses must use every option to reach out to new customers. This doesn't always mean advertising. And it doesn't have to mean big dollars. Here are 10 paths to try for B2B marketing in any business climate:
Do what you do best. An old business axiom tells us to never give up the cash cow. Trying to enter too many niche markets, especially where you have limited expertise, can be disastrous.Know your sweet spot and exploit it. Look for ways to take what you do best to new customers in different industries.Use the consistent revenue from a cash cow product or service to experiment in closely related, growing markets.
Win at the game of coopetition. "Keep your friends close and your enemies closer." Do not assume that you have no competitors - you do. If you don't know who your competition is and what they're doing, look again.Whether you compete or cooperate, learn about the marketplace and the various businesses that are engaged in or support your industry.
Tell employees the game plan. Everyone in the company IS, or should be selling for you. So educate employees to be knowledgeable ambassadors of the company's products and services.Armed with the right information about the company, an expanded sales force is ready for customer contact on soccer fields, watching band practice, or on the golf course.
Plan your work and work your plan. In Alice in Wonderland, the Cheshire Cat quipped, "if you don't know where you're going, it doesn't much matter which way you go."Imagine how a football game in which every player had a game plan. The same holds true for a business team that tries to execute on individual agendas.Engage in long-term planning in all aspects of the business. Build in enough flexibility to adapt to changes.
Keep ALL your promises. It doesn't take much to remember how we felt the first time someone broke a promise.Unmet expectations are the root cause of most lost business.Regardless of how minor, do what you say you'll do, when you say you'll do it.
Be the best. Quality should weave through every function in a company, top to bottom, inside and out. In today's competitive and customer-savvy marketplace, no one gets two chances to please.
Know your customer...well. Focus on customer needs and fulfill them with something extra, exceed expectations. Southwest founder Herb Kelleher believed that his employees were his customers. If they were happy, then passengers would be happy. Check out Southwest's business profile. They're still profitable.
Stay on the competitive edge. Don't shortchange your investments in marketing, research, and technology. Even when business is tight, these three initiatives will give you a critical edge and often help you to leapfrog more cautious competitors.
Communicate broadly, on all channels. Integrate social media into a traditional marketing communication program. It's relatively easy to set up LinkedIn and Facebook fan pages and groups to promote your business. Liberally link back to your website. Start a blog. Then, use Twitter to promote the blog, tap into new markets and drive traffic to your website and social media profiles.The cost...time.
Expect a return on your investments.Whether a marketing program costs $100 or $1,000,000, measurement must be built into the plan to determine the return. How many leads came resulted?Were they qualified buyers?Did your web traffic increase? Did your call volume climb? Did the media find you? If the return can't be measured, it may not be worth the investment.
Try all of these 10 paths and you'll be ready for anything. Take the fork in the road, because they can lead to the next super highway for you and your business!
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