Methods in B2B marketing follow basic tenets that become 'buying motivators'
When it comes to B2B marketing and sales, there are defining factors that motivate customers to buy and keep buying and despite technological advances and access to more and more data and information – the tenets for success in sales and marketing do remain engrained in the customer buying process. In a recent article by Marketing Profs, an important guideline to work by includes five factors that offer value to customers. The five factors include response, service, time, quality and price and are considered to be buying motivators.
Although each factor can be translated into the most advanced social channels and apps – traditional sales and marketing rules still apply. The response factor implies that maintaining a focused dialogue with customers and identifying and meeting their changing needs is key. Service is a second factor which means clear information and accessibility as an organization will always appeal. Dependable lead times, consistent delivery format along with quality products and services with a clear structured price are all essential factors.
Any B2B product or service can be described in terms of the big five, the article suggest. Additionally, before even thinking about issues like content, or the communication channels to deliver it, or contact points within the B2B buying cycle, or measuring returns on marketing spend, a marketers must first identify who's who in the market.
Although B2B markets are complex structures and are typically influenced by many people, identifying the five factors is the first step toward convincing buyers to fundamentally trust and remain loyal.
According to an additional report, loyal customers can account for up to 84 per cent of total site visits and spend ten times more with a loyal business than with new ones. What's more, acquiring new customers can cost up to five times more than generating new business from someone with whom a company has already worked.
With those statistics in mind, a marketer must ask if they are doing enough to both inspire loyalty among customers and harness that loyalty. By ensuring that a marketers efforts encourage repeat business, brand loyalty, and customer referrals offers the kind of boost that will not come from any other source.
Although it’s important for marketers to focus on the big picture, simply measuring “engagement” won’t be very useful when it comes time to future budgeting decisions, according to a recent article by Moveo.
In order to measure return on investment (ROI), a sales and finance team needs to develop one key definition of ROI even if this means pooling it from multiple sources like CRM, marketing automation and financial systems. Equipped with cross departmental data means B2B marketers can carefully set metrics based on company-wide goals, instead of those specific to the marketing department’s definition of success.
Successful marketing embraces the idea of continuous improvement, and accurate measurement and basic factors and facts. Ensuring that measurement and analytics are at the core of your organization’s approach to marketing is increasingly the route for marketers, who also follow some of the basic tenets of business like service, quality and price.