Analyze Your Target’s Buying Process for Greater Marketing Efficiency
B2B selling is a complicated affair, but you can simplify your marketing strategies dramatically with buying process analysis. This means that you lay out your prospect’s buying process, stage by stage, and then develop a selling process that maps to it. Voila. Your marketing investments will become much more efficient, being applied to their best use. And you’ll also be more effective, since each element is targeted to a specific goal. Let’s look at how this works.
Here’s a typical B-to-B large enterprise buying process, broken down into its logical stages.
The next step is to clarify your marketing objective at each stage. Simply put, your objective is to help move the prospect along his buying journey, stage by stage, in your favor. But you can get more granular. At the stage when the prospect begins researching solutions, your objective is to be among the consideration set. At the next stage, you want to be selected for the short list. When they are soliciting proposals, you want to submit a winning bid. And so on.
Now, your marketing activities can be directed toward supporting this process. Consider which media make the most sense at each stage. When you are trying to become known to researchers, media relations and trade shows can be the most effective tools. When the prospect is reviewing proposals, you may decide that a webinar is a good method for educating them on your capabilities. Once you’ve won the business and they are beginning to use your product or service, you might invite them to a user group.
The same thinking can be applied to other areas of the marketing communications mix. What content do you need to move the prospect from one stage to the next? What data elements are required at each stage? What motivational offers will be most effective?
I am fond of this approach to B-to-B marketing, especially in the account-based marketing context, because it helps us get very focused, and reduces what you might call random acts of marketing communication.
A version of this article appeared in Biznology, the digital marketing blog.
Ruth P. Stevens consults on customer acquisition and retention, and teaches marketing at companies and business schools around the world. She is past chair of the DMA Business-to-Business Council, and past president of the Direct Marketing Club of New York. Ruth was named one of the 100 Most Influential People in Business Marketing by Crain's BtoB magazine, and one of 20 Women to Watch by the Sales Lead Management Association. She is the author of Maximizing Lead Generation: The Complete Guide for B2B Marketers, and Trade Show and Event Marketing. Ruth serves as a director of Edmund Optics, Inc. She has held senior marketing positions at Time Warner, Ziff-Davis, and IBM and holds an MBA from Columbia University.