How well can you describe your offering's value to different market segments? This is critical to any successful business strategy. Unfortunately, many B2B sales and marketing professionals communicate value in broad, generic terms, or fail to customize their language to appeal to different market segments.
In most competitive endeavors, fundamentals are what we must first learn and master in order to perform well. They provide us with confidence in setting basic direction and a stable foundation when the going gets rough. In marketing, sound fundamentals help set strategic direction, guide tactical plans and provide benchmarks for determining execution and performance.
When customers ask for new products or features, should you jump to fill the request? These situations can help you deepen your relationship with your customer. On the other hand, you could also end up wasting time and resources creating a new offering that they're not willing to pay more for and that no other customer needs.
When you make the decision to target market segments strategically, you can create significant profitable growth opportunities for your business. But what happens when the sales team fails to embrace those new segments?
Recently I read a MarketingProfs blog post reporting that business decision-makers are 10% more likely to consider B2B brands that consumers know and feel connected to. The report, which was based on data from a survey of 9,500 global consumers and 450 business decision-makers, included some interesting charts and categorized companies in four ways. Known, but not relevant Highly relevant Limited relevance Not relevant
For much of his tenure at GE, Jack Welch’s famous mandate to every business unit was to be either number one or number two in their market. If you weren't meeting that standard, you were replaced.
I've worked with many clients to help them craft value propositions. One mistake they often make is to mistake quality for value.
