Top B2B marketing tips and tricks in 2021
B2B marketing tricks lies in understanding the customer or client business. Our actions need to be proactive before competitors do. B2B is that one segment where customer will evolve over a period of time to being the more knowledgeable company even about the supplier’s products. Hence, caution is required.
Top Business-to-Business marketing management in 2021
I would like to leave an amazing frame work so that you can always be on your toes to keep a track on existing customer or a potential customer.
At first, let me explain few keywords before we get into the framework to remove any confusions.
In supplier – The company that is already supplying raw materials to the client company
Out supplier – The company that wants to supply raw materials to the client company. Here, Out supplier wants to replace the existing supplier (In supplier).
Now let us discuss about the keyword in the above description – Raw materials. Raw materials can be of 3 types.
- Entering Goods – Goods that enter into the final product of our client. Example, if we are supplying micro processors and our client uses these in their final product mobile phone. Here, micro processor is an entering good.
- Foundation Goods – Goods that help our client to build their products. Example, a pizza baking machine that bakes pizza. Here, the pizza baking machine is a Foundation Good.
- Facilitating Goods – Goods that help our client in areas other than producing their product. Example, coffee machine which our client’s employees use to drink coffee in break times.
Best Business to Business marketing strategy for start ups
This is also called as an Influencing approach that can used to capture the clients.
I will break the frame work into several pieces so that it can be simplified. I have already discussed Supplier status above about In supplier and Out supplier.
Now, it is time to discuss Buyer status. As can be seen from the framework, Buyer status can be of 3 types. New task, Modified Rebuy and Straight Rebuy.
New task – New task is when a client company is producing a new product and they are in need of a specific raw material. This is called New task because the client has never had a supplier for this raw material.
Straight Rebuy – Straight Rebuy is when a company is having a supplier for a long time for a raw material and the company simply wants to re-purchase the same raw material from the same supplier. There is not much thinking goes into this situation as it is a simple straight rebuy situation for the client.
Modified Rebuy – Modified Rebuy is a situation where the client was in straight rebuy phase but because of a environmental change, now he wants look at other options and other suppliers to purchase the raw material.
Now that we have seen all the parameters surrounding the frame work, we can quickly dip in.
Steps in B2B marketing strategy
In supplier strategies
- In supplier and New task – This is a great and easy opportunity for the supplier. Already, supplier is providing some raw materials to client and now the client is coming up with another product that requires a new set of raw materials. Now, having this information is key and the supplier needs to explore the collaboration and extend it to become supplier even for the new raw materials.
- In supplier and Modified Rebuy – Here, the client is in a situation of choosing a new supplier because of an environmental change or a competitor reached out to our client and planted doubts about the In supplier. So, strategy that needs to be put forward here is Increase Depth/ Move upstream. It means as an In supplier, we need to go meet with all the other relevant departments in the client company and increase depth providing value preposition.
- In supplier and Straight Rebuy – Client is in the straight rebuy situation so Lock and Block strategy needs to be followed. It means we as a In suppler need to lock the client and block our competitors.
Out Supplier strategies
- Out supplier and New task – As the client is in New task which means the client is buying the required raw materials for first time. So, as a supplier we need to link out product as a solution to their problem. Strategy followed is Link product to solution.
- Out supplier and Modified Rebuy – As the client has reached a state of Modified Rebuy, it is a temporary success to Out supplier. So, Out supplier needs to isolate cause to this change and convert the client as a customer. Strategy here is isolate cause and convert.
- Out supplier and Straight Rebuy – Client is in Straight Rebuy situation which means the client company still wants to repurchase from their existing supplier. So, identify opportunities to Trigger and convert strategy needs to be adopted. It means to identify such a situation which can be used to reach out to the client and trigger the change so that the client will reach Modified Rebuy stage from Straight Rebuy stage.
I hope this post has given few insights about B2B sales and before I leave, i would like to summarize B2B in one simple post.
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