Marketing MO Guidebook

TheStrategicMarketingProcess
2006,ModerandiInc.Allrightsreserved.
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Contents
page 3
Introduction
6 10 24 28 41 SalesLiterature 0 &Tools 38 50 62 65
Email Marketing Online Advertising Sales Management
13 21 17 36 32 56 74 59 77
Search Marketing
47
44
80 71
68
Recruiting
83 85
53
Business Development
VendorSelection
87 CustomerLifetimeValue 90 Copywriting&GraphicDesign 93
ReturnonInvestment
WhatsNext
page 96
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Introduction
Whatismarketing? Itsabroad, challengingandoftenmisunderstoodfunction.Askseveralpeopleto defineitandyoullprobablygetverydifferentanswers: Itsbrochuresandslogansandprintadsinmagazines Itswebsitesandemailcampaigns Itscommunicatingwithcustomers ItsanMBAcrunchingnumbersonbrandequityandmarketshare
Yetmarketingismuchmorethanbrochuresandwebsitesandnumbersitsaninvestmentthatgenerates revenue,profitandopportunityforgrowth. Marketingistheprocessofdevelopingandcommunicatingvaluetoyourprospectsand customers. Thinkabouteverystepyoutaketosell,serviceandmanageyourcustomers: Yourknowledgeofthemarketandyourstrategytopenetrateit Thedistributionchannelsyouusetoconnectwithyourcustomers Yourpricingstrategy Themessagesyoudelivertoyourmarket Thelookandfeelofyourmarketingmaterials Theexperienceyoudelivertoyourmarketandcustomers Theactionsofyoursalesandservicereps Alloftheplanning,preparation,forecastingandmeasurementofyourinvestments
Goodmarketingisessentialforeverycompany. Itcanmakeacompanywithamediocreproduct successful,butpoormarketingcansendagoodcompanyoutofbusiness.Yetevenbusinesstobusiness(B2B) marketingisoften seenasasoftcreativefieldinsteadoftheenginethatdrivescompanyrevenue.
Keyconcepts&steps
Thismapshowshoweachsales&marketingsubjectfitsintothestrategicmarketingprocess:
Inaperfectworld,youwouldstart atthebeginningofthisprocess competitivepositioning andbuildyour entiremarketingprogramfollowingthemap.Unlessyoureastartupcompany,youprobablydonthave timeto dosoyouneedtofocusonthetaskathand.Thatsfine. Ultimately,yourgoalistomakesureyourorganizationunderstands howthesesubjectsfittogether.Eachnew salestool,campaignandprogramshouldsupportyouroverarchingstrategies thewhiteboxesatthetopofthe map.
Ifyoudonthaveconsistent,articulatedstrategies,youcanimproveyourentiremarketingprogrambyfocusing onthemnow.Thosestrategiesshould driveeverythingyoudoeveryday. Theyreyourcompassandroadmap, andtheyllensurethatyourentireorganizationisalignedandworkingasefficiently aspossibletowarda commongoal. Ifyourexistingmarketingprogramistooreactive,haphazard,misalignedorfluffy,followingthisstrategic marketingprocesscanputyourcompanyonanentirelynewpath. Thisbookprovidesashort,essentialintroductiontoeachsubjectintheprocess: Whatthesubject is,whyitsimportant,hypotheticalexamples,andkeystepsintheprocess.Themapsalsoshowhoweach subjectimpacts(andisaffectedby)othersubjectsintheentireprocess. Marketingiscomplex,butdontshyawayfromsubjectsthatcouldhelpyougrowyourbusiness implementnew ideasasyoucan. Andmostimportantly,embracemarketing.Its yourprocessfordevelopingandcommunicatingvalueto yourprospectsandcustomers.Itsyourlifeblood.YourM.O. Goodluck andenjoytheride! NOTES
TheMarketingM.O.processisdesignedforbusinessto business(B2B)marketers. Whilebusinesstoconsumer marketers(B2C)followasimilarprocess,theMarketingM.O. focusesonthechallengesthatbusinessmarketersfaceastheysell theirproductsandservicesto(orthrough)othercompanies. Inaddition,alloftheconceptsandinstructionsinthis bookapplytobothproductmarketingandservice marketing. However,thephraseproduct/serviceislongand distracting,sowejustusethetermproduct.
CompetitivePositioning
Whatsetsyourproduct,serviceandcompanyapartfromyourcompetitors?Whatvaluedoyouprovideand howisitdifferentthanthealternatives? Competitivepositioning isaboutdefininghowyoulldifferentiateyourofferingandcreate valueforyourmarket. Itsaboutcarvingoutaspotinthecompetitivelandscapeandfocusingyour companytodeliveronthatstrategy.Agoodstrategyincludes: Marketprofile: size,competitors,stageofgrowth Customersegments: groupsofprospectswithsimilarwants&needs Competitiveanalysis: strengths,weaknesses,opportunitiesandthreatsinthelandscape Positioningstrategy: howyoullpositionyourofferingtofocusonopportunitiesinthemarket Valueproposition: thetypeofvalueyoulldelivertothemarket
Whenyourmarketclearlyseeshowyourofferingisdifferentthanthatof yourcompetition,itseasierto generatenewprospectsandguidethemtobuy.Withoutdifferentiation,ittakesmoretimeandmoneytoshow prospectswhytheyshouldchooseyouasaresult,youoftenendupcompetingonprice atoughpositionto sustainoverthelongterm. Oneofthekeyelementsofyourpositioningstrategyisyourvalueproposition. Therearethree essentialtypesofvalue:operationalexcellence,productleadershipandcustomerintimacy.
Heresahypotheticalexampleofeachtypeofvalue. OPERATIONAL EXCELLENCE

CarrotTechnologyscustomersdont wantbellsandwhistles,justagood productatthelowestpossibleprice. Carrotfocusesonoperational excellencesotheycancontinually offerthelowestpriceinthemarket. Forexample,theyjustpatentedanew machinethatdramaticallylowers theircosts.Theyrenottryingtocome upwithneworbetterproductsthey justwanttoproducemorevolumeata lowercost. Carrotsvaluepropositionis operationalexcellencetheyconvey it intheirmessagesandineverything theydo.
PRODUCTLEADERSHIP
CUSTOMERINTIMACY
Starboardsmarketisfloodedwith productsatallendsoftheprice spectrum. YetStarboardscustomerswantmore thanaproductofftheshelfthey wantcustomizedsolutions.So Starboardsmissionistoknowas muchaspossibleabouttheir customersbusinessessotheycan deliverthecorrectsolutionsover time. Starboardknowstheycantjustsay Weoffergreatservice.Starboards teamknowstheyhavetodeliveron thatvaluepropositioninevery interaction theyhavewithprospects andcustomers.
AlphaCo.scustomerscaremost aboutquality theywantthebest product. Alphaiscompletelydedicatedto innovationandquality.Theyre constantlyworkingonproduct improvementsandnewideasthat theycanbringtomarket.Theyknow whattheircompetitorsaredoingand arecompletelyfocusedonstayingone stepahead inordertocapturea greatershareoftheirmarket. Alphascultureisallaboutproduct leadership,andtheirprospectsseeit evenbeforetheybecomecustomers.
Thesecompaniesaretotallyfocusedondeliveringtheirvaluepropositions.Theydontjustsayittheydoit, andthatmakesiteasiertowinintheirrespectivemarkets. Ratherthanleavingyourpositioningandvaluepropositiontochance,establishastrategy.Thinkimpartially aboutthewantsandneedsofyourcustomersandwhatyourcompetitionoffers.Youmayfindanunmetneed inthemarket,oryoumayrealizethatyouneedtofindawaytodifferentiatefromyourcompetitors. Asaresult,youmaydecidetopromoteadifferentattributeofyourproduct,oryoumayfindentirelynew opportunitiestocreatenewproductsandservices.Eitherway,youllstrengthenyourbusinessinboththeshort andlongterm. BESTCASE

Youprovideaoneofakind product/servicethatyourmarket needsandwants.Youhaveastrong valuepropositionthatdifferentiates youfromyourcompetitorsyou communicateitconsistentlyin everythingyoudo.Yourprospects respondbecauseyouremeetingtheir needs,andyourcompanyhasfound successinthemarket.
NEUTRALCASE
Yourproductissomewhat differentandbetterthan thoseof yourcompetitorsandyou communicatethatdifference, thoughprobablynotas consistentlyasyoushould.Your prospectspartiallybuyintothe valueyouprovide,butyoudont winallofthedealsthatyou could.
WORSTCASE
Yourprospectsseelittledifference betweenyouand yourcompetitors, soyourecompetingsolelyonprice. Youhave tofightlong and hardfor everysale. Itsverydifficulttomeetyour revenueandprofitgoals.
Keyconcepts&steps
Beforeyoubegin Yourcompetitivepositioningstrategyisthefoundationof yourentirebusiness itsthe firstthingyoushoulddoifyourelaunchinganewcompanyorproduct.Itsalso importantwhenyoureexpandingorlookingforanewedge. Profileyourmarket Documentthesizeofyourmarket,majorcompetitorsandhowtheyrepositioned. Determinewhetheryourmarketisintheintroductory,growth,mature,ordecliningstageofitslife. Thislifecyclestageaffectsyourentiremarketingstrategy. Segmentyourmarket Understandtheproblemsthatyourmarketfaces.Talkwithprospectsandcustomers,orconduct researchifyouhavethetime,budgetandopportunity.Uncovertheirtruewantsandneeds youll learnagreatdealaboutwhatyoucandelivertosolvetheirproblemsandbeatyourcompetitors. Groupyourprospectsintosegmentsthathavesimilarproblemsandcanuseyourproductinsimilar ways.Bygroupingthemintosegments,youcanefficientlymarkettoeachgroup. Evaluateyourcompetition Listyourcompetitors.Includeanycompetitorsthatcansolveyourcustomersproblems,eveniftheir solutionsaremuchdifferentthanyourstheyrestillyourcompetition. Rateyourowncompanyandyourdirectcompetitorsonoperationalefficiency(price),product leadershipandcustomerintimacy.Itseasytothinkyourethebest,sobeasimpartialas youcan. Stakeaposition Identifyareaswhereyourcompetitionisvulnerable. Determinewhetheryoucanfocusonthosevulnerableareastheyremajoropportunities. Identifyproducts/servicesyoucanoffertomeetthetrueneedsofyourmarketinanewand betterway. Defineyourvalueproposition
Therearethreecoretypesofvaluethatacompanycandeliver:operationalefficiency(thelowestprice),
productleadership(thebestproduct),orcustomerintimacy(thebestsolution&service).Determine whichoneyourebestequippedtodeliveryourdecisionisyourvalueproposition.
Whatsnext?
Developabrandstrategytohelpyoucommunicateyourpositioningandvalue propositioneverytimeyoutouchyourmarket.Together,thesestrategiesaretheessential buildingblocksforyourbusiness.
BrandStrategy
Whatisabrand?Isitalogo?Anameorslogan?Agraphicdesignorcolorscheme? Yourbrandistheentireexperienceyourprospectsandcustomershavewithyourcompany.Its whatyoustandfor,apromiseyoumake,andthepersonalityyouconvey. Andwhileitincludesyour logo,colorpaletteandslogan,thoseareonlycreativeelementsthatconveyyourbrand.Instead,yourbrand livesineverydayt0dayinteractionyouhavewithyourmarket: Theimages youconvey Themessages youdeliveronyourwebsite,proposalsandsalesmaterials Thewayyouremployeesinteractwithcustomers Acustomersopinion ofyouversusyourcompetition
Brandingiscrucialforproductsandservicessoldinhugeconsumermarkets. ItsalsoimportantinB2B becauseithelpsyoustandoutfromyourcompetition. Itbringsyourcompetitivepositionandvalue propositiontolifeitpositionsyouasacertainsomethinginthe mindofyourprospectsandcustomers. Yourbrandconsistentlyandrepeatedlytellsyourprospectsandcustomerswhytheyshouldbuyfromyou. ThinkaboutsuccessfulconsumerbrandslikeDisney,TiffanyorStarbucks.Youprobablyknowwhateach brandrepresents.Nowimaginethatyourecompetingagainstoneofthesecompanies.Ifyouwanttocapture significantmarketshare,startwithastronganduniquebrandidentityoryoumaynotgetfar. Inyourindustry,theremayormaynotbeastrongB2Bbrand.Butwhenyouputtwocompaniesupagainst eachother,theonethatrepresentssomethingvaluablewillhaveaneasiertimereaching,engaging,closingand retainingcustomers.Astrongbrandstrategycanbeabigadvantage. Successfulbrandingalso createsbrandequity theamountofmoneythatcustomersarewillingtopayjust becauseitsyourbrand.Inadditiontogeneratingrevenue,brandequitymakesyourcompanyitselfmore valuableoverthelongterm.
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Bydefiningyourbrandstrategyandusingitineveryinteractionwithyourmarket,youstrengthenyour messagesandrelationships. BESTCASE

Prospectsandcustomersknowexactly whatyoudeliver. Itseasytobegindialoguewithnew prospectsbecausetheyquickly understandwhatyoustandfor. Youclosedealsmorequicklybecause yourprospectsexperiencewithyou supportseverythingyousay. Youcanchargeapremiumbecause yourmarketknowswhyyourebetter andiswillingtopayforit.
NEUTRALCASE
Themarketmaynothavea consistentvieworimpressionof yourproductandcompany,butin generalyouthinkitspositive. Youhaventthoughtalotabout brandingbecauseitdoesnt necessarilyseemrelevant,butyou admitthatyoucandoabetterjob ofcommunicatingconsistently withthemarket. Yourenothelpingyourselfbut yourenothurtingyourselfeither.
WORSTCASE
Youdonthaveabrandstrategy anditshows.Itsmoredifficultto communicatewithprospectsand convincethemtobuy.Theydont haveanimpressionofyour productorwhyitsbetter. Whatyoudo,whatyousayand howyousayitmaycontradicteach otherandconfuseyourprospects. Competitorswhocommunicate morestronglyhaveabettershotat talkingwithandclosingyour prospectivecustomers.
Keyconcepts&steps
Beforeyoubegin Beforeworkingonyourbrandstrategy,makesureyouve identifiedyour competitivepositionyourbrandstrategy willbringittolife. Ifyouhaveabrandstrategy,makesureitsaseffective aspossible Pollyourcustomers,employeesandvendors.Aretheirimpressionsconsistentwithyourstrategy?If not,workontheelementsyoucanimprove. Developyourbrandstrategyaroundemotionalbenefits Listthefeaturesandbenefitsofyourproduct/service.Afeatureisanattributeacolor,a configurationabenefitiswhatthatfeaturedoesforthecustomer. Determinewhichbenefitsaremostimportanttoeachofyourcustomersegments. Identifywhichbenefitsareemotional themostpowerfulbrandstrategiestapintoemotions,even amongbusinessbuyers. Lookattheemotionalbenefitsandboilthemdowntoonethingthatyourcustomersshouldthinkof whentheythinkofyou.Thatswhatyourbrandshouldrepresent.
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Defineyourbrand Thinkof yourbrandasapersonwithadistinctpersonality.Describehimorher,thenconveythese traitsineverythingyoudoandcreate. Writepositioningstatementsandastoryaboutyourbrandusethemthroughoutyourcompany materials. Choosecolors,fonts andothervisualelementsthatmatchyourpersonality. Determinehowyouremployeeswillinteractwithprospectsandcustomerstoconveythepersonality andmakesureyourbrandliveswithinyourcompany.
Whatsnext?
Togetherwithyourcompetitivepositioningstrategy,yourbrand strategyistheessenceofwhatyourepresent.Agreatbrand strategyhelpsyoucommunicatemoreeffectivelywithyour market,sofollowitineveryinteractionyouhavewithyour prospectsandcustomers. Forexample, youllcommunicateyourbrandstrategythrough yourpricingstrategy,name andcorporateidentity, messages,literatureand website.Itmayalsodrivetheneed toimplementabetterCRMsystemtomanagecustomerrelationships.
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DistributionChannels
Howdoyouselltoyourendusers?Doyouuseadirectsalesteam?Resellers?Acatalogorwebsite? Distributionchannelsarethepathwaysthatcompaniesusetoselltheirproductstoendusers. B2Bcompaniescansellthroughasinglechannelorthroughmultiplechannelsthatmayinclude Direct/salesteam: Oneormoresalesteamsthatyouemploydirectly.Youmayusemultipleteams thatspecializeindifferentproductsorcustomersegments. Direct/internet: Sellingthroughyourownecommercewebsite. Direct/catalog: Sellingthroughyourowncatalog. Wholesaler/distributor: Acompanythatbuysproductsinbulkfrommanymanufacturersandthen resellssmallervolumestoresellersorretailers. Valueaddedreseller(VAR): AVARworkswithenduserstoprovidecustomsolutionsthatmay includemultipleproductsandservicesfromdifferentmanufacturers. Consultant: Aconsultantdevelopsrelationshipswithcompaniesandprovides eitherspecificorvery broadservicestheymayrecommendamanufacturersproductorsimplypurchaseittodelivera solutionforthecustomer. Dealer: Acompanyorpersonwhobuysinventoryfromeitheramanufacturerordistributor,thenre sellstoanenduser. Retail: Retailersselldirectlytoendusersviaaphysicalstore,websiteorcatalog. Salesagent/manufacturersrep: Youcanoutsourceyoursalesfunctiontoacompanythatsells differentmanufacturersproductstoagroupofsimilarcustomersinaspecificterritory. Distributionisone oftheclassic4Psofmarketing(product,promotion,price,placementa.k.a. distribution).Itsakeyelementinyourentiremarketingstrategyithelpsyouexpandyourreachandgrow revenue. Herearethreedistributionexamples:
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DIRECTTOENDUSERS
Youhaveasalesteamthatsells directlytoFortune100companies. Youhaveasecondproductlinefor smallbusinesses.Insteadofusing yoursalesteam,yousellthisline directlytoendusersthroughyour websiteandmarketingcampaigns. Youhavetwomarketsandtwo distributionchannels.
SELLTHROUGHA DEALERNETWORK
Yousellaproductthrougha geographicalnetworkofdealers whoselltoendusersintheir areas.Thedealersmayservicethe productaswell. Yourdealersareessentiallyyour customers,andyouhaveastrong programtotrainandsupportthem withmarketingcampaignsand materials.
SELLTHROUGHAVAR (VALUEADDEDRESELLER)
Yousellaproducttoacompanywho bundlesitwithservicesorother productsandresellsit.That companyiscalledaValueAdded Reseller(VAR)becauseitaddsvalue toyourproduct. AVARmayworkwithanenduserto determinetherightproductsand configurations,thenimplementa systemthatincludesyourproduct.
Tocreateagooddistributionprogram,focusontheneedsofyourendusers. Iftheyneedpersonalizedservice,youcanutilizealocaldealernetworkorresellerprogramtoprovide thatservice. Ifyourusersprefertobuyonline,youcancreateanecommercewebsiteandfulfillmentsystemandsell directyoucanalsoselltoanotheronlineretaileroradistributortoofferyourproductontheirown sites. Youcanbuildyourownspecializedsalesteamtoprospectandclosedealsdirectlywithcustomers. Wholesalers,resellers,retailers,consultantsandagentsalreadyhaveresourcesandrelationshipstoquickly bringyourproducttomarket.Ifyousellthroughthesegroupsinsteadof(orinadditionto)sellingdirect,treat theentirechannelasagroupofcustomers andtheyare,sincetheyrebuyingyourproductandresellingit. Understandtheirneedsanddeliverstrongmarketingprogramsyoullmaximizeeveryonesrevenueinthe process. BESTCASE
Youveusedoneormoredistribution channelstogrowyourrevenueand marketsharemorequicklythanyou wouldhaveotherwise. Yourendusersgettheinformation andservicetheyneedbeforeand afterthesale. Ifyoureachyourenduserthrough wholesalers,VARsorotherchannel partners,youvecreatedmany successfulmarketingprogramsto driverevenuethroughyourchannel andyourecommittedtotheir success.
NEUTRALCASE
WORSTCASE
Youprobablyarenthittingyour revenuegoalsbecauseyour distributionstrategyisintrouble. Withyourcurrentsystem,youmay notbeeffectivelyreachingyourend usersyourprospectsprobablyarent gettingtheinformationandservice theyneedtobuyyourproduct. Yourcurrentsystemmayalsobe difficulttomanage.Forexample, channelmembersmaynotsellatyour suggestedpricetheydontfollowup onleadsyoudelivertheydont servicetheproductverywelland youretakingcallsfromangry customers.
Youreusingoneormore distributionchannelswith averagesuccess.Youmaynot haveasmanychannelpartnersas youdlike,butyourcurrent systemisworkingmoderately well. Youdevoteresourcestothe program,butyouwonder whetheryoudbebetteroff buildinganalternative distributionmethod onethat couldhelpyougrowmore aggressivelythanyouarenow.
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Keyconcepts&steps
Beforeyoubegin Youcanevaluateanewdistributionchannelorimproveyourchannelmarketing/ managementatanytime.Itsespeciallyimportanttothinkaboutdistribution whenyouregoingafteranewcustomersegment,releasinganewproduct,or lookingforwaystoaggressivelygrowyourbusiness. Evaluatehowyourendusersneedtobuy Yourdistributionstrategyshoulddelivertheinformationandserviceyourprospectsneed.Foreachcustomer segment,consider Howandwheretheyprefertobuy Whethertheyneedpersonalizededucationandtraining Whethertheyneedadditionalproductsorservicestobeusedalongsideyours Whetheryourproductneedstobecustomizedorinstalled Whetheryourproductneedstobeserviced
Matchenduserneedstoadistributionstrategy Ifyourendusersneedagreatdealofinformationandservice,yourcompanycandeliveritdirectly throughasalesforce.Youcanalsobuildachannelofqualifiedresellers,consultantsorresellers.The sizeofthemarketandyourpricewillprobablydictatewhichscenarioisbest. Ifthebuyingprocessisfairlystraightforward,youcanselldirectviaawebsite/catalogorperhaps throughawholesale/retailstructure.Youmayalsouseaninboundtelemarketinggrouporafieldsales team. Ifyouneedcompletecontroloveryourproductsdeliveryandservice,addingachannelprobablyisnt rightforyou. Identifynaturalpartners Ifyouwanttogrowbeyondthedirectmodel,lookforcompaniesthathaverelationshipswithyourendusers.If consultants,wholesalersorretailersalreadyreachyourcustomerbase,theyrenaturalpartners. Buildyourchannel Ifyouresettingupadistributionchannelwithoneormorepartners,treatitas asalesprocess: Approachthepotentialchannelpartnerandsellthevalueofthepartnership Establishgoals,servicerequirementsandreportingrequirements Deliverinventory(ifnecessary)andsales/supportmaterials Trainthepartner Runpromotionsandprogramstosupportthepartnerandhelpthemincreasesales
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Minimizepricingconflicts Ifyouuse multiplechannels,carefullymapoutthepriceforeachstepinyourchannelandincludeafairprofit foreachtypeofpartner.Thencomparethepricethattheenduserwillpayifacustomercanbuyfromone channelatalowerpricethananother,yourpartnerswillrightfullyhaveconcerns.Pricingconflictiscommon butitcanjeopardizeyourentirestrategy,sodoyourbesttomapoutthepriceateachstepanddevelopthebest solutionpossible. Driverevenuethroughthechannel Serviceyourchannelpartnersasyoudserviceyourbestcustomersandworkwiththemtodriverevenue.For example,providethemwithmarketingfundsormaterialsto promoteyourproductsruncampaignstogenerate leadsandforwardthemtoyourpartners.
Whatsnext?
Asyourecreatinganewchannelyoullneedapricingstrategyandsales process. Whenyourchannelisupandrunning,youcanstartlaunching marketingcampaignstochannelpartnersandendusers.
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Pricing
Priceisoneoftheclassic4Psofmarketing(product,price,place,promotion).YetinmanyB2Bcompanies, marketersarentnecessarilyinvolvedinpricingstrategy. Pricingisacomplexsubjecttherearemanyfactorstoconsider,bothshortandlongterm. For example,yourpricesneedto Reflectthevalueyouprovideversusyourcompetitors Considerwhatthemarketwilltrulypayforyouroffering Enableyoutoreachyourrevenueandmarketsharegoals Maximizeyourprofits
Whenyouofferatrulyuniqueproductorservicewithlittledirectcompetition,itcanbechallengingtoestablish yourprice.Puttogetherastrongstrategyandcompetitiveanalysissoyoucansee Whatyourprospectsmightpayforothersolutionstotheirproblems Whereyourpriceshouldfallinrelationtotheirs Whenyourprice,valuepropositionandcompetitivepositionarealigned,youreinthebest situationtomaximizerevenueandprofits. Forexample,herearethreescenariosthatshowthe relationshipbetweentheseelements.
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HIGHESTPRICE
CompanyAisoneofthebest consultingfirmsintheworld. Theirconsultantscomefromtop schools,andtheyworkwith Fortune100clientstoimplement complex,largescaleprojects. CompanyAsvaluepropositionis productleadership.Theirclients arebuyingthebestexpertisethey canfind,andtheyrelesssensitive topricebecausetheycaremost aboutgettingtoptalent. Therefore,CompanyAsservices canbepricedashighorhigher thantheircompetitors.
AVERAGEPRICE
LikeCompanyA,CompanyBs valuepropositionisproduct leadership,buttheirsecondary valuepropisprice.Theresalotof competitionandtheirproductis onlyslightlybetterthanthe alternatives. CompanyBsmessagesfocuson productleadershipwitha secondaryfocusonprice.They regularlyreviewthemarket,run promotions,andadjustpricesto maintaintheircompetitiveposition. Thecompanyisalsoworkingto developapremiumproductthat canwarrantahigherprice.
LOWESTPRICE
Themarketcaresmostaboutprice becausetheproductisviewedasa commodity. CompanyCfocusesonfindingnew waystolowercostsandpass savingsontocustomers.Their valuepropositionisoperational efficiencyandtheyconsistently deliverthesameproductata betterprice. CompanyCregularlyevaluates theircompetitorspricestomake suretheyredeliveringontheir promise.Ifacompetitorrunsa promotion,CompanyCcounters withabetterone.
Whatwouldhappenifthesecompaniesusedadifferentpricingstrategy? HIGHESTPRICE
Bydroppingtheirhourlyrate, CompanyAgainsmoreclients. Theyhiremoreconsultants,but sincetheyrecharginglessper hour,theycantaffordthesame toptiertalent. CompanyAisputtingtheir prestigebrandinjeopardy. However,ifthereisntastrong marketforprestige,thisstrategy maybethebestoneforthe companylongterm.
AVERAGEPRICE
IfCompanyBchargesapremium priceforanaverageproduct,theyll haveaverydifficulttimegenerating interestintheirproduct. YetCompanyBmaybeableto implementasmallpriceincreaseto raiserevenueandprofitsit dependshowmuchmoreits customersarewillingtospend.By analyzingpricesensitivityand testingdifferentprices,theycan evaluatethestrengthandpotential ofthisnewstrategy.
LOWESTPRICE
IfCompanyCspricesrisein relationto thoseof their competitors,theirsaleswill plummet theirmarketis shoppingonprice,notfactorslike productleadershiporcustomer intimacy. IfCompanyCcannotmaintainits operationalefficiencyandcost leadership,itwillneedtodevelop newproductsormarketsforits existingproduct.
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Doyouseeyourcompanyinoneofthesescenarios? BESTCASE NEUTRALCASE

Youdontnecessarilyhaveapricing strategybutyoureprobablyin the rightrange.Youenteramoderate numberofpricenegotiationsand youwinsome,losesome.You wonderwhetheryoucouldincrease revenueandprofitwitheithera priceincreaseordecrease.
WORSTCASE
Yourpriceismisalignedwithyour valuepropositionand whatyour marketiswillingtopay.Your prospectsandcustomersare constantlyfightingwithyouon priceandittakesitstollonyour team.Youoftenhavetodiscount heavilyto makeasale.
Yourpricecompletelysupports yourvalueproposition,enabling youtomaximizeyourrevenueand profit.
Keyconcepts&steps
Beforeyoubegin Itsbesttocreateyour brandstrategyandidentifyyourdistribution channelsbeforeyoudevelopyourpricingstrategy. Bydoingso, youll ensurethatyourpricingreflectsyourvaluepropositionandreinforcesyour brandyoucanalsominimizepricingconflictswith yourchannelpartners. Matchyourpricingstrategytoyourvalueproposition Yourpricesendsastrongmessagetoyourmarket itneedstobeconsistentwiththevalueyouredelivering. Ifyourvaluepropositionisoperationalefficiency,thenyourpriceneedstobeextremelycompetitive. Ifyourvaluepropositionisproductleadershiporcustomerintimacy,alowpricesendsthewrong message.Afterall,ifaluxuryitemisntexpensive,isitreallyaluxury? Understandyourcoststructureandprofitabilitygoals Companiescalculatethesecostsdifferently,soverifytheexactcalculationsyourcompanyusesfor
Costofgoodssold(COGS):thecosttophysicallyproduceaproductorservice Grossprofit:thedifferencebetweentherevenueyouearnonaproductandthecosttophysically produceit Inaddition,understandhowmuchprofitthecompanyneedstogenerate.Youllbefarmoreeffective whenconsideringdiscountpromotions youllknowexactlyhowlowyoucangoandstillbeprofitable.

Analyzeyourcompetitorsprices Lookatawidevarietyofdirectandindirectcompetitorstogaugewhereyourpricefalls.Ifyourvalue propositionisoperationalefficiency,evaluateyourcompetitorsonaregularbasistoensurethatyoure continuallycompetitive.
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Determinepricesensitivity Ahigherpricetypicallymeanslowervolume.Yetyoumaygeneratemoretotalrevenueand/orprofitwithfewer unitsatthehigherpriceitdependsonhowsensitiveyourcustomersaretopricefluctuations. Iftheyre extremelysensitive,youmaybebetteroffatamuchlowerpricewithsubstantiallygreatervolume. Estimatehowsensitiveyourcustomersaretofluctuations itwillhelpyoudeterminetherightpriceand volumecombination.Moreimportantly,youcanestimatehowapricechangecanimpactyourrevenue.
Whatsnext?
Onceyouvefinalizedyourpricingstrategy,youcanplanandlaunchyour marketingcampaigns.
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SalesProcess
Howdoprospectsbuyyourproductorservice? Doesasingledecisionmakerfindaproductand buyonthespot,ordoess/hegothroughmanystepsandapprovalsfirst?Perhapstherearemultiple departmentsinvolvedinthedecision,eachwith its ownneeds? Asalesprocessisadefinedseriesofstepsyoufollowasyouguideprospectsfrominitialcontact topurchase. Itbeginswhenyoufirstidentifyanewprospect: STEP1
Aprospectrespondsto acampaign&requests information
STEP2
Asalesrepcallsthe prospecttoexplain yourproduct
STEP3
STEP4
STEP5
Prospectsignsan agreement&makesfirst payment
Inpersonmeeting Yourteamsubmits &productdemo aproposal
Adocumentedsalesprocessisaflowchartthatexplains Eachdistinctstepaprospecttakes Knowledgetheprospectneedstomovetothenextstep Literature&tools youcanprovidetohelptheprospectmoveforward Lengthoftimeaprospectneedsateachstep Conversionrates: thepercentageofprospectswhomovefrom one steptothenext
Withadocumentedsalesprocess,youhaveapowerfultoolthatenablesyouto Sellmoreefficiently Generatemoreaccuratesalesandrevenuereports Estimatetherevenueandreturnoninvestment(ROI)ofyourmarketingcampaigns Seewhichstagestakethemosttimeandfindwaystomoveprospectsforward Createbetterliteratureandtools Improveyourcampaigns Minimizetheamountoftimeyourrepsspendonestimatesandforecasts
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Doyouseeyourcompanyinoneofthesescenarios? BESTCASE
Youhaveawelldesignedprocess thatmeasuresthenumberof prospectsyouhaveateachstage, howlongtheystayineachstage, andtherevenueyourentirepipeline represents. Youdelivertherightamountof informationprospectsneedateach step,whichhelps themmake decisionsmorequicklyandmoveto thenextstage. Youuseyoursalesprocesstocreate moresuccessfulmarketing campaignsbecauseyoucanpredict howmanyleadswillbecome customersandwhatthoseleadswill beworthtoyourcompany.
NEUTRALCASE
Youmayormaynothavea definedsalesprocess.You generallyfollowthesamestepsto closeacustomer,buttheresabig varianceintheamountoftimeit takestoclose.Infact,evenyour strongestrepshavetroubleclosing certaintypesofprospects. Yourforecastsareprobablyall manualandgenerallyaccurate, butyouwishyouhadathorough snapshottoshowexactlyhow manyaccountsareatacertain stageandwhatyouneedtodoto close.
WORSTCASE
Youdonthaveaprocessoruseone thatdoesntmatchhowprospects wanttobuy. Youdeliveralloftheinformation aboutyourproductbutthenseem tolosecontroloftheprospect. Someprospectsendupbuying,but youdontknowwhytheothers dont. Itsaconstantbattletofigureout howmanyrealprospectsyouhave andwhattheyreworth.Yoursales teamoftenspendsvaluabletime creatingmanualreportsinsteadof selling,whichfurtherhurtsyour revenue.
Keyconcepts&steps
Beforeyoubegin Ifyoudonthaveadefinedsalesprocess,itsavaluableinvestmentthatcan improveyourentiresalesandmarketingprogram.Createprocessesforeach distributionchannel,productand/orcustomersegment. Determinehowyourprospectsbuy Listthestepsyouthinkprospectslogicallytakefromthetimetheyrecognizeaproblemtothetimetheybuy. Talkwithcustomersoraskyoursalesrepsformoreinsight.Figureoutwhatstepstheytake,whattheyneedto knowandhowyoucandeliverthatinformationmosteffectively. Createyourprocess Foreachstepyourprospectsneedtotake,list Whattheprospectneedstolearn Literature&toolsyoucanprovidetohelptheprospectmoveforward Thelengthoftimeaprospectneedsatthestep Thepercentageofprospectswhomovefromeachsteptothenext(yourconversionrate)
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Projectcampaignresults&revenue Whenyouhaveasalesprocesswithconversionrates,youcangeneratesolidpipelineandrevenuereports.For example,ifyouhave50prospectsatthepresentationstage,yourprocessmay showthat20%will become customers.Thatmeansthose50prospectsshoulddeliver10newcustomers.Yourprocesswillalsotellyou whenthatshouldhappenandhowmuchrevenuethoseprospectrepresent. Youcanuseasimilarcalculationtoprojectresultsfromnewmarketingcampaigns.Forexample,ifacampaign shouldproduce100qualifiedleads,youcanestimatethenumberofmeetings,presentations,andnew customersthecampaignwillgenerate. Improveyourprocesstomaximizerevenue Whenyouhave adefinedprocess,itseasiertotestideasforimprovingresults.Forexample,youcan Identifyspotswhereprospectsgetstuckintheprocessandtrynewmaterialsormessagestohelp themmoveforward Measurehowwelldifferentrepsconvertateachstepandhelpthosethatarentdoingaswell Seehowleadsfromdifferentmarketingcampaignsconvertandimproveyourcampaigns Createcampaignstorecycleleadsthatfalloutoftheprocessatvariousspots
Whatsnext?
Afteryouvedocumentedyoursalesprocess,developtheliterature&tools youllneedtoguideyourprospectsthrougheachstep.Addyourprocessto yourcustomerrelationshipmanagement(CRM)softwaresothateach accountisassignedtoastageatalltimes.Thenyoucanrunreportsand measureyourprogressandimproveyour salesmanagement. Youllalsouseyoursalesprocesstomeasurethesuccessof marketing campaignsforaspecificcampaign, youcanseehowmanyleadsentered theprocessandmadeittoeachstep.
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Marketing Campaigns
InmanyB2Bcompanies,asalesteamistheprimarymethodforreachingouttothemarket.Salespeoplecall prospectsandcustomers,buttheycanonlydosomuchinaday.Marketingcampaignscandramatically increaseyourreach. Amarketingcampaignisaseriesoftoucheswithyourmarkettocommunicateakeymessage. Thekeywordisseriessinceitusuallytakesmultipletouchesforyouraudiencetorecognizeyourmessageand respond. Marketingcampaignscaninclude manydifferentmedia: Email,search,bannersandotheronline marketing Publicity Directmail Herearethreesamplecampaigns: Telemarketing Tradeshowsandevents Print,radioandothertraditionalmedia
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GENERATENEWLEADS
1. Usesearchtogeneratetrafficto yourwebsite. 2. Prospectrequestsinformation viaemail. 3. Emailtherequested information. 4. Calltheprospectqualifythe prospectfurtheranddetermine nextsteps.
DRIVEEXISTING PROSPECTSTOYOUR TRADESHOWBOOTH& VIPRECEPTION
HITYOURMARKETWITH ASPECIALOFFER
1. Mailapostcardtoattendees3 6. 1. Runbanneradsonindustry weeksbeforetheshowinvite websitesandtargetedemail themtoyourboothwithan newsletters. intriguingincentive. 2. Sendoutaspecialemailtoyour 2. Mailaspecialinvitetokey houselist. prospectsandcustomerstofor 3. Createanintriguingstoryand aVIPreception.Askthemto tieittoyouroffer.Writea RSVPbyphone,emailorURL. searchoptimizedpressrelease 3. Callkeyprospectsand andpostonyoursitedistribute customersasasecondeffort. releasesandpitchtoakey 4. Sendanemailtoallconfirmed industryreporter. attendeesand3daysbefore 4. Runaseriesofpaidsearchads. theevent. 5. Emailthenonrespondents onelasttime.
InB2Bitsalwaysbesttostartwithyourcompanysannualgoalsanddevelopcampaignstomeetthose numbers.Forexample,whenyouknowhowmanynewcustomersyouneed,youcancalculatehowmanyleads youllneed,thendesigncampaignstogeneratethoseleadsthroughoutthe year. Withsolidplanning,ajoltofcreativityandfocusonmeasurement,youllbeinastrongpositionforsuccess. BESTCASE Youplanandexecuteyour campaignstohitspecificgoals. Youdontalwayshitthem,but youtestandimprovedifferent elementstheROIonyour overallbudgetisaboveyour goal. Youfocusonanofferandcall toaction,andyoutouchyour prospectsseveraltimesand followupwhenappropriate. Yourecognizethechallengesin measuringresults,butyoudo whatyoucanithelpsyou improvethenexttimearound. NEUTRALCASE Yourcampaignsarentthe mostcreativeorthesplashiest, butyouvehitmanyofyour marketinggoals.Youdonttest butyourresponserateisfine. YoudontknowyourROIbut yougenerallyknowwhich campaignsworkbest. Yetwhenyourefacedwith ambitiousannualgoals,you haveproblemsgainingbudget approval.Sinceyoustickwith thesamecampaignsyearin andout,itsalsodifficultto figureouthowtogenerate additionalleads. WORSTCASE Yourmarketingprogramstend tobereactivesuddenlyyoure lowonleadsorfallingshortof yourgoalsandyoulauncha campaigntofixtheproblem. Sinceyourprogramsdontseem towork,itsdifficulttogain budgetapprovalforfuture campaignsthatcouldbemore wellplannedandexecuted. Itsaviciouscycleandyoudont knowhowtogetoutofit.
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Keyconcepts&steps
Beforeyoubegin Yourbrandand pricingstrategiesplayasignificantrolein yourmarketingefforts,sonaildownthosestrategiesbefore launchinganymajorcampaigns.Ifyousellthroughmultiple distributionchannels,dontforgettocreatecampaignsfor each.Youllalsorefertoyour salesprocess toestimate revenueandROIforeachcampaign. Quantifyyourgoals Planyourcampaignstomeetyourannualrevenueandvolumegoals.Forexample,ifyouretryingto generate100newcustomers,figureouthowmanyleadsyoullneedandwhenyoullneedthem. Thinkabouthowyoullusedifferentmedia.Forexample,yoursalesteammaybeabletogenerate30% ofyourleadsthroughprospectingtherestmaycomefromtelemarketing,email,directmail,search marketing,webinars,tradeshowsandmore. Generatecampaignideasandstrategies Identifyallofthebusinessgoalsthatwillneedmarketingsupport.Youmayneedcampaignsto generateandnurtureprospects,selldirectorthroughachannel,ormarkettoexistingcustomers. Evaluateideasandoptions:traditionalsalesactivities,internetmarketing,telemarketing,directmail, email,publicityandmore. Targetyouraudience Withmorespecifictargeting,youcanspeakmoredirectlytotheprospectandraiseyourresponserates intheprocess. Deliveroneortwokeymessagesandyourcalltoaction Ifyouincludeeverydetailaboutyourproductandcompany,itseasyforprospectstobecome overwhelmed.Justmoveaprospectonestepatatime. Becreative yourmarketisbombardedwithmessagesdaily,sograbtheirattentionandengagethem. Plantomeasure Whenyoumeasureyourcampaigns,itseasiertogainbudgetapprovalthenexttimearound.Youllalsoknow exactlywhichprogramsproducethehighestreturn. Establishhowyoullmeasureeachcampaign.Iftherearevariablesyou cantmeasure,decidehowyou willaccountforthoseresults. Identifyhowyoullcapturethedatayoullneeduniquephonenumbers,uniqueURLs,etc.
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Planyourfulfillment Yourfulfillmentprocessescanhelporhurtyourcloserate,somakesure yououtlineyourrequirements. Forexample,ifyoure runnin acampaignwhereprospectsrequestasoftwaredemoanditdoesntarrive foraweek,yourprospectsmayloseinterest. Continuallytestandimprove Evenonasmallcampaign,youcanevaluate yourad,copy,listorotherfactorsbeforeyouspendyour entirebudget. Chooseasubsetofyourlistortwoversionsofanadtesttheminsmallquantitiesandchoosethebest oneforrollout.Thenyoucantestasecondvariableagainstthewinnerinthefirsttest. Keepthetestingcyclegoingandtrackyourresultsovertime.Youllimproveyourresponseratesand returnoninvestment.
Whatsnext?
Includeyourmajorcampaignsinyourannual marketing planandbudget,thenimplementyourplans andstrategies throughouttheyear: emailmarketing,business development,tradeshows,publicity,online advertising,customerretentionandmore.
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MarketingPlan&Budget
Mostbusinesspeopleagreethatgoodplanningisessentialforsuccess.Evenso,itssurprisinghowmany companiesdontcreateathoroughplantogenerateandmanagetheircustomers. Amarketingplanisadetailedroadmapthatoutlinesallyourmarketingstrategies,tactics, activities,costsandprojectedresultsoveraperiodoftime. Theplankeepsyourentireteamfocused onspecificgoalsitsacriticalresourceforyourentirecompany. Agoodmarketingplantypicallyincludes: Financialgoals Positioningstrategy Brandstrategy Product/serviceoverview Detailedgoalsbyproduct,distribution channel&/orcustomersegment Salesplan Majormarketingcampaigns Detailedbudget Datestoreviewprogress
Ittakestimetodevelopasolidplan,butitsimportantbecauseittiesallofyouractivitiestotangiblegoals.Its alsoagreatopportunitytofocusonthefuture,generatenewideas,andinspireyourteam.Evenasimpleplanis betterthannone,butwhenyouinvestmoreeffortupfront,youllhaveabetterroadmaptowardyourgoals.
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BESTCASE
Yourmarketingplanisadetailed roadmaptomeetyourgoals. Yourecognizethatthetimeyou investtocreateasolidplanis perhapsthebesttimeyoullinvest allyear ithelpsyou workthrough newstrategies,issues,ideas,and numbers. Whenitsdone,yourteamfocuses onexecutingtheplanand measuringyourprogressallyear long. Asaresult,youvebeenabletohit yourgoals,growyourbusiness,and enjoythejourney.
NEUTRALCASE
Youreincrediblybusy,soits difficulttoinvestthetimeina detailedmarketingplan.Instead, youdevelopabasicplanthats basedonlastyearsversion. Youincludegeneralrevenuegoals, generalsalesstrategies,andbasic campaignsyoustickwithproven techniques.Budgetsarebased on lastyearsnumbers. Youcouldbemoreambitiouswith yourrevenuegoalsifyour companywaswillingtotrynew things,buteachyearyoustick withthetriedandtrue.
WORSTCASE
Youdonttypicallycreateamarketing plan.Youhaveabudget,butthe numbersarehaphazard.Things changesoquickly whyspendthe time? Youtakeasimilarapproachwiththe strategiesthatshoulddrivea marketingplan.Youprobablydont haveapositioningorbrandstrategy youremissingoutondistribution channelsorpartnershipsyour campaignsareineffectiveandyoumay notinvestincustomerretention. Aplanisacompass.Withoutone,you maybetravelingintherightdirection, butitsincrediblydifficulttostayon course andthatcandrastically limit yoursuccess.
Keyconcepts&steps
Beforeyoubegin Amarketingplan shouldaddressallofyourstrategies,tactics andbudget,soyoullneedtoreview your brandstrategy, pricingstrategyanddistributionchannels beforehand. Youllalsooutlineyourmajor marketingcampaignsforthe yearsincetheyllbeinyourbudget. Setyourannualgoals Buildyourentiremarketingplantoachievethegoalsthatyou define: Quantitative(numeric)goalssuchastotalrevenue,profit,numberofcustomers,unitssold,and breakdownsbyproductorchannelasneeded. Strategicgoals forexample,youmaywanttoexpandintoanewmarketwithanewdistribution channel,oryoumayneedtorepositionyourbrandtoreflectachangeinyourbusiness.
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Highlightyourcompetitiveposition,valuepropositionandbrandstrategy Yourpositioningstrategydefineshowyoulldifferentiateyourofferingfromyourcompetitors. Yourvaluepropositiondefinestheprimaryvalueyoudeliver:operationalefficiency,productleadership orcustomerintimacy. Yourbrandstrategydefineswhatyoustandforandhowyoullcommunicatewiththemarket. Outlineanyplansforyourproducts&services Ifyou needtodoanythingtostrengthenyourproductlineandbetterdeliveronyourvalueproposition,address thoseissuesinyourplan. Developyourtacticalsalesplan Thenumberofsalesrepsyoullneedandthemarketstheylltarget Whetheryoullneedtohire,train,ordevelopnewcompensationplans Topprioritymarkets,industriesorcustomersegmentsifyouhavealistofkeyprospects,includethem Yourplanformanagingcurrentcustomers Plansforlaunchinganynewdistributionchannelsanddrivingrevenuethroughexistingchannels
Outlineyourmajormarketingcampaigns Youdontneedtolisteverycampaign justoutlineyourmajorpromotionalplansfortheyear.Youllneedto setyourbudgettoo,sothemoreplanningyoudonow,thebetter.Yourplansshouldinclude: Thetopthreecampaignsyoullruntogenerateleads,nurturecustomers,close,and/ormarketto existingcustomers Themediayoulluse(forexample,email,online,print,telemarketing,tradeshows,publicity,etc.) Tools,technologiesorresourcesyoullneed forexample,anewwebsite,anemailserviceprovider,a newpieceofsoftware YourROIandotherfinancialgoals Developabudget Budgetingcanbeadifficultprocess.Manycompaniesjustestimateorbasetheirbudgetonlastyear. Anestimateisbetterthannothing,butifyouvedefinedyourmajorcampaignsand needs,youcan developbetternumbers. YoucanalsouseROItodeterminetheappropriatetotalbudgetforyourmarketingefforts. Revisityourplanregularly
Theplanningprocessitselfisincrediblyvaluable,butifyoudon'treviewtheplanregularly,itseasyto
losefocus.Continuallyrevisittheplanandmeasureyourprogress.
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Whatsnext?
Whenyouvefinishedyourplan,itstimetoexecute.Youmay needtocreatenew messages,literature,website or other toolsandprocessesforyourcampaigns,butafterthat,focus ongeneratingandmanagingyourcustomers.
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Naming
Howimportantisthenameofyourproduct,serviceor company? Itdependsonyourindustry,theamountof timeyouvebeeninbusiness,yourcompetitorsandhow youwanttopositionyourselfinthemarket. Yournameisanextensionofyourbrand,anditcanreinforcethevalueyouprovideordistance youfromit. Whenyouredevelopinganame,youhaveanumberofoptions: Usethefounderorinventorsname(HewlettPackard) Describewhatyoudo(SouthwestAirlines) Describeanexperienceorimage(Sprint) Takeawordoutofcontext(Apple) Makeupaword(Google)
Itsimportantto decidewhatyournameshouldmeanandrepresent. Forexample,ifyourerunningacompany thatprovidesnamingservices,yournameisasampleofyourwork itshouldbegreat,right? Herearesomecompaniesthatprovidenamingservices: BESTCASE

Thesecompaniesappearto bemore creativeandbetteratfindinganame thatstandsoutfromthe competition: AHundredMonkeys Igor
NEUTRALCASE
Thesecompaniesallsoundthe same: TheNamingCo. BrighterNaming Tradebrand Catchword Namebase LastingNames NameOne!
WORSTCASE
Anamingagencywithno name: Werner&Stevens KowalchekAssociates (Hypotheticalexamples,butthere arealotofnamingcompanies namedaftertheirfounders!)
Allofthesecompaniesmaybefantasticwithmanyyearsofexperienceandterrifictrackrecords.Andtheyeach couldbeverywellknownincertainmarketsorindustries.
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However,if youneedtoselectthreecompaniestobidonyournamingproject,whichcompanieswouldyou contact?Areyoumorelikelytocallacompanywithauniquename,anaveragename,ornoname? Thisexampleshowsthatyouhaveonechancetomakeafirstimpression. Manyofyourpotential customersknowvirtuallynothingaboutyourcompanyandagreatnamecanopendoorsapoornamemayshut them. Theprocessisespeciallychallengingbecausetherearemorethan24millionbusinessesintheUnitedStates. U.S.trademarklawprotectsbusinessnames,sowhenyoufindoneyoulike,makesureyoucanuseit.Ifyou infringeonacopyright,youcouldbeforcedtoabandonyournewnameafter investingalotoftimeandmoney. Alsothinkaboutyourinternetmarketinggoals,sinceyoumayhavetofindaURLtomatchyourname.There areover60milliondomainnamesregisteredworldwide,andsomeexpertsbelievethatover98%ofthe dictionaryisregisteredasadomainname. Dontletthesechallengesstopyoufromfindingthebestnameyoucantheresalotatstake: BESTCASE
Agreatnamecancreatebuzz, positionyouasatrueleaderand innovator,andreinforceyourvalue propositioninawordortwo.Thats powerful.Itcanconveyaculture,a position,anddifferentiatethe companyfromtherestofthe market.
NEUTRALCASE
WORSTCASE
Apoornamecanneutralizeoreven negatetheworkyoudotobuilda positioninthemarket.Youmay havetroublegeneratinginterestin yourcompanyandspendmoretime andmoneyeducatingthemarket about yourvalue.Apoornamecan alsolimityouropportunitiesifyou expandintoothermarkets.
Youlookandsoundlikeeverybody else. Youvemissedanopportunityto conveyanimportantmessage,but atleastyourenothurtingyourself.
Keyconcepts&steps
Beforeyoubegin Sinceyournameisanextensionofyourbrand,itsimportanttodevelopyour brandstrategybeforeyoustartthenamingprocess. Doyouneedtohiresomeone? Withagoodprocessandstrategy,youcanprobablydevelopagoodnameon yourown.However,youmaynothavetheresourcesordesiretohandletheprojectinternally.Whileitsno guaranteethatafirmorconsultantwilldevelopabettername,theymaydoitmorequicklyandobjectively.
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Thereareanumberoffactorstoconsider,including Thestakes:Ifyoureinvestingalotofmoneylaunchinganewproducttoamajormarketwith establishedcompetition,thestakesarehigh. Yourconfidenceinyourteamscreativefirepowerorobjectivity. Theamountoftimeandenergyyouhavetodevotetotheproject. Whetheryoucanaffordtobringinanoutsideresource. Developastrategy Determinewhatyournameneedstoaccomplish. Decidehowitwillworkwithexistingproductorservicenames(ifapplicable). Determinewhatkindofnametodevelop descriptive,invented,foundersname,etc. Developobjectivecriteriatoevaluatethenamesyougenerate.
Generateplentyofpotentialnames Ifyourecompetingbeyondyourlocalarea,youmayfindthatmanyofyourpotentialnames(orURLs)are alreadytaken,soyoullneedalonglist.Inviteavarietyofpeopleforabrainstormingsessionplanitwelland captureeveryideaforfurtherevaluation. Evaluatethelistagainstyourcriteria Yourgoalistoobjectivelyfindthenamethatmeets yourcriteria,sobecarefulaboutaskingfriendsand familywhethertheylikeaname.Forexample,anamethatraiseseyebrowsmaydosobecauseitsdifferent anditmaybethemostmemorableandpowerfuloneinthebunch. Alsotestthenametomakesureit Soundsgoodoverthephone(forexample,whenasalesrepcallsaprospect) Wontbeconstantlymispronouncedormisspelled,whichdefeatsthepurposeofaname Isntconfusing Conveyswhatyouneedittoconvey HasaURLthatworkswithit
Protectyourname Itsimportanttoprotectyournametotheappropriatedegree.Ifyouchooseanamethatinfringeson another companyscopyright,youcouldreceiveaceaseanddesistletterandhavetogotocourtand/orchangeyour nameaftermonthsorevenyearsofuse. Byprotectingyourname,youalsogaintheabilitytopreventfuturecompetitorsfromusingit.
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Whatsnext?
Afteryouselectanewname,youcancreateyourlogoandcorporate identitythenbegincreatingthe messages tousethroughoutyoursales materialsandmarketingefforts.
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Corporate Identity
Whenwasthelasttimesomeonegaveyoua fantasticbusinesscard?Didyouturnitover andlookatitclosely?Didyoucommenton it?Anddidyougeneratesomesortof impressionofthatpersonandcompany? Corporateidentityisanextensionofyourbrandandincludes everythingwithyourlogoorcontactinformation: Businesscards Envelopes Letterhead Mailinglabels Emailtemplates&signatures Faxcovers Proposal/quotetemplates Invoices/statements Memos Signage Promotionalitems
Manycompaniesspendtimeandmoneyonthingslikebusinesscardsyetoverlookproposaltemplates,invoices andemailsignaturesthatprospectsseemorefrequently.Forexample,whenanemployeecustomizesanemail templatewithunusualdesignsorfonts,itcancontradictanexpensiveandseriousbusinesscardandconveya fardifferentimpressiontothecustomer. Eachelementinyouridentityshouldusethesamefonts,colors,layout,etc.Thedesignitselfmaynotbe incrediblyimportantunlessyoureinacreativefield,butconsistencyandprofessionalismmakeanimpression. Inmanycasesitmaybeafirstimpression,sowhynotmakeagoodone? BESTCASE

Everytouchwithyourprospects andcustomersisconsistentand professional.Theyseeasimple, effectivedesignthatstrengthens yourmessages.
NEUTRALCASE
Someofyouridentityisgreatand otherthings,likeinvoicesor shippinglabels,dontmatchup. Prospectsandcustomersprobably notice,butyoudontthinkitsa problem.
WORSTCASE
Yourprospectsandcustomersseea mismash ofpoorlyproduced identity.Theymaywonderhowyou candelivertheproductorservice youresellingifyoucantproducea professionallookingdocument.
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Keyconcepts&steps
Beforeyoubegin Naturallyyouneeda name beforeyoucancreateyourcorporate identity.Youshouldalsodevelopa brandstrategysinceyour identityshouldsupportitandhelpbringittolife. Ifyourealreadyinbusiness,doesallofyouridentity reflectyourbrand? Checkeverythingfrominvoicesandshippinglabelstoemail signatures.Makesureyourlogoisusedcorrectly(sometimes theygetaccidentallyresized)andthatallofyourmaterialsareconsistentwithyourvaluepropositionand brandstrategy.Forexample,ifyourefocusingoninnovative,expensivenewproductsbutyouhaveflimsy businesscards,yourenotreinforcingyourvalue. Createprofessional,consistenttemplatesforeverytouchwithyourmarket Useaconsistentstyleforeverythingyourcompanysendsout.Itmaketakeonlytenminutestocreateabetter template,andthattemplatemaybeseenbyhundredsorthousandsofprospectsandcustomersovertime. Keepinventory Templatescanbealteredormisplacedmakesureteamknowshowtousethemandcheckthemregularly.
Whatsnext?
Onceyouvefinishingyouridentity,thetypicalnextstepisto focusonyour salesliterature andyour website.
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Messaging
Howdoyourespondwhensomeoneasks whatdoesyourcompanydo?Doall your teammembersanswerthesameway? Andisyour responsecompellingsothelistenerwantstolearnmore,ordoyousound likeeveryoneelse? Messagesarewrittenandverbalstatementsthatquicklydescribewhatyoudoandhowyoure different. Theyreusedthroughoutyourinteractionswithyourmarket: Theelevatorpitch the30secondresponsetowhatdoyoudo? Sales&marketingmaterials salesliterature,websites,presentationsandcampaignsallusemessages ofvariouslengths Theintroductorystatementinaphonecall Pressreleases theblurbatthebottomofthereleasethatexplainswhatthecompanydoes Slogans Yourmissionstatement Goodmessagestakeyourcompetitivepositioningandbrandstrategytothenextlevel. Theyhone inonwhatsimportanttoyourmarketandcommunicateitconsistentlyandeffectively. BESTCASE
Bycarefullycraftingyourmessages, youcanstrengthenyourvalue proposition,yourbrandandthe reasonsyourprospectsshouldbuy. Itseasytocommunicateyourvalue. Themarketgetsitveryquickly, speedingupthesalesprocess.
NEUTRALCASE
Hohummessagesdonthelpyou standout,butaslongastheyrenot inaccurateorpoorlywritten,they probablywonthurt.Youjustmiss outontheopportunityto strengthenyourposition.
WORSTCASE
Withoutconsistentmessages, individualteammembersdotheir ownauthoringandtheresultsare rarelygood,letaloneconsistent. Poormessagesconfusethemarket andcancontradicttheother strategiesyouveworkedhardto implement.
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Keyconcepts&steps
Beforeyoubegin Beforeyoustartwriting,defineyourbrandstrategyitwillhelpyou identifywhatyourmessagesshouldconvey.Ifyouneedmessagesfora marketingcampaignorprogramfromyour marketingplan,plan themoutsoyoullknowexactlywhatkindofmessagesyouneed.Andif youhaventfinalizedyourname,youllwanttodothatbefore messagingaswell. Defineyourwritingstyleandrequirements Beforeyoustartwriting,defineyourstylerequirementstone,voice, style,vocabulary sothewritingwillbe consistentandmatchyourbrandstrategy. Createanelevatorpitch Theelevatorpitchdescribeswhoyouare,whatyoudo,whoyourcustomersareandwhytheyshouldbuyfrom you.Whenyouvewrittenit,testittoseehowitsoundsandhowlongittakes(nomorethan30seconds). Createyourpositioningstatements Writestatementsofvariouslengths 25,50and100words soyouhaveamessagelengththatfitsavarietyof materials.Theshorterstatements focusonthevalueandbrandpositionthelongeronesaddfeaturesand benefits. Createatagline/slogan Yourtagline/sloganisamoresuccinctphraseusedincampaigns.Itcanbeonewordorashortphraseandfor mostbusinesswriters,itsharderto create.Youmaywanttohireacopywriterforthisone. Createyourmissionstatement Anaveragemissionstatementdescribeswhyyoureinbusiness.Agreatmissionstatementiscompelling, showswhyyouredifferentandconveysyourcompanyspersonality. Determinewheretousethemessages Makesuretouseyournewmessagesconsistently.Trainyourteamtousethemessagesandaudityour materialsperiodicallytomakesuretheyrestillworkinginthefuture.
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Whatsnext?
Yourmessagesfeedallofyourcommunicationwithyourmarket.Use theminyour salesliteratureandtools,your websiteandthenallof yourcampaigns.
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SalesLiterature &Tools
Doyouknowmanycompaniesthatcanselltheirproductorservicewithoutliteratureorothersupporting materials?Itstoughtodo. Salesliteratureandtoolshelpyoucommunicateandstrengthenyourmessages. Theyrealso knownasmarketingcommunicationsorcollateralandtheymayinclude: Companybrochures Productdatasheets Casestudies Whitepapers PowerPointpresentations Websites Newsletters Referencelists Proposaltemplates Calculators
Theprintedwordcancarryalotofcredibility,soyourmaterialsareimportanttoolsinyourarsenal.They reinforceyourbrandandcancreatealastingimpressiononyourprospectsifdonewell.Plusasingleprinted piececanreachmultipledecisionmakerswhenyourprimarycontactpassesitalong. Goodliteratureandtoolsaretightlyintegratedwithyoursalesprocess.Ratherthaninundatingaprospectwith allofyourinformationatonce,breakthatinformationintodistinctpiecesthatansweraprospectskey questionsataspecificstageintheprocess.Asaresult,yourprospectscanquicklyabsorbwhatsmost relevant, makedecisionsmorequicklyandmovetothenextstage.
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BESTCASE
Yoursalesliteratureandtoolsare strongelementsinyourarsenal. Theyconveyyourbrand,speak directlytoyourprospects,and delivertherightamountof informationattherighttime.They trulyhelpyoumoveprospects forwardasquicklyaspossible.
NEUTRALCASE
Yourliteratureandtoolsare typicalandgeneral.Theyconvey muchoftheinformationyour prospectsneed,butlackthe singularfocustobeaseffectiveas theycouldbe.
WORSTCASE
Yourliteratureandtoolsdont supportyourbrandorvalue proposition theyreworking againstyou.
Keyconcepts&steps
Beforeyoubegin Developyoursalestoolsandliteratureafteryouvecreatedyourbrand strategy,corporateidentityand messages.Youmayalsoidentify theneedfornewmaterialswhenyouwriteyourannualmarketingplan. Analyzeyourcurrentmaterials Ifyouthinkyourexistingliteratureandtoolscouldbemoreeffective,takeinventory: Revieweachpiecetodetermineitssolefocus. Askyoursalesteamandothersforfeedbackonwhetherthepieceworks. Makesurethepiecesupportsyourvaluepropositionandbrandstrategy. Makesureeachpieceisdeliveredattherighttime.
Determinewhatmaterialsyouneed Listthestepsofyoursalesprocess,then Brainstormthematerialsyoucouldusetoansweraprospectsquestionsateachstep Defineasingularpurposeforeachpieceofliteratureortool Write,design&printyourmaterials Todevelopyourcontent,focusonthesingularpurposeofeachpiece. Outlinethecontentthatneedstobeineachpiece Hirevendorsfordesign&writingifneeded Researchandwritethecontent Developyourdesignrequirements Designthepiece Getquotesandworkwithyourchosenprintertoensurethatyourehappywiththefinaloutcome
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Trainyourteamtousethematerials Makesureeveryoneknowsthepurposeofeachpieceandwhentouseit.
Whatsnext?
Ifyouthinkyour websitecouldbestronger,itsalogicalnextstep. Likeliterature,yoursiteshouldsupportyoursalesprocess,deliver valuableinformationandreinforceyourbrand.Itcanalsobeusedfor awidevarietyofmarketingcampaigns.
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Websites
Thesedays,mostbusinessbuyersuse thewebtoreadnews,researchsolutions, findvendorsandlearnaboutothercompanies. Andwhethertheylearnaboutyourcompanyonline orthroughothermeans,mostbuyersandpotential partnerswillreviewyoursitebeforetheydo businesswithyou. Yourwebsiteispotentiallythemostpowerfulsales& marketingtoolyouhave.Agoodsiteplaysanenormousrolein yoursalesprocessandcanhelpyou: Generateleads Nurtureexistingleadsandmovethemclosertopurchase Deliver informationaboutyourproducts&servicesinacompellingway Processorders,crossandupsell,andrunspecialpromotions Communicatewithexistingcustomersanddistributionchannels Generatepublicity
Thinkofyoursiteasaninteractivebrochurethatspeakswithdifferentgroupsandconvertsvisitorsinto prospectsandcustomers.Itsanextensionofyourbrandandanexampleofthequalityofworkyoudo. Althoughasitecanbeasubstantialinvestment,itdoesnthavetobeexpensiveitjustneedstoeffectively communicatewithyourmarketandsupportyourbrand.Yetwhenyoudevelopyoursitewithrichercontent andsomebasicmarketingfunctionality,yougainbroadandpotentiallylucrativemarketingcapabilities.
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BESTCASE
Yoursiteismorethanabrochure itsells.Youuseitforavarietyof internetmarketingcampaigns: Search,email,webinars,ongoing communications,publicityand more.Yourcontentisrelevant youknowhowmanyleadsyour campaignsgenerateandwhat thoseleadscost.Youcanquickly createlandingpagesforcampaigns soyoucanconverttrafficinto prospects.
NEUTRALCASE
Youhaveastandardsitewithbasic informationplusafewpress releases&newsletters.Youvetried someinternetmarketing with mixedresults.Youknowyour prospectslookatyoursiteandit couldbebetter,butitsnodifferent thanyourcompetitors.Thereare biggerprioritiesthanasite redesign,butyoususpectthatmore content&functionalitywouldgive youmoremarketingpower.
WORSTCASE
Yoursiteworksagainstyou.Itmay bethedesign,content(orlackof), writing,orfunctionality.Itdoesnt supportyourvaluepropositionand youcantdoanyinternetmarketing campaigns.Youwincewhen prospectsaskfortheURLyouknow theydontgetagoodimpression fromyoursiteandyourcompetitors lookbetterandstronger.Youcant quantifywhetheryouvelostany business butyouknowyou probablyhave.
Keyconcepts&steps
Beforeyoubegin Makesureyouvetackledyourbrandstrategy,corporate identity, messages and salesliteraturebeforedevelopingyour site.Asiteprojectmayalsoflowfromyourannual marketing plan,particularlyifyouvedecidedtopursuemoreaggressive internetmarketingcampaigns. Developyourprojectteamandtimeline
Workbackwardfromkeydeadlinestocreateyourproject
timeline.Giveyourselfplentyofleewaysincewebsite projectscaneasilyhitsnags. Ifyourelaunchingasophisticatedsite,makesureyouveincludedalloftherelevantdepartmentsin yourprojectteam. Defineyourneeds Beforeyouhireadesignerordeveloper,decidewhatyoursiteneedstoaccomplish: Yourmajorgoals Howthesitewillsupportonlineandtraditionalmarketingcampaigns Howthesitewillhelpyougenerateleads,nurtureprospects,communicatewithyourmarket,process orders,etc. Theinformationandfunctionalityyoubelieveyoullneed Whetherabasicdesignisfineorwhetheryoullneedsomethingmoreuniqueandcustomized
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Developyourcontent Determineapreliminarygameplanforyourinternetmarketingeffortssothatyoursitecansupport them. Listtheuserswhowillvisityoursite:newprospects,existingprospects,customers,partners,media, jobapplicants,vendors,etc. Developalistoftheinformationandtools(content)eachuserwantstofindonyoursite. Reviewcompetitorandotherindustrysitesforadditionalideas. Organizethecontent Organizeyourcontentsouserscanquicklyfindwhattheyneed.YoullalsoincorporateSearchEngine Optimization(SEO)techniquestohelpwithsearchenginerankings.Forexample,yourhomepageismost importanttosearchenginesifyoudonthaverichcontentonthatpage,youwontrankashighly. Identifyfunctionalityyoullneed Youmaywanttodisplayproductdetailsandprocessorders. Determinewhetheryouwanttoletcustomersaccesstheirrecordsonthesite. Evaluateotherfunctionalitysuchassearch,calculators,streamingvideoorothercapabilities. Developyourdesignrequirements Likeyoursalesliterature,yoursiteshouldconveyyourbrand.Useyourregularcolorpalette,typefacesand personalitytraitsasmuchaspossible. Identifyanylastrequirements Requirementsforupdatingandmanagingthecontent Programmingtechnologiesyoudoanddontwantinthesite Reportingrequirements Qualifyandhirevendors Unlessyouhaveaninhousewebdevelopmentteam,hirevendor(s) fordesign,writingand/orprogramming.Reviewtheirpastwork andtalkwithrecentclientstomakesureyourecomfortablewith theirstrategyandskills.
Whatsnext?
Onceyourefinishedyoursite,useittocommunicatewithyour marketandgenerateleads,especiallythroughemail,online advertisingandsearchmarketing.
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Customer Relationship Management

Customerrelationshipmanagement(CRM)isaterm thatreferstotwothings: Acompanysstrategyformanagingleadsandcustomerdata Softwarethatmanagesthatdata Initssimplestform,CRMisadatabasewheresalesandmarketingteamsstorecriticalaccount data: Contact&accountinformation(contactnames,emails,phonenumbers,SICcode,address,etc.) Sourceofthelead Salesrepnameandactivityhistory(calls,emailssent,inquiries,etc) Purchasehistory Projectedrevenuebycustomer Marketingcampaigndata
CRMcanalsobeanimportantreportingtool. Forexample,youcanuseitto: Generaterevenueprojectionsforaproduct,asalesrep,andyourcompanyasawhole Tierevenuetotheoriginalmarketingcampaign Pulluplistsofleadsandactivitiesbysalesrep Viewthenumberofleadsyouhaveateachstepinyoursalesprocess Trackyourprogressagainstyourgoals Managemarketingcampaigns Captureleadsfromyourwebsite Minimizethetimeyourteamspendscreatingmanualsales&activityreports
HerearethreeexamplesofhowdifferentcompaniescanuseCRM:
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ENTERPRISECRM
CompanyAisanationalinsurance companythatsellsdirectto consumersandusesasingleCRM system.Thousandsofsalesreps acrossthecountrylogin,enter prospectdataandusethesystemto managetheirsalesactivities. Atregionalandcorporateoffices, manydepartmentsusethedatato runrealtimereports revenue projections,salesmetrics,customer growth,customersatisfaction,and ROIformarketingcampaigns to effectivelymanagethebusiness.
MIDMARKETCRM
CompanyBs60employeesuse CRMtomanage1,200customer recordsandthousandsofprospects. Thesystemlinkstotherequest informationformonthe companyswebsiteleadsare intelligentlyrouteddirectlytothe salesrepforthatterritory. TheCRMlinkstothecompanys accountingsoftware.Whenorders appearintheCRMsystem,they alsoappearin theappropriate financialreports.Theoperations teamusesthesystemtofulfill ordersandtrackshippingand servicehistory.
SMALLCOMPANYCRM
CompanyChasfoursalesreps,two accountmanagersandamarketing manager.Theyuseawebbased systemandpayperuserpermonth. Theystartedwithasimpleversion andupgradedwhentheyneededmore functionality. Theirsystemtracksleadsby campaign,assignsleadstosalesreps, tracksactivity,estimatesrevenue, launchesandmeasuresmarketing campaigns,andstorestemplatesfor salesletters,emailsand presentations.
Everycompanyneedstostorethisinformationsomewhere,andthereareCRMproductswithverysimple functionalityandcomplexmultimilliondollarversions.WhenyouusetherightCRMsystem,yougain knowledgeandpowertokeepyourteamontrackandmeasureprogressagainstgoals. BESTCASE

YourCRMmatchesyourmarketing, sales,customerserviceandretention strategies.Itseasytouseand providesreportsthateliminatethe needtogeneratetediousmanual reports.Itmayintegratewithother softwarelikeaccountingand inventory,enablingyourentireteam toviewimportantdataandreports inrealtime.
NEUTRALCASE
YourCRMmeetsyourbasicneeds. Yourteamusesitfairly consistently,butyouhavetokeep onthemtoupdatedataregularly.It doesnthaveallofthereporting capabilitiesyoudlike,andrevenue reportingtendstobemanual,so theressomelostsalesproductivity. Itsfine,butitprobablyisntthe bestsolution.
WORSTCASE
Youdonthaveasolidsystemfor managingcustomerinformationits keptinvariousfilesordatabasesthat arentlinked.Itsdifficultandtime consumingtocreaterevenue projections,salesreportsand marketingcampaignreports. Theresult:lostrevenue,productivity andopportunity.
Keyconcepts&steps
Beforeyoubegin Whenyoubuildyourcompetitivepositioningandbrandstrategies,youmay decidethatyouneedasystemthathelpsyoubettermanageyourcustomer relationshipsandinformation,drivingyoutolookatCRM.Youmayalsodecideto evaluateCRMafterdeveloping marketingcampaignsora marketingplanthat willrequirebetterleadcapture,reportingandothermarketingcapabilities. Onceyouhaveadefinedsalesprocess,youllenteritinthesystemsoyourrepscan trackthestepseachaccountgoesthrough.
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Analyzeyourneeds IfyourenewtoCRMorhaveasystemthatcouldbeimproved,definewhatyouneed. Decidewhatinformationyourteamshouldbeabletoaccessandhowtheylluseit. Identifywhoneedstousethesystemandwheretheyrelocated(i.e.indifferentoffices). Determinewhatreportsyoullwanttogenerate,particularlyyourrevenueandpipelinereports. Identifythemarketingprogramsyoudliketobeabletorunandhowthatinformationcanhelpyou bettermanageyouraccounts.
Ifyouveoutgrownyourcurrentsystem,youmaybeabletopurchaseaddinstogiveyourexistingsystemmore power.Youmayalsodecidetoevaluatenewsystems togiveyouthetruefunctionalityyouneed. EvaluateandcompareCRMsoftware Onceyouvedefinedyourrequirements,lookforaCRMpackagethatmeetsyourneeds.Rememberthatmany systemscomeinseveralversionsyoucanstartwithabasicversionandupgradeasyougrow,butmakesurethe upgradeprocessisseamless. Implementandmonitoryoursystem Whenyourenearingtheendofyourselectionprocess,getreadyforimplementation. Createanimplementationteam. Developascheduleforkeytasks:configuringfields,migratingdata,creatingreports,trainingusers. Createasolidtrainingplan. Launchthesoftware. Dofollowuptrainingtoensurethatyourteamusesthesoftwareasplanned.Mostimplementationsfail becauseemployeesdontusethesoftwareproperly. Gatherfeedbackandmodifythesoftwareconfigurationasneededmakeitasintuitiveandpowerfulas possible.
Whatsnext?
CRMsoftwarecandramaticallyimproveyour salesmanagement,somakesure yourentireteamunderstandshowtoeffectivelyusethesoftwaretomakeselling easier.
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SalesManagement
Goodsalesmanagementisoneofthesimplestwaystoincreaseyourrevenueandprofitability. Salesmanagementisaboutleadingthepeopleandprocessyourcompanyusestosellprospects andservicecustomers. Responsibilitiesinclude: Buildingtherightsalesstrategy Hiringtherightteam Creatingtherightcompensationplans, territoriesandquotas Settingtherightprojections Motivatingyourteam Trackingrevenueagainstgoals Resolvingconflicts Trainingandcoachingsalesreps Managingprocesses Gettingthesale!
WhyisthereasalesmanagementchapterintheMarketingM.O.? Yoursalesteamisthevoiceofyourcompany.Infact,yourrepsmay betheonlypeoplewithdirect customerinteraction.Theymayberesponsibleforprospecting,sellingandmanagingexisting customers.Theycontrolthedialoguewithyourmarket,gatherfeedback,anddeliveronyourvalue propositionandbrandpromise. Thesalesteamwillmakeorbreakyourmarketingefforts.Evenifyourenotpersonallyresponsiblefor thesalesteam,itsimportanttounderstandtheirroleanddrawonthatknowledgetocreatebetter marketingprograms. Salesandmarketingserveonepurpose: to generaterevenue.Theyshouldbecompletelyalignedin theirunderstandingofcustomerneeds,theirmessages,andtheprocesstheyusetoidentifyprospects, sell,closeandmanage.Theyshouldworktogetherasaunit,providingvaluablefeedbacktoimproveall oftheirstrategies. Whendepartmentsarentaligned,yourcompanywastestimeandopportunity.Forexample,when salespeoplerewriteliteratureandtoolstotheirliking,yourmessagesaredilutedandsalespeopleare doingsomethingotherthanselling.
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Smallimprovementsinyourteamsskillsandprocessescanoftenproducesubstantialresults.Evengreat salespeoplecanbenefitfromcoachingifyourteamisstruggling,theresroomforimprovement.Andwiththe rightattentiontoyourpipelineandgoals,youcanmakesureyoureontracktohityournumbersandmake adjustmentsasneeded. BESTCASE

Yoursalesteamisarevenue machine.Theyhavetherightskills andexperiencetheyremotivated to comeineachdayandclosebusiness. Youcoachthemregularlytoimprove theirperformance.Whenproblems arise,theyredealtwithswiftly. Thesalesteamdoesagreatjob deliveringthecompanysvalue proposition,brandstrategyand messages.
NEUTRALCASE
Therearestrongandweakplayers onthesalesteam. Somerequirealotmorehand holdingthanyoudlikethereisnt alwaystimetogivethemthehelp theyneed.Asaresult,theirclose ratiosaremuchlower.Theyre probablynothittingtheirquotas, buttheyrenotamajorliabilityto thecompany.
WORSTCASE
Yoursalesteamisntstrong.They maynothaveadedicatedsales managertohelpimprove performance.Theymaynothave enoughexperience,especiallyif youreasmallcompanythatcant yetaffordthebighitters. Youhaveapipelinebutdontknow whatshappeningwithprospectsit takeslongerthanitshouldtoclose deals.Yoususpectyouneedan entirelynewsalesoperation.
Keyconcepts&steps
Beforeyoubegin Itsalwaysagoodtimetoincreaseyourfocusonsalesmanagement.Your salesprocess andCRM areimportanttoolsthatcanhelpyou manageyour team,forecast resultsandkeepyourteamoncourse. Createtherightcompensationplanandtieittoyourrevenuegoals Greatsalespeoplewanttomakemoney.Tietheplantoyourrevenuegoalsandmakesurethatyoure compensatingyourrepsfortherightthings.Forexample,ifyourrepsdontearncommissionformanaging houseaccounts,theyllspendtheirtimegoingafternewbusinessandyoucouldlosevaluableexisting customers. Setrealisticquotas Berealisticaboutwhatasalespersoncanaccomplishinasettimeframe.Goodsalespeoplecanbedemotivated byunrealisticquotas,whichcanleadtoturnover. Hiretherightpeople Tobuildagreatteam,startwithastrongrecruitingeffort.Createadetailedjobdescriptionsoyouknowexactly whatyouneedinyourcandidates.Castawidenet,useathoroughinterviewprocess,andgoafterthe candidatesyoureallywant.
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Coachandprovidefeedback Agoodmanageractivelyworkswiththesalesteam.Trainyourrepsthoroughlyandcoachthemtoimprove theirskills.Gooncalls,establishperformancemeasurements,andprovidefeedback.Ifarephastroubleina particulararea,createanactionplanandmeasureimprovement. Generategoodreports Youllneedgoodsalesreportstomeasureteamandindividualprogress.Yetyoudontwantyoursalesrepsto spendvaluablesalestimecreatingmanuallistsandreports.Instead,developautomatedreportingprocesses forexample,createreportsinyourCRMsystem.Withgoodreports,youcanseeproblemsmuchearlierand takeactionmorequickly. Motivate! Goodsalesrepswanttogetbetter encouragethemtoread,attendseminars,network,andkeeprefiningtheir skills.
Whatsnext?
Keepworkingwithyourteam,improvingtheirskills,andadjustingasneeded. Hiretherightpeople,managethemwell,andenjoytheirsuccess!
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BusinessDevelopment
Organizationsapplythetermbusinessdevelopment(a.k.a.bizdev)toavarietyofactivities. BusinessdevelopmentintheMarketingM.O.referstohighlevelpartnershipsthatgenerate revenue,createbetterproductsand/orincreaseefficiency. Thesepartnershipscanhelpyou Accessnewmarkets Increasesalestoexistingmarkets Improveyouraccesstotechnology Boostyourproductivity Gaincapital(humanorfinancial)
Inatruepartnership,companiescollaboratetoachieveacommongoal.Itsmorethanashorttermpromotion suchasaspecialofferormarketingtoeachotherscustomers.Instead, itsanagreementtodobusiness togetherwhilesharingresponsibilities,resources,risksandrewards. Forexample,herearethreeexamplesoftruepartnerships:
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TOCREATENEW PRODUCTS
Acomputermanufacturerentersa partnershipwithafashiondesigner tocreatealimitededitionlaptop andmatchingcase. Theycreateateamofemployees frombothcompaniestodesignsand markettheproduct.Thecomputer manufacturerproducesthe computers,thedesignercreatesthe bag,andtheysharerevenuefairly basedontheircoststructure.
TOINCREASEEFFICIENCY
Asoftwarecompanyhasafantastic newproductbutisinundatedwith customerservicecallstheycant handle.Theyapproacha telemarketingfirmthatspecializes inthesoftwareindustry. Insteadofjusthiringthe telemarketingfirm,theycreatea partnership.Thetelemarketing firmprovidesservice foragreatly reducedfee,thenreceivesa substantialcommissionforselling thesoftwarecompanysother relatedsoftware.Thepartners workcloselytogethertomaximize theirrevenueonthesalesprogram.
TODELIVERMORE SERVICES
Adesignfirmpartnerswithadirect mailfulfillmentfirmtooffereach othersservicestotheirrespective clients. Eachcompanypromotesthe partnershiptonewprospects& existingcustomers.Theyofferthe servicewithasinglepointofcontact ifadesignclientneedsmailservices, thedesignfirmmanagesthe implementationratherthanjust referringtheclienttothemailfirm. Eachcompanybillstheotherat specialratessotheresroomforafair markup,providingeachcompany withadditionalrevenue.
Intheseexamples,eachcompanyhasdistinctresponsibilitiesinthepartnership.Theyeachdevoteresources (eithertimeormoney)totheprogram,andifitfails,theyhavesimilarlevelsofrisk.Theyvealsofairlydivided therewards. Thefirststepinasuccessfulpartnershipis structuretherightarrangementalignsbothcompaniestowardan importantcommongoal.Thesecondstepisexecutionapartnershipshouldbemanagedlikeanybusinesswith carefulattentiontodetail,solidcommunicationandfocusontheendgoals. Withtherightstructureandmanagement,yourbusinessdevelopmentdealshavethegreatestpotentialfor success. BESTCASE
Thepartnershipisbalancedand productiveforbothparties.Youshare responsibilities,resources,risksand rewards,andthepartnershipdelivers substantialrevenue,costsavingsor newopportunitiesforboth companies.
NEUTRALCASE
Yourpartnershipisntbalanced perhapsyouhavemore responsibilitiesandresources allocatedoryoudontsharefairly intherewards.Itproducesvalue, thoughnotwhatyouhadexpected youhopethesituationwill improvewithtime.
WORSTCASE
Youenterintoapartnershipand investsubstantialresources,butthe partnershipgoesawry.Your partnerisntdeliveringasneeded andyoudont havemuchrecourse yourpartnerisntreallyproviding resourcesorsharingrisk.Asa result,youendthepartnershipand losevaluabletimeandmoneyonthe deal.
Sincethesepartnershipsinvolvemultipledepartmentsineachcompany,thereareusuallyanumberofpeople involvedinthedeal.Itsoftenanexecutiveorhighlevelbizdevpersonleadingtheprocessforeachcompany, althoughinsmallcompaniesasalesormarketingexecutivewilltakethereigns.However,creatinga partnershipis morecomplexthanpuresalesitrequiresasolidunderstandingofthebusinessandoperational objectivesofmultipleorganizations.
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Keyconcepts&steps
Beforeyoubegin Youcanthinkaboutbusinessdevelopmentatanytime.Itscommontoidentify potentialpartnershipsduringannualplanningtime,somanycompaniesstart pursuingdealsafterfinishinganew marketingplan. Identifypotentialpartnerships Brainstormtoidentifypartnershipsthatcanhelpyoumeetyourgoals.Forexample,theremayberelated companieswithcustomerrelationshipsinadifferentmarketyoumayhavevendorsorsupplierswhocanhelp youimproveyourproductsorfirmsthatcanhelpyouroundoutyourservices. Thinkaboutstructureaswell theresourceseachpartywouldprovide,howthepartnershipwouldbemanaged andwhateachpartywouldinvestandearn. Identifytherightbizdevpersontoleadtheproject Agoodbizdevpersonhasabroadunderstandingofbusinessstrategyandoperationss/he canalsocan negotiateandcloseacomplexsale.Itsadifferentskillsetthanmanysalesrepsoffer,butyoumayhavearepor executiveonyourteamwhocandothesekindsofdealsoryoumaytackleityourself. Pitchapartnership Developastrongpitchtocapturetheattentionofyourpotentialpartnersfocusonthehighlevelbenefitsfor eachparty.Asyoumovethroughthesalesprocess,coverallaspectsofthepartnershipincludingdetailed structureandterms. Shareresponsibilities,resources,risksandrewards Youhaveamuchstrongerchanceofsuccesswhenapartnershipisbalanced.Asyounegotiatethedeal,make sureyourinterestsarecompletelyalignedandthateachpartyiscontributinginallareas.
Whatsnext?
Whenyousetupapartnership,makesureyourcompanymanagesandexecutesso thatyoullreapthefullbenefits.Aspartofthepartnershipyoumaylaunchnew marketingcampaigns treatthemasyouwouldanyothermarketingprogram.
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CustomerRetention
Howmuchhaveyouinvestedinsalesandmarketingoverthelastfewyears?Thousands?Tensofthousands? Millions?Tensofmillions? Customerretentionisaboutkeepingthecustomersyouvespentthatmoneytoacquire. Andif youreinanindustrywheretheymakemultiplepurchasesovertheyears,yourentireteamshouldbevery focusedonretainingthosecustomers: Deliveringservicethatsconsistentwithyourvaluepropositionandbrand Crossselling,upsellingandaskingforreferralsfromexistingcustomers Developingprogramstoincreasecustomerloyaltyanddecreaseturnover Knowingthelifetimevaluefordifferentsegmentsandusingthatdatatoimproveyourmarketing Prioritizingretentionasamajorfocusinyourannualmarketingplan
Studiessayitcoststentimesmoretogenerateanewcustomerthantomaintainanexistingone. Ifyouhaveasmallnumberofcustomers,losingafewcouldcrippleyourcompany.Evenifyouhavealarge numberofcustomers,asmallincreaseinyourretentionrateshoulddramaticallyincreaseyourprofits.Infact, 1 inhisbookTheLoyaltyEffect, FredReichheldwritesthata5%improvementincustomerretentionrateswill yieldbetweena25to100%increaseinprofitsacrossawiderangeof industries. Withstrongretentionmarketing,itsmucheasiertogrowyourrevenueandprofitability.Doyouseeyour companyinanyofthesescenarios?
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BESTCASE
Yourcompanyisfocusedon customerretentionandithaspaid off.Renewalsarehighyouputa lotofeffortintocampaignsand serviceforexistingcustomers. Salesrepsareincentedtokeep customershappy,andyouuse financialmodelingandsurveysto identifyproblemsandfocuson vulnerablecustomers.Your revenuehasgrownsubstantially eachyearbecauseyoureadding newcustomerswithoutlosing currentones.
NEUTRALCASE
Youknowhowimportantitisto retaincustomers.Therepswho serviceexistingbusinessaregood, butyouvelostsomecustomersthat youshouldnthave.Youvedone surveysbuthaventdoneanything majorasaresult.Andyoustruggle withthecommissionforcurrent business somepeoplearguethat youshouldntpayatallbecause theyrehouseaccounts. Asaresult,youhavetoreplace currentcustomerseachyear.
WORSTCASE
Youdontformallymarkettoyour currentcustomers.Youknowyour servicecouldbebetter,butyou haventhadthetimetodevelopan improvementplan.Youdefinitely havemoreturnoverthanyoudlike. Asaresult,yourecontinually investingtogeneratenewcustomers. Yourrevenueprofitmarginsaremuch lowerthantheycouldbe,andthe churningtakesitstollonyour organization.
Keyconcepts&steps
Beforeyoubegin Youcanworkonyourcustomerretentionstrategyatanytime,and marketing campaigns maybeanimportantpartofyourstrategy.Youmayalsodecideto increaseyourfocusonretentionwhenyourewritingyourannual marketingplan.Butif yourelosingcustomers,donthesitatetofocusyourenergyonretentionrightnow. Determineyourretentionstrategy Yourvaluepropositionandbrandstrategyshoulddriveyourretentionplan.Forexample,ifyourvalue propositioniscustomerintimacy,yourcustomersarecountingongreatservice.Iftheyre buyingonprice, youllusuallyfocusmoreonautomatingservicetominimizecosts. Buildyourteam Insomeindustries,theoriginalsalesrepisthebestpersontomanageanexistingclient forexample,the accountmayrequireongoingselling.Inothercasesitsbettertotransitionthecustomertoanaccountrepwho focusesondaytodaymanagement. Onceyouvedecidedhowtostructuretheteam,determinehowmanypeopleyoullneedandstartrecruiting. Paycommissionforrenewalsandgrowingthebusiness Yourcurrentcustomersareyourmostvaluableassetifyoursalesrepsdontearncommissiononrenewals, theyllbeincentedtospendtheirtimechasingnewbusinessinstead.
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Markettoexistingcustomers Putasmucheffortintoyourcurrentcustomercampaignsasyoudotherestofyourmarketingprograms.Know youraudience,grabtheirattention,focusontheoffer,measureyourresults.Usecampaignsto: Nurtureyourcustomerrelationships Encouragethemtobuyagain Expandyourrelationshipsbycrossselling,upsellingandaskingforreferrals Identifycustomerswhoareatriskofdefecting Continuallydeliveronyourvaluepropositionandbrandpromise
Measurepurchaseintentandloyalty,notsatisfaction Customerfeedbackcanhelpyouimproveyourproductsandcontinueyourrelationship.However,itsnot effectivetomeasurecustomersatisfactionbecauseitssovague.Satisfieddoesntmeantheyintendtokeep buying.Instead,focusonbehavior:Askwhethertheyintendtobuyagainandwhyorwhynot.Askwhatthree thingsyoucanimproveandwhethertheyllprovidereferrals.Thesequestionsprovidemoreactionableinsight thansatisfaction. Treatasurveyasamarketingcampaign.Giveyourcustomersareason torespond,thankthemandsharethe results. Usedatatoevaluatelargegroupsofcustomers Ifyoudonthavepersonalrelationshipswithyourcustomers,usedatatoidentifycustomerswhohavent purchasedinthenormaltimeframe.Theymaybeatriskofdefectingandyoucanlaunchretentioncampaigns andencouragethemtostay.
Whatsnext?
Refineandimproveyourcustomerretentionstrategyandexecutiontheymay deliverthehighestROIofallyourmarketingprograms.
1 Frederick Reichheld, TheLoyaltyEffect (HarvardBusinessSchoolPress,1996)
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Telemarketing
Thephrasecoldcallingsendschillsdownthespinesofmanybusinesspeople. Itsoftenviewedasanintimidating,difficult,andboringprocessandthatmeans itdoesntgetdoneasoftenasitshould. Telemarketingcampaignshelpcompaniesreachagroupoftargetedprospectsorcustomersto communicateamessage,gatherfeedback,anddetermineanextstepfortherelationship. Telemarketingcanbeanimportantpartofanymarketingstrategyforexample,youcanuseitto: Generateleads Qualifyprospectswhohavedownloadedinformationfromyourwebsiteorattendedawebinar Followuponadirectmailoremailoffer Takeordersforspecialpromotions Keepyourmarketingdatabasecurrent Conductmarketingresearch
Inmanycompanies,salesrepsshouldmakehundredsorthousandsofcoldcallseverymonthtoset appointmentsand/orgenerateleads.Butbusyrepsusuallyprefertoworkonclosingtheirexistingpipeline. Prospectingoftenslipsontheprioritylistasaresult,thesalespipelineisntalways filledwith newprospects. Ifcoldcallingisaneffectivewaytointroduceyourcompanytonewprospects,dontignoreit.Insteadofforcing asalesteamtodevotetimetoprospecting,manycompaniesuseaninhouseoroutsourcedtelemarketinggroup tomakeahighvolumeofcalls,finddecisionmakersandqualifyleadsforthefieldsalesgroup. Whentelemarketershandleprospecting,salespeoplecanspend100%oftheirtimesellingandclosing.Your companycanproducemorerevenueinthesameamountoftimeyourrepsearnmorecommission,theyre doingwhattheylove,andtheyremoresatisfiedwiththeirjobs. Youcanuseatelemarketingteaminavarietyofcampaigns:
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OUTBOUNDLEAD GENERATION
CompanyAstelemarkerscall targetedlists.Theyidentifythe decisionmaker,askqualifying questions,andgaugetheprospects needsandinterestlevel.Ifa prospectmeetscertaincriteria,the telemarketersetsafollowup appointmentforasalesrep.
OUTBOUNDCAMPAIGN SUPPORT
CompanyBincreasestheir responseratesbyincludingaphone callincampaigns.Forexample, whentheyholdaneventatatrade show,theycallprospectsbefore mailinganinvitetoliftstheir responserate.Theyalsofollowup withthosewhodontrespond.
INBOUNDSALESSUPPORT
CompanyCmakessurethat prospectswhovisittheirwebsitecan callandspeakwithsomeone immediately.Theyuseaninbound salessupportteamtoanswer questionsandprobecallers.The repssendfollowupmaterialsanda fieldsalesrepfollowsupwiththe mostqualifiedprospects.
Withtherightstrategyandpropermanagement,agoodtelemarketingoperationcanproducegreatvalue for yourcompany. BESTCASE

Youhaveateamorvendorto prequalifyleadsandhandle inboundandoutboundcallsfor marketingcampaigns.Yourteam successfullyrepresentsyourbrand toyourmarket.Youhavestrong managementinplaceandcaneasily reportonkeystatistics:contacts perhour,statsbyrep,etc.Youset goalsandhitthemconsistently.
NEUTRALCASE
Youhaveavendororinhouseteam andtheirperformanceisaverage. Iftheyreinhouse,youhavesome statisics,butnotenough,and theresafairamountofturnoverin theposition.Infact,yourealways trainingsomeonenew.Youseethe valueinusingtelemarketingand youthinkyouroperationcould improve.
WORSTCASE
Youdonthaveatelemarketing operation.Salesrepsmake their owncoldcallsbuttheysimplydont makeenough.Whenprospectscall fromyourwebsite,therefrequently isntapersonavailabletotalkwith themlive.Andwhenyouneedto includeaphonecallinamarketing campaign,itsanenormousbattleto getrepstomakecalls.
Keyconcepts&steps
Beforeyoubegin Ifyoucanimmediatelygainnewprospectsandcustomers,donthesitateto launchatelemarketingcampaignrightnow.Youmayalsodecidetopursue telemarketingafterdevelopingyourannual marketingplan. Setyourgoals Youcanusetelemarketinginmanywaysbrainstormthecampaignsthatwillworkbestforyourcompany.For example,youmayneedtogenerateleadsforyoursalesteamorusetelemarketingtosupportothermarketing campaigns.
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Forecastandbudgetdeterminewhethertobuildinhouseoroutsource Estimateyourcallvolume,thenthinkabouthoursofoperation,fluctuationsincallvolume,andtheskill setyoullneedinyourreps. Yourcallvolumealsodrivesyour headcount,software,phonesystemandtheofficespaceyoullneed. Theserequirementswillhelpyoudecidewhethertouseavendororhireandmanageateaminhouse. Ifyoulookatvendors,therequirementswillmakeyourdiscussionseasierandfaster. Budgetforeverythingincludingheadcount,softwarelicenses,bonusesandmanagement. Developgoodscripts Repswillneedtocaptureattention,buildvalue,andcloseagoodscriptwillhelpthemdoitconsistently. Makeyourscriptsconversational,simple,andfocusedontheendgoal. Ithelpstomakeandlistentocallsasyouredevelopingandrefiningyourscript.Whatlooksgoodon papermaynotworkonthephone. Getfeedbackfromyourteamaswell. Trainandcoachyourteam Regularcoachingandqualityassuranceiscrucial. Engageyourreps,roleplayandguidethemthroughcalls. Listentocallsregularly,evaluateyourrepsandcoachthemtoimprovetheirperformance. Makeitfun! Telemarketingisatoughjobandturnoverisabigissue. Makethingsfunwithcontests,events,andotherincentives. Maketheirspacecomfortableandinteresting tinycubes,oldchairsandwindowlessroomsdontputa smileinanyonesvoice. Reportyourresults Definethereportsyoullneedyoursystemmaynotbeabletoprovideallofthedata,butyoucan probablyfindanalternatesolution. Usereportstoconsistentlyevaluateprogressandimproveyourcampaigns.
Whatsnext?
Itsallaboutexecution,somanageyourteamanddevotetheresources necessaryforsuccess.Telemarketingcanbeveryeffectiveandisoften underutilizedinB2Bmarketingplans.
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TradeShows&Events
Theresanoldsayinginbusinessthatpeoplebuyfrompeople.Ifthatsthecase, itsagoodideatogetpeopletogetherasoftenaspossible! Tradeshowsandeventsaregatheringsforbusinesspeoplewithcommonintereststoachievea goal. B2Bcompaniesusetheseeventstogenerateleads,nurtureprospects,buildawareness,conducttraining, orenhancerelationshipswithexistingcustomers.Optionsinclude: Tradeshows: Youcanexhibitduringtheexhibition,sponsorroundtablediscussionsorspeeches, advertiseinshowmaterialsand/orhostyourownreceptionattheevent hotelorarestaurantintown. Seminarsorconferences: Sponsoranindustryconferenceorcreateaseminarandmarketittoyour prospects. Networkingmeetings: Participateinand/orsponsorindustryorlocalmeetingsyoucanalsocreate aonetimeorongoing breakfastorlunchmeetingseriesfor yourprospects toattend. Webinars: Webinarsareonlineseminarswithslidesandaudioyoucanusethemtogenerateleads andcommunicatewithlargegroupsatalowercostthanalivemeeting. Eventsforthearts,sportsorcharities: Youcanparticipateintheseeventsasasponsorwith advertising,blocksoftickets,promotionsandareceptionforyourVIPs. Manyshowsandeventsaremajorinvestmentswithalotoflogistics: Eventplanning Travel Shipping Setup Promotion Salesmaterials Salesfollowup Measurement
Whenexecutedproperly,agreateventcouldproducealargepercentageoftheleadsacompanyneedsto generateoveranentireyear.Withahalfheartedstrategy,companiesusuallygetlacklusterresults.
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Doyouseeyourcompanyinanyofthesescenarios? BESTCASE
Youusetradeshows,specialevents and/orwebinarstogeneratenew prospectsandreachouttoexisting prospectsandcustomers. Youstandoutfromyourcompetitors, delivercompellinginformationand createmeaningfuldialogwithyour market. Yousetgoalsandmeasurethem,and youknowyourROIisworththe investment.Youalsoimplement marketingprogramstodrivetraffic andcontinuedialogaftertheeventso leadsdontfallthroughthecracks.
NEUTRALCASE
Youregularlyattendtradeshows andyouvetriedafewwebinars withmixedresultstheresalotof competitionforyourprospects attention. Atshows,yourteamdoesadecent jobofqualifyingleadsand followingupyouknowyou generatenewbusinessbutyou dontknowhowmuch.Itseems likeyoucouldbegeneratingalot morebusinessfromthese programs,butyourenotsurehow todoit.
WORSTCASE
Youexhibitattradeshowsand youreneversatisfiedwithyour leads.Itshardtostandaroundfor daysandyouknowleadsfall throughthecracksintheweeks afterward. Yourcompetitorsarealwaysdoing somethingbigattheshowsbutyou haventbeenabletoaffordanything butyourbooth. Youhaventtried anyotherevents becausetheyreanenormouseffort forverylittlepayoff.Youvenever reallybeenabletomeasurethe resultsfromtheshowsyouattend yougetahandfulofleadsandthat seemstobeit.
Withasolidstrategy,plan,investment andmeasurement,eventscanbeanexcitingmarketingtooltoB2B marketers.
Keyconcepts&steps
Beforeyoubegin Mosttradeshowsandeventstakecarefulplanningwithmanydetailstoaddress.Its besttocreateyourtradeshowandeventstrategy monthsinadvance.Betteryet,outline youreventsinyourmarketingplansoyoucanbuildyourpreeventandpostevent campaignseffectively. Chooseaneventthatmatchesyourneed Defineyourmarketingobjectives:generateleads,nurtureexistingleads,buildrelationships,train& educate,orraisevisibility/brandawareness. Focusonthetypeofeventsthatcan willhelpyoumeetyourgoals:Industryeventsandshows, networkingevents,seminarsandconferences,sponsoredevents,charityevents,webinarsandmore. Brainstormtocreatealistofeventsandthemesthatwillfitwithyourgoals. Outlineyoureventstrategy Understandwhatyourprospectsneedandhowyoucandeliveritduringtheevent.Forexample,think aboutthecontentyourprospectswantandhowyoushouldstructuretheevent.
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Createyoureventplan Onceyouhaveastrategy,starttheplanningprocess:time,date,location,theme,eventflow,materials, script,responsibilitiesandmore. Planforsalesrelatedactivities: whathappenswithnewleads,howyoullprioritizeleads,followup timing,materialstheyshouldreceive,etc. Promoteyourevent Todriveattendanceorparticipation,developathoroughpromotionalcampaignwithastrongcallto action. Usemultiplemediatotouchyourmarketfrequentlyandconsistently. Ifyouresponsoringanothercompanysevent,besuretopromoteyourparticipation dontleaveitup tosomeoneelsetodriveyourtraffic. Scriptyoureventandexecute Agoodeventscriptand planwillhelpyouexecutewithoutproblems.Createadetailedtimeline rehearseappropriateactivitieswithyourteammakesureeveryoneclearlyunderstandstheir responsibilities. Measureyoureventssuccess Lookatyourgoalstoactualandsharetheresultswithyourteam. Documenteverythingyoulearnedsoyoucanusethatinformationnexttime.
Whatsnext?
Tradeshowsandeventstypicallygeneratenewrelationshipsorfosterexisting ones.Itsimportanttosetsolidfollowupprocedureswithyoursalesteamso valuableleadsdontfallthroughthecracks.
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EmailMarketing
Emailmarketinghasbeenastapleforconsumermarketerssince themid90s.Afewyearslater,B2Bmarketersdiscoveredits value,andemailcampaigns havebecomeanimportanttoolfor businessesinallstagesandindustries. Emailmarketingenablesyoutocosteffectivelycommunicatewithyourmarketinawaythats immediateandrelevant. Withemail,youcan: Nurtureleads Buildbrandawareness Obtainprospects Buildcustomerloyalty Generatesales
Youcanusuallylaunchacampaignandmeasureyourresultsfairlyquickly,makingemailagreatoptionfor timesensitiveprograms.Itseasyandinexpensivetotestdifferentaspectsofyourcampaign onasegmentof yourlist,soyoucanhoneyourcreativeandyouroffertogeneratethebestpossibleresults. Herearethreesampleemailcampaigns: GENERATENEWLEADS

Buyorrentalistandsendashort, compellingmessagetogenerate interestinyourproduct.Drive prospectstoaspecialpageonyour websitetodownloadawhitepaper, ademoorotheroffer.Capture basicinformationandfollowupvia phoneseveraldayslater.
DIRECTSALES
Buyorrentasubscriberlistor sendthecampaigntoyourcurrent prospectsandcustomerscompel themtoclicktoyourwebsiteto learnandbuy.
BUILDBRAND AWARENESS
Useemailtokeepintouchwith prospectsandcustomers.Deliver timely,valuableinformationthat makesthemwanttoreadyour messages.Addnewsaboutyour company,specialoffers,etc.,but focusoncontentandinformation ratherthanpuresales.
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Emailismoreeditorialthanadvertising,anditspowerfulbecauseitcansupportandevendriveasalesprocess. Yetlikeanymedium,ithas itschallenges.Businesspeoplegethundredsofemails(ormore)eachday,soyoull needtogetyourmessagepastspamfiltersandgivethemareasontoread.Youllalsoneedastrongoffer, valuableeditorialcontent,appropriatedesignandagoodfulfillmentandmeasurementprocess. Youcanreachawideaudiencewithemail,butthatdoesntmeanyoushould.Itsmosteffectivewhenyoureally targetsoyoucanspeaktospecificneeds.Thinkofitasaonetoonecommunication personalized,relevant, timely notablast. Ifyouveusedemailinthepast,doyouseeyourcompanyinoneofthesescenarios? BESTCASE
Youhaveastrongemailprogram withveryspecificgoals. Youusetechnologytodeliveryour messageseffectively.Your campaignsofferstrongcontentand messagesyoucreatecustomlanding pagestoconvertclickstoprospects. Youcontinuallytestyourdesigns, copy,listandoffertoimproveyour response.Asaresult,youusually meetyourROIandbusinessgoals.
NEUTRALCASE
Youdosomeemailmarketingand aregenerallysatisfiedwiththe results.Yousendannouncements aboutproductsandoffersyou occasionallyuseemailtogenerate leadsorkeepyournameinfrontof existingones. Youoccasionallytestacampaign beforelaunch,butitisntamajor priority.Youknowyour campaignscouldbestronger,but youhaventhadtimetolearn more.
WORSTCASE
Youuseemailasaquickfix whenyourelowonleads,youdoa blastmessageifyouhavent reachedouttocustomers,you createaquicknewsletter. Yougenerallydonttargetyour prospects youblastonemessage toyourentirelist.Youdonttest yourcampaigns,andyoudont knowhowmanyofyourmessages areactuallydelivered.
Keyconcepts&steps
Beforeyoubegin Useemailtomeetthegoalsyousetinyourannual marketingplanyoucanalso usethemaspartofabroader marketingcampaign.Youllalsoneedtomakesure yourwebsite isstrongenoughtosupportyourcampaign. Developyourcampaignaroundspecificgoals Takethetimetostrategizeandplanyourcampaign: Developatangibleobjectiveforexample,togenerateaspecificnumberofleads,demorequests, meetings,orpurchases. Profileandtargetyouraudience.Youcanreachalargeaudiencethroughemail,butthatdoesntmean youshouldnarrowtargetingmeansyoucanspeakmoredirectlytotheirneeds. Createagoodofferandcompellingcalltoaction,andpresentitearlyinyourmessage readersskim. Planaseriesofemailstocreateanongoingcampaignittakesmultipletouchestogenerateresponse. Dontforgetfulfillment ifyourprospectsexpectaphonecalloremail,deliveritquicklyoryoucould losetheirinterest.
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Investingoodcontent Fewpeoplewanttoreademailsthatlookandfeellikeads.Instead,offerinformationthatsrelevanttoyour recipients.Itsaninvestmenttodevelopthatcontent,butitsthecontentthatgetspeopletoopenyour messagesandcontinuetoreadthemovertime. Choosetherighttechnology Ifyouveneverlaunchedanemailcampaign,youllprobablyneedtouseanemailserviceprovider(ESP), typicallyawebbasedservice.ChooseareputableESPtohelpyoustaycompliantwithspamlegislationandget yourmessagestoyourprospectsinboxes amajorissueinemailmarketing.AgoodESPcanraiseyour deliveryrate,manageyouroptinandoptoutprocess,keepyouremaillistcleanandprovidereportsthatcan helpyouimproveyourresults. Berespectfulandfollowindustrypractices Makesureyourefollowingacceptedindustrypracticesyoullimproveyourprobabilityofsuccess. Mailtoyourhouselistregularly evencorporateemailschangerapidly.Themoretimebetween campaigns,thehigheryourrateofbadaddresses andthosebouncescouldtriggerspamalerts. Makesureyourrecipientscaneasilyoptoutoffuturecommunications. Ifyourebuyingorrentingalist,makesureitsanoptinlist. Continuallytest,refineandimprove Itsalwayswisetotestbeforelaunchingacampaign.IfyoureworkingwithanewESPorlist,evaluateyour deliveryandresponseratebeforeyourollout.Keeptestingandimprovingyoursubjectlines,headlinesand copy,design,offer,landingpages,eventhedeliverytiming.Youllimproveallyourcampaignsintheprocess.
Whatsnext?
Asemailbecomesmoreimportantinyouroverallstrategy,keeplearningabout thesubjectandimprovingyourcampaigns.
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SearchMarketing
Whatssearchmarketingandwhyiseveryonetalkingaboutit? Searchmarketingisaboutgainingvisibilityonsearchengineswhenuserssearchfortermsthat relatetoyourbusiness. Formostcompanies,rankinghighlyinsearchresultsisntluck itsaresultof solideffortinoneorbothcategoriesofsearchmarketing: Organicsearch: WhenyouenterakeywordorphraseintoasearchenginelikeGoogleorYahoo!,the organicresultsaredisplayedinthemainbodyofthepage. Whenyourprospectssearchforinformationaboutyourproductsandservices,youwanttorankhighly insearchengineresults.Byoptimizingyoursite,youcanimproveyourrankingforimportantsearch termsandphrases(keywords).Youcanalsoimproveyourrankbygettingotherimportantsitesto linktoyours. Paidsearch enablesyoutobuylistingsinthesponsoredareaofasearchengine.Thereareavariety ofpaidsearchprograms,butthemostcommoniscalledpayperclick(PPC),meaningyouonlypayfor alistingwhenaprospectclicksyourad. Insearchmarketing,companiesfocusondrivingmoretraffictotargetedareasoftheirwebsite.Theyusesearch to: Generatenewleads Sellproducts Buildtheirbrand Diverttrafficfromtheircompetitors
Studiesshowthatmostbusinesspeopleresearchtheirproblems,potentialpurchasesandvendorsonlineand useasearchengineintheprocess.Andthehigherthepriceoftheproduct/service,theearliertheysearch.
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Formanybusinesses,generatingonlyahandfulofadditionalseriousprospectscanmakeasubstantial differenceinrevenue.Usingsearchmarketingmayefficientlyproducetheseadditionalprospects. BESTCASE

Youregeneratingverytargeted prospectsthroughyoursearch marketingprograms.Yoursiteis optimizedandyouvebuiltalotof importantincominglinks,soyou rankwellinorganicresultsfor targetedsearches.Youusepaid searchtosupplementthattrafficand youcreatecustomlandingpagesfor yourcampaigns toconvertvisitors intoprospects.
NEUTRALCASE
Youvebuiltanewwebsiteandits beenoptimizedforsearch,butyou dontrankinthetop10for anythingbutyourcompanyname. Youvetriedsomepaidsearchwith goodsuccessyourconversionrates onthetrafficareokaybutcouldbe better. Youknowthatsearchmarketingis asolidopportunity yourejust figuringouthowtoimproveyour results.
WORSTCASE
Yourwebsiteisntoptimizedfor searchandyourenowheretobe foundonsearchengines,evenfor verytargetedterms.In fact,youmay notevenrankforsearchesonyour companyname.Unfortunately,your competitorsshowuponthefirstand secondpagesforthetermsyour prospectsuseasaresult,your competitorsarewinningnew businessandfurtheringtheirleadin the market.
Keyconcepts&steps
Beforeyoubegin Dependingonyoursearchstrategy,youmayneedtomakemajor orminor improvementstoyourwebsite. Createyoursearchstrategy Lookatyourshortandlongtermgoalstochoosewhethertofocusonorganicorpaid search(orboth).Ittakestimetoimproveyourorganicsearchrankings,butyoucan launchapaidsearchcampaigntomorrow.However,thereareotherconsiderations:theamountoftrafficyou need,yourbudget,andyourmarketingobjectives.Onceyouvereviewedtheprosandcons,youcanselectthe searchstrategythatsrightforyou. Generatealistofkeywords Beforeyoucanoptimizeyoursiteorlaunchapaidcampaign,generatealistofkeywords termsyourprospects usewhenlookingforinformationyoucandeliver.Youcanbrainstorm,copykeywordsfromcompetitors,oruse onlinetoolstogeneratealistandtrafficestimates. Optimizeyourwebsite Rewriteyourcontentsoitsrichwiththekeywordsyouvechosen. Makesurethecontentisorganizedinthebestpossiblemanner. Eliminateanytechnologiesthatpreventsearchenginesfromreadingyourcontent(forexample,search enginescantreadgraphicsorFlashcontent). Registeryoursiteinimportantdirectoriesthatplay avitalroleinsearchengineresults.
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Generateinboundlinks Searchenginesrewardyouwhensiteslinktoyours theyassumethatyoursitemustbevaluableandyoull rankhigherinsearchresults.Andthehighertherankofthesitesthatlinkto you,themoretheycountinyour ownranking.Youwantlinksfrompopularindustryauthorities,recognizeddirectories,andreputable companiesandorganizations. Implementadditionalinternetcampaigns Theseprogramscanimproveyoursearchresults: CreatingRSSfeedstodistributeupdatedcontentfromyoursitetootherwebsites Includingablogonyoursite Distributingsearchoptimizedpressreleasesontheweb Starttestingpaidsearch Tobeginusingpaidsearch,youll Developtargetedlandingpagesforeachcampaign Writeyourad(s) Createanaccountwithasearchnetworkthatsimportanttobusinessusers(i.e.Google) Setupyourcampaignwiththenetwork Starttrackingyourresults
Whatsnext?
Focusonconvertingyournewprospectsto customers,thenkeepthecyclegoing.
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OnlineAdvertising
InternetmarketingisntjustforconsumermarketersorlargeB2Bfirms itsapowerfulvehicleforcompanies ofallsizes. OnlineadvertisingoffersB2Bmarketersanopportunitytoreachverybroadorverytargeted prospectstogenerateleads,communicateamessageandraisevisibility. IntheMarketingM.O., thetermonlineadvertisingreferstothreegeneraltypesofcampaigns: BanneradcampaignsonB2Bwebsites Adsorsponsoredcontentontargetedemailnewsletters Affiliateprogramsthatenableothercompaniestoputyouradsontheirsitesinreturnforcommission onclicksorsales WhileaB2Bmarketerhasasmalleruniverseofprospectsthanaconsumermarketer,thevalueofeachprospect istypicallyfargreater.Withatargetedcampaignandagoodoffer,youmayonlyneedtogenerateahandfulof highlyqualifiedprospectstogeneratesubstantialrevenue. Herearethreedifferentonlineadcampaigns: GENERATENEWLEADS
Promoteawhitepaper,webinaror demothatcanhelpprospectswho areintheearlyphasesoftheir research.Drivethemtoaspecial landingpageprovidedetailsabout theofferandcapturekeypiecesof datasoyoucanfollowupwhenthe prospectisready.
DIRECTSALES
Runadstosellaparticularproduct orservice.Driveprospectstoa speciallandingpagethatdescribes yourofferindetailifyouneedto provideadditionalinformation, createsupplementalpagesas needed.Reallyfocusonconverting thoseprospectsintosales.
INCREASEYOUR VISIBILITY
Runacampaigntoshareamessage, promoteaneventoroffer,orraise awarenessaboutyourproducts. Yourgoalistwofold:Driveclick throughsandgenerateawareness. Uselandingpagesdesignedto convertavisitorintoaprospector customer.
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Whatarethebenefitsofonlineadvertising? Timing: Reachbusinesspeoplewhentheyreactivelylookingforinformation,vendorsandsolutions. Immediacy: Youcantestandlaunchveryquicklyandgenerateresponsealmostimmediately. Targeting: Youcandeliveryourmessagetoveryspecificaudiences. Leadgenerationandnurturing: Youcancaptureprospectsearly,providevaluableinformation, andnurturethemthroughoutthesalesprocess. Cost: Youcanreachalargeaudiencequicklyandatalowercostthanmanyothermedia. Scalability: Youcanruncampaignsofanysizeatanybudgetlevel. Aswithanymarketingprogram,itsimportanttodevelopagoodstrategy,targetyouraudience,test,measure andimprove especiallybecauseitseasyandinexpensivetotestdifferentaspectsofyourcampaignsto generatethebestpossibleresults. BESTCASE
Youronlineadcampaignsarea strongelementinyour marketing mix. Youusethemtogenerateprospects andcustomers,butgainingvisibility isalsoimportant.Youcalculate ROIsoyoucancomparethereturn oftheseinvestmentsversusyour otherprograms. Youcontinuallytestyouradsand landingpages tomaximizeyour responserates.
NEUTRALCASE
Youruncampaignsperiodicallyand theyremoderatelysuccessful. Pricesarehigh,butyoureacha targetedaudience. Youoccasionallytestandtweak yourads,butitisntapriority. Sinceyouusecostperclickto measuresuccess,youcant accuratelycalculateROI,butyoure satisfiedwithwhatyourepaying fortraffic. Youthinkyoucangenerateeven moretraffic,butwithoutbetter metrics,youcantdivertmorefunds tothesecampaigns.
WORSTCASE
Youveadvertisedonafewsitesand generatedsometraffic,butyoudont havedatatoindicatewhetheryour campaignsaresuccessfulbeyond initialvisits. Youdontcreatespeciallanding pages youdrivevisitorstoyour homepage,andyourarelytestyour ads. Youcringeatthepricesforthesites youdreallyliketouse,andyouthink yourewastingmoneysinceyoure payingforimpressionsnotclicks.
Keyconcepts&steps
Beforeyoubegin Beforeyoulaunchanonlinecampaign,itsimportanttohaveagood websitethatcan measureyourtrafficandconvertvisitorstoprospectsorcustomers.Itsalsohelpfulto addressyouronlinecampaignsinyourannual marketingplanandbudget.
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Developatangiblegoal Forexample,determinehowmanyclickthroughsorleadsyouneedtogenerate,thenestimateyourresponse ratestofigureouthowmanyimpressionsyoullneed.Makesureyouknowhowyoullmeasureyourcampaign aswell. Targetyouraudience Profileandtargetyouraudience.Youcanreachalargeaudiencewithyourad,butthatdoesntmeanyou should narrowtargetingmeansyoucanspeakmoredirectlytotheirneeds. Createagoodofferandcompellingcalltoaction Youradneedstogenerateinterestandgetpeopletoclickthroughtoyourwebsitetolearnmoregivethema reason,abenefit.Keepyourmessagesimpleandclear. Focusonconversion Whenyourunagreatad,continuethemessageandmomentumonyourwebsite.Dontdriveprospectstoyour homepageinstead,createuniquelandingpagesthatfocusonthetopicyouusedtogeneratetheirinterest. Focusandsell! Continuallytest,refineandimprove Itseasyandinexpensivetotestyouronlinecampaigns.Youcantesttheoffer,thedesignofyourad,thesize andlocationofthead,orthesitesyouchoose.Startwiththeelementthatsmostimportant forexample,the offerandcreatetwoversionsofthead.Thenrunthemagainsteachothertoseewhichperformsbest. Whenyoukeeptestinginthisway,youcangreatlyincreaseyourresponseovertime andthatcanmeana substantialincreaseinthenumberofqualifiedleadsandnewcustomersyougenerate.
Whatsnext?
Keeprefiningyouronlinecampaignsandyourwebsitetodriveandconverttraffic.
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Publicity
Haveyoueverreadastoryaboutacompanyandthencontactedthemtolearnmoreabouttheirproductor service?OrperhapsyouveheardaCEOsspeechandfoundyourselfresearchingthecompanylateron? Publicityinthemediacanbeextremelyvaluableinbuildingcredibilityandawarenessforyour company. Forexample,alegitimatenewsstoryisanendorsementthatcanreachawideaudienceforvery littlecostbeyondyourowncreativityandtime.Therearemanyformsofpublicityincluding Newsstories/interviewsintradejournals,industrysites,newspapers,magazines,etc. Expertquotesinastorywrittenbyajournalistorblogger Selfauthoredstoriespublishedonwebsitesorinindustrypublications Speakingengagements
Publicityisahighlycosteffectivestrategythatcan Buildawarenessaboutyourproducts/services,expertiseandpeople Driveprospectstoyourwebsite Driveparticipationinapromotionorevent Educatethemarketaboutproblemsyourcompanycansolve Createanongoingdialoguewiththemarket
Thekeytosuccess:createnewsworthystories.Theyshouldbeinteresting,relevant,timely,andoffernew informationorinsighttoyourprospects. Evenifyoudontthinkyouhavenewsworthycontenttosharewiththeworld,youcanbenefitbyimplementing smallprogramstoraiseyourvisibility.Attheveryleast,youshouldincludenewsreleasesonyourwebsiteand homepagetheyhelpinsearchenginerankingsandenableprospectstoseewhatyouvebeendoing.
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Publicityisntaboutluck.ItsaboutinvestinginagoodPRprogram,anditcanreallypayoffovertime. BESTCASE
Yourcompanyisverywellknownin yourindustry.Whenyoulauncha productorhaveanewsworthystory, importantpublicationswriteabout you,andyoureoftenquotedin industryarticles. Youcapitalizeontherolethe internetplaysinpublicity your pressreleasesdriveprospectsand customerstoyourwebsite.Youalso useblogsorotheronlinepublicity techniquestocreateastrong presenceontheinternet.
NEUTRALCASE
YouusePRsporadicallywith mixedresults anoccasional blurbinanindustryjournal,a miscellaneousquoteasanexpert. Youputpressreleasesonyour websiteanddistributethem onlineyouknowtheymakeyour sitemoreinterestingtoprospects, butyourenotsurewhetheryoure gainingthefullbenefitfromyour efforts.
WORSTCASE
YoudontuseanyformofPR.You maybeastartuporanestablished company,butyourenotknownby yourindustrypress.Youseeyour competitorsfeaturedinindustry publicationsevenwhenyour solutionmaybebetteryour companydoesntseemtohavethat levelofcredibility,andyourenot surehowtogetit.
Keyconcepts&steps
Beforeyoubegin Tieyourpublicitystrategytogoalsyouveidentifiedinyourannual marketingplan. Createapublicitystrategy Dontjustshotgunpressreleaseswhenyouneedtodrumupsomeattention.Plan yourpublicitystrategyasyouwouldanymarketingcampaign: Developacalendarthattiesstoryideastokeyeventsandspreadsyourstorytellingoutovertheyear. Listeventsthatmayoffergoodspeakingopportunities. Identifypublications,reportersandbloggerswhocoversubjectsthatarerelevantforyourcompany. Createtraditionalandonlinepressmaterialstogivereporterssupportmaterialsfortheirstories. Knowtheaudienceforeachstoryandcarefullytargetyourmedia.
Developnewsworthystoryideas Everyday,journalistsarebombardedwithpressreleasestoutingnewproductreleases,businessalliances, researchdiscoveries,etc.Butjournalistsdontjustmakeannouncements theyneedtotellcompelling stories thattheirreaderswillfindinterestinganduseful.Atradejournalmayrunoneparagraphblurbsabout new products,buttogetheadlines,photos,interviewsandpages,youneedtodeveloprealstories. Likemovies,goodnewsstoriesareoftenaboutconflict.Anendlessstreamofpositiveinformationisboring. Instead,developstorieswithsubstance:GoodvsEvil,NaturevsNurture,RaceAgainstTime,CompanyAvs CompanyB,EmployeeAgainsttheWorld,CompanyvstheSystem. Inaddition,goodstoriescanbeextremelyviralwhenyoudistributethemontheweb.
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Marketyourstoriesandexpertise Journalistsneedstorieswhenyouhaveastory,youhavesomethingtooffer.Withaquick,courteousphone callandasimplepitch,youmaygetajournalisttosay,Yes,Iminterestedinthatstory,sendmeyour material.Thatthreeminutephonecallcouldpotentiallymakeasubstantialdifferenceinyourcampaign success. Reachoutwhenyouidentifyapotentialspeakingengagementorfindajournalistorbloggerwhomaywantto quoteanexpertfromyourcompany.Besuretoprepareashortpitchandsupportmaterialsaswell. Usetheinternet ManyPRexpertssaythetraditionalpressreleaseisdead.Thesedays,aworthwhilePRstrategyhasto capitalizeontheinternet. Writeasecondversionofyournormalreleaseswithrich keywordsandaformatthathelpssearch enginesfindtherelease. Postyoursearchfriendlyreleasesonyoursite theyshouldbeanactualpageonthesite,notaPDF. Sendyourreleasetointernetnewsdistributionservices. ConsideraddinganRSSfeedtoyoursiteitwillsendupdatedcontenttootherpublishers.
Whatsnext?
Itsdifficulttomeasurethereturnonpublicity,butifyourereallyfocusedoncreating storiesandreachingout,youhavestrongpotentialforsuccess.Onebigstoryor importantspeakingengagementcouldgeneratefantasticresults,sokeepatit!
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DirectMail
Formanyyears,directmailhasbeenanimportant marketingvehicle.Eventhoughmanycompanies haveturnedtoemailandinternetmarketing,atargetedandwellproduced mailcampaigncanstillbehighlyeffective. Directmailcampaignscangenerateleads,promotespecial offers,supportothercampaigns,communicatewithcustomers andraiseyourvisibilityinyourmarket. Youcanbe verysimpleor wildlycreativedependingonyourgoalsforexample,youcanuse Ahandwrittennote Asimplebuteffectivesalesletter Apostcardwithafourcolorimageononesideandaprintedmessageontheback Adigitallyprintedbrochurewiththeprospectsnameprintedintheheadlineandbodycopy Acustompiecethatyoudevelopforaspecificpurpose
Directmailcanbeanefficientvehicleforyourcompanyifyoufocusonstrategic,targetedmailingsinsteadof largebulkmailcampaigns,whichdrawverylowresponseratesatmuchhighercoststhanonlinemarketing. Instead,considerusingmailforsmallcampaigns: Invitecurrentcustomersandtopprospectstoaneventyoureholdingatatradeshow Sendproductliteraturewiththeprospectsnameandcustomspecificationsprintedintothebrochure itself(viadigitalprinting) Announceacompellingsale Herearethreesamplemailcampaigns: GENERATENEWLEADS

Mailapersonalized,handsigned letterto targetedprospects.Quickly introduceyourvalueproposition inviteprospectstocallorvisityour websitetoviewademo,downloada specialreport,orrequestaquote. Followupwithaphonecallaweek later.
NURTUREEXISTING LEADS
Mailaquarterlyindustry updateorcasestudywithgraphs andreferenceinfo morethan youdbeabletoprovideinan emailnewsletter.Focusthepiece onatypicalobjectionprospects havebeforetheybuy.
CROSSSELLCURRENT CUSTOMERS
Developapiecethatdeliversa compellingcaseforyourcurrent customerstobuyrelatedproducts andservices.Includeastrongcall toactionencouragecustomersto callorvisityourwebsitetolearn moreandbuy.
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InB2B,itsbettertothinkaboutmailasanintegralpartofalargercampaign.Dontjustmailandwaitforthe phonetoring.Instead,planacampaignthatstartswithanintroductionviamail,thenperhapsafollowup phonecallfromasalesrepandademodeliveredviaemail. Whenyouusetherightstrategyandexecution,directmailcanbeastrongaddition toyourmarketingarsenal. BESTCASE

YourehappywiththeROIonyour mailcampaigns. Youdesigneachpiecetograb attention,conveyasimplemessage andmovetheprospecttoward action. Youtestyourmailingsandtweak theheadlines,envelopesoroffersto increaseresponse,andyouuse targetedandcurrentlists.
NEUTRALCASE
Youvehadsomesuccesswith mailcampaigns.Sometimes theyrespurofthemomentyou knowyoucoulddoabetterjobof planningaheadandfocusingyour message.Youtypicallyusemail inconjunctionwithaphonecall. Youdontreallytestyour campaignsandtrytoimprove results,butyourresponserates areacceptable.
WORSTCASE
Youveusedmailbutfeelitwasa wasteofmoney.Thelistwas expensiveanddidntnecessarily havetherightcontactname.The mailpieceandpostagewas expensiveandcontainedalotof information,yetitdidntgenerate theresponseyouplanned. Youhadcountedonitgeneratinga lotofleadsthatyouendedup havingtofindelsewhere.
Keyconcepts&steps
Beforeyoubegin Makesureyourdirectmailcampaignistiedtothegoalsyouvesetoutinyour marketingplan. Defineyourgoals Tieyourcampaigntoaspecificobjective forexample,thenumberofresponses you needorthenumberofcustomersyouwanttogenerate.Thendesignyourcampaignto meetyourspecificgoal. Targetyouraudience Narrowyouraudienceasmuchasyoucan youllbeabletospeakmoredirectlytoyourprospectswithbetter results. Youllalsosaveonpostageandproduction. Focusontheoffer Dontoverwhelmyouraudiencewitheverydetailaboutyourproductandcompany.Focusontheofferitself thepurposeforthemailing,thecalltoaction.Forexample,ifyourepromotingasoftwaredemo,explainwhat thedemowillhelpthemlearnandwhytheyshouldrequestitnow.Touchonthekeybenefits,butdontmuddy yourmessagebyincludingeverydetailaboutthesoftwareandthehistoryofyourcompany.
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Developyourcontent,thenyourcreative Firstdeterminehowmuchcopyyoullneed,whatkindofgraphicsorphotographyyoullinclude,howto promotetheoffer,etc.Onceyouvedefinedthecontentyoullneedtoachieveyourgoals,startthedesign process.Ifyoureworkingwithadesignand/orwritingteam,explainyourrequirementsinacreativebriefso youreallonthesamepage. Tacklethecampaignlogistics Makesureyouplanhowyourpiecewillbefolded,stuffed,addressed,stamped,mailed,etc.Ifyourerunning largecampaigns,youmaywanttohireavendortohandlethisstep. Test,measureandcontinuallyimprove Mailisaterrificmediafortesting youcanselectarandomsetofrecordsfromyourlist,sendyourmailing, measureyourresponse,thentweakthemailingandsendittoanothersubset.Youcanimprovethelist targeting,youroffer,theenvelopedesign,thecopyandthedesignitself.Committocontinuousimprovement andusewhatyoulearninallfuturecampaigns.
Whatsnext?
MeasureyourROIandcompareitagainstyourROIforothermedia.Mailcanbea substantialinvestmentanditshouldproduceareturnthatisasgreatorbetterthan yourothermedia.
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TraditionalMedia
Marketershaveusedtraditionalmediasuchasprint,radio,TV,yellowpages andevenoutdooradstoreachconsumermarketsforthelast50to100years. Traditionalmediacanalsoplayaroleinthemarketingmixfor manyB2Bcompanies.Thesemediaoftenreachabroadaudienceandthus canberelativelyexpensive.Yetinyourindustryorregion,theymaybevery effectiveinhelpingyoureachyourmarket.Forexample: Inmanyindustries,printadsinmonthlytradejournalsareanimportantvehicletoreach decisionmakers. Ifyourcompanysellstoacertaingeographicregion,directorylistingsandadsmaybecrucialfor reachingbuyerswhentheyresearchingforsolutions. Youmayneedtoreachawidevarietyofprospectsindifferentindustries,soyoumayadvertiseina regionalornationalbusinesspublication,newspaperorradioprogram. Youcanusethesemediatogenerateleads,buildvisibility,shareyourmessageand/ordrivespecific promotions.Theyreespeciallyhelpfulwhenyouusetheminconjunctionwithothermediaina larger campaign. Herearetwosamplecampaignsthatincorporatetraditionalmedia: USEPRINT&ONLINETOGENERATE LEADS
Togenerateleads,yourunaprintadinanindustry journalandabanneronthepublicationswebsiteand monthlysubscriberemail. Theprospectcallstotakeadvantageofyourofferor visitsauniquelandingpageonyourwebsite,thenfills outaform. Asalesrepcallsandsetsupaninpersonpresentation.
USERADIOTOGENERATE LEADS&AWARENESS
Yourunascheduleof:30adsonatalkradioshowthat reachesabroadbaseofbusinesspeopleinyourindustry orregion. Aspartofyourpackage,youbuyexclusivesponsorship oftheshow.Youreceivespecialmentionsthroughout theshow,andyouusetheentirecampaigntodrive traffictoaspecificlandingpageonyourwebsite.The pagecontinuesyourmessage,capturestheprospects informationorencouragesaphonecall.Your telemarketingteamqualifiesleadsandtransfershot prospectstoyoursalesteam.
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Itsimportanttotreattheseprogramsaslongerterminvestmentsbecauseresponsestendtocomeingradually theyarentasimmediateormeasurableasinternetmarketing,telemarketingordirectmail.Targetingmay beanissueandyoumaynotbeabletomeasurethebrandingimpactofyourcampaign,buttheyresolid vehicleswhentheyreinlinewithyourgoalsorusedinalargercampaign. BESTCASE

Youunderstandthestrengthsand limitationsoftraditionalmedia,and youusethemeffectivelyin campaignstodriveawarenessand response. Youtestyourcampaignstoimprove overtimeandyoumeasurethe campaignstothebestofyour ability.Whileyoudontmeasure thevalueofyourbrandbuilding, youdoadjustyourROIcalculations toincorporateanallowanceforthat value.
NEUTRALCASE
Yourunasprinklingoftraditional mediacampaignsandtrackthe numberofcallstheygenerate. Youknowtheyworktosome degree,butyoucantquantifythe resultsthatwell.Theads themselvesareaboutaveragebut yourarelytestthemtoimprove. Youknowitsimportanttobein thevehiclesyouchoose,andyou stickwiththesametacticsbecause yourcompetitorsaredoingthe samething.
WORSTCASE
Youdontevaluateyourbuysvery carefullyyoudonthavespecific goalsandthuscantmeasure whetheryouresuccessfulornot. Youdontreallytestyouradseither theyofferalotofinformationand youcantreallysaywhetherthey workeitherforbrandingordirect response. Yourewastingyourbudget and timeonprogramsthatcouldbe vastlyimproved.
Keyconcepts&steps
Beforeyoubegin Makesureyourcampaignsaretiedtothegoalsinyourmarketingplan. Developastrongstrategy First,determinewhatyouneedtoaccomplish.Forexample,youmayneedtogeneratea specificnumberofleads,raiseyourvisibilityinacertainindustryorgeography,or communicateakeymessageacrossdifferentmedia.Settangiblegoalsforyourmedia plan. Eachmediahasbenefitsanddrawbacks.Whenyouvedefinedyourgoals,youcandecidewhichvehiclewill workbest.Makesureyouknowhowto measureyourcampaignaswell. Decidewhethertobuymediainhouseorthroughanagency Mediabuyingcanbeatrickyandtimeconsumingprocess.Ifyouhavealotofmediatobuy,youmaywantto hireanagency.Youllpayfortheirservices,buttheymayalsohavemorebuyingpowertonegotiatebetter dealsandfindwaystoreachyourtargetmarketmorecosteffectively.
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Considertargetingwhencomparingcosts Mediasalesrepsmayquoteyouaflatrateforaparticularadortheymayquoteacostperthousand(CPM) impressions.YoumaypayahigherCPMforamoretargetedmediathanageneralone,butifyoucalculate yourcostpertargetedimpressioninstead,youcantrulycompareapplestoapples. Createacompellingadandcalltoaction Youradneedstograbtheattentionofyourmarket becreative,butkeepyourmessagesimpleandclear. Includeacalltoaction:Encourageprospectstocallorvisitaspeciallandingpagetolearnmoreabouta particularofferorprogram. Continuallytest,refineandimprove Itswisetotestanycampaignbeforespendingyourentirebudget.Ifyoureconsideringmultiplepublications, runthesameadintwodifferentonestoseewhichgeneratesthebestresponse.Ortestdifferentheadlinesand offers.Yourgoalistofindtheadsandpublicationsthatgeneratethebestresponse,thenrunthemforthe remainderofyourcampaign.
Whatsnext?
Keeptestingandrefiningyourcampaignssotheydeliveronyourgoals.
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Recruiting
Whatsthedifferencebetweenagreatcompanythatoutperformsthemarketandanaveragecompany?Great products,services,strategiesandexecutionandyouremployeesareresponsibleforthosesuccesses.A companycanaccomplishfarmorewithastrongteaminplacethanitcanwithanaverageteam. Recruitingisessentialforbuildingastrongsalesandmarketingfunction. Andlikemarketing, recruitingisbothanartandascience: Art:gettingtoknowacandidatetounderstandwhethers/heisthebestfitforthejob Science:definingdetailedjobrequirementssoyoucansearchfortherightcandidatesconductinga widesearchusingaprocessformovingcandidatesthrough theprocessmeasuringresults Itstimeconsumingtorecruitmarketers,salesreps,telemarketersandaccountmanagers.Yetthesepositions aretheheartofyoursuccess,sogiveyourrecruitingeffortsthetimetheydeserve. BESTCASE
Youhaveastrongteamwiththeskill setsyouneedforsuccess.Before eachhire,youdevelopasolidjob description,compensationplanand profilesoyouresureaboutthe qualificationsandpersonalitytype fortheposition. Youscreenandinterviewyour candidatesefficientlyandwhenyou hiresomeone,s/hesexcitedabout thejob.Youhavelittleturnoverand youremployeesaretrulyavaluable assettothecompany.
NEUTRALCASE
Youcreatejobdescriptionsbefore yourecruitandyouusuallygetan acceptablenumberofresumes. Sometimestheprocessdragsout longerthanitshould,andyouve madesomeofferstocandidates thatwerentagreatfit.Youdo havesomeaverageperformerson yourteam,buttherearenomajor issues.
WORSTCASE
Intheworstcase,youhaveteam memberswhoarentqualifiedfor theirroles.Theyrequireagreat dealofmanagementandyoure concernedaboutthetimeittakesto replacethem. Itsdifficulttofindqualified candidates,especiallybecause experienceisexpensive.Morale isntgreatandpeopleviewtheir jobsastedious thereisntalotof excitementandpositiveenergyin yourteam.
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Keyconcepts&steps
Beforeyoubegin Youmayneedtorecruittomeetavarietyofgoals:growyoursalesteam,hirea businessdevelopmentexecutive,createanaccountmanagementteam,builda telemarketingoperation,oraddresourcestoanotherareaofyourcompany.Striveto recruitthebestemployeesforallareasofyourbusinessatalltimes. Definetheposition Evaluatethejobresponsibilitiesprioritizetheskillsandexperienceyourcandidateswillneed. Developspecificcriteriayoullusetoevaluateyourcandidates. Writeacompellingad Agoodadinspiresqualifiedcandidatestoapplyfortheposition.Itneedstostandoutamongtheads theyllbereviewing,anditneedstoconveycredibility,yourbrandandmessage. Thinkofyouradasasalespitchtoaprospectandwriteitcarefullywithyourapplicantinmind. Castawidenet Referralsareagreatsourceforqualifiedcandidates.Encourageeveryoneinyourcompanytocontact vendors,customers,friendsandfamilyaboutopenpositions.Createajobdescriptiontheycanpass around. Advertiseinappropriatepublicationsandwebsites.Ifyoureconcernedaboutcost,measureyourcost perapplicantandperhire,thenusethebestperformingsourcesthenexttimearound. Ifyourenotfindingqualifiedcandidates,keepinvestingdontsettleformediocreapplicantsjust becauseyoudontwanttospendmoremoneylooking. Ifyouredoingalotofhiring,makesuretopostopenjobsonyourwebsiteandincludecontentthat speakstoapplicants.Goodcandidateswilllookatyoursitetolearnaboutthecompany. Followyourprocess Createaprocessandfollowit:Resumereview,phonescreen,interview,maybeasecondinterview, referencecheck,offer.Agoodprocesssavestime forexample,dontinviteacandidateforlive interviewsifyouhaventdoneagoodphonescreenyoumayfindthattheyrenotagoodfitduringthe phonecall. Respectthetimeandtalentofallyourcandidates.Thankthemforinterviewingandletthemknow whenyouveextendedanoffertosomeoneelse.Youneverknowwhenyoullcrosspathsagain.
Whatsnext?
Afteryoubringaboardnewmarketingandsalesemployees,makesurethey understandyourcompetitivepositioning,brandstrategyandmessagingsotheycan deliveronthosestrategieseveryday.
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VendorSelection
Haveyoueverhadadifficulttimehiringavendor?Evenwithyearsof experienceinaparticulararea,itcanbeatimeconsumingprocess.Its evenmoredifficultifyourehiringavendorforafunctionyoudont knowverywell. Vendorselectionisanimportantpartofthemarketing processbecausefewcompanieshavetheresourcesto completeeveryprojectinhouse. Forexample,youmayneeda vendorsexpertiseandresourcesto Write,designorproducesalesliterature,adsorothercreative materials Design,writeordevelopyourwebsiteoronlinecampaigns Runatelemarketingcampaign Developyourmediaplansandbuymedia Provideemailorsearchmarketingservices Managetheprintandfulfillmentprocessforamailcampaign Handlepublicity Writemessagesandslogans Therearemanybenefitstooutsourcingyoucangaindeepindustryexperience,accessnewtechnologies,or savemoneythankstoefficienciesavendorcanprovide.Butitsimportanttocarefullyevaluateandmanage yourvendorstoreapthoserewards. Doyouseeyourcompanyinanyofthesescenarios? BESTCASE
Yourvendordeliversgreatresults ontimeandonafairbudget.The vendoriseasytoworkwithand enablesyoutofocusonother things,makingyoumore productive.Agreatvendor relationshipcantrulyenhanceyour business.
NEUTRALCASE
Yourvendordeliversacceptable resultsatthepriceyouexpect. Youprobablyneedtokeepontop of thevendorstomakesure deadlinesaremet,andyoudevote timetoproperlymanage the relationship.
WORSTCASE
Yourvendorprovidespoorwork,is overpriced,doesntmeetimportant deadlines,and/orisdifficulttowork with.Intheworstcase,youlosetime andmoneytryingtomanagethe vendoryoumayhavetofirethe vendorandstartfromscratch.
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Keyconcepts&steps
Beforeyoubegin Nexttimeyouneedavendorforoneofyourprojects,usethisprocesstofind, evaluateandselectthebestpersonorcompanyforthejob. Defineyourneedsandtimeline Ifpossible,determinewhatyourelookingfor beforeyoustartyoursearch.Youmay wanttosetaninitialbudget,thendevelopatimelineforyoursearch,especiallyifyou haveimportantdatestohit. Identifyandanalyzevendors Usethewebandaskforreferralstofindalistofqualifiedvendors.Developalistof qualifyingquestionsandnarrowthefieldtoahandfulofcompanies. CreateyourRFP Ifyourelookingforverysimple,straightforwardservices,youcanaskbidderstoprovideaproposalandquote. Formorecomplexorintangibleprojects,itsbettertocreateaRequestforProposal(RFP)thatasksbiddersto respondtoveryspecificquestionsinaconsistentfashion.AstandardRFPisespeciallyhelpfulwhen Thevendorisprovidingacomprehensiveservice Theprojectisintangibleorhasmanyelements,suchasawebsite Youhaveveryspecificevaluationcriteriaandneedtocompareapplestoapples Youreevaluatingalargenumberofbidders(morethanfour)
Evaluate,negotiateandawardproject Rateyourbiddersontheimportantcriteriaandnarrowthefield. Negotiatepricingandtermswithyourfinalists,butremembertheadageYougetwhatyoupayfor. Dontjustchoosethelowestbid choosethevendorthatbestmeetsyourcriteriaforsuccess.
Whatsnext?
Continuetoimproveyourvendorresearch,RFPs,andvendormanagement.Most companiesuseavarietyofvendorsovertime,andgoodvendorselectionand managementwillhelpyouimprove results.
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ReturnonInvestment
Marketingcampaignsareinvestments.Andlikeanysmart investment,theyneedtobemeasured,monitoredand comparedtootherinvestmentstoensureyourespendingyour moneywisely. Returnoninvestment(ROI)isameasureoftheprofitearnedfromeachinvestment. Likethe returnyouearnonyourportfolioorbankaccount,itscalculatedasapercentage.Insimpleterms,the calculationis (Profit Investment) Investment ROIcalculationsformarketingcampaignscanbecomplexyou may havemanyvariablesonboththeprofit sideandtheinvestment(cost)side.Butunderstandingtheformulaisessentialifyouneedtoproducethebest possibleresultswithyourmarketinginvestments. WithsolidROIcalculations,youcanfocusoncampaignsthatdeliverthegreatestreturn.Forexample,ifone campaigngeneratesa15%ROIandtheother50%,wherewillyouinvestyourmarketingbudgetnexttime?And ifyourentiremarketingbudgetonlyreturns6%andthestockmarketreturns12%,yourcompanycanearn moreprofitbyinvestinginthestockmarket. ROIhelpsyouimproveyourongoingcampaigns.Whenyoutweakyourofferorlaunchacampaigntoa differentlist,youcancompareROIandfocusontheversionwiththebestperformance. Finally,ROIhelpsyoujustifymarketinginvestments.Intoughtimes,companiesoftenslashtheirmarketing budgetsadangerousmovesincemarketingisaninvestmenttoproducerevenue.ByfocusingonROI,youcan helpyourcompanymoveawayfromtheideathatmarketingisafluffyexpensethatcanbecutwhentimesget tough.
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BESTCASE
YoumeasureandtracktheROIofall ofyourmarketinginvestments.Your campaignsdeliverthehighest possiblereturnandyoureableto improvethemovertime. Yourorganizationunderstandsand agreeswiththechoicesyoumake becausetheressoliddatatosupport yourinvestments.
NEUTRALCASE
YoucalculateROIonsome investments,butbecauseitcanget complex,youdontattemptto measureitatalltimes. Youhave ageneralideaofhowyour investmentsperformrelativeto eachother,butyoucantpinpoint theexactreturnyouregenerating. Andintoughtimes,yourbudgetis cut.
WORSTCASE
Youdontmeasuretheperformance ofanyofyourinvestments. Infact,marketing isviewedasa cost,notaninvestmentatall. Yourcompanyisntsurewhatworks andwhatdoesnt,anditsastruggle tomeetgoals.
Keyconcepts&steps
Beforeyoubegin ItsagoodideatomeasureROIonallofyourmarketinginvestments afterall,youre inbusinesstoearnaprofit.Ifyoursalesprocessislongandcomplex,youmaychoose tomodifyorsimplifyyourROIcalculations,butasimplecalculationismoreuseful thannoneatall. Confirmyourformulas ThereareseveralfiguresyoullneedforyourROIcalculations: Costofgoodssold(COGS):Thecosttophysicallyproduceaproductorservice. Marketinginvestment:Typicallyyoudincludejustthecostofthemedia,notproductioncostsortime investedbycertainemployeeshowever,incertaincasesitmaybebettertoincludeallofthosefigures. Revenue:Itcanbetrickytotierevenuetoaparticularcampaign,especiallywhenyourunavarietyof campaignsandhavealongsalesprocess.Yourfinanceteammayhavesome suggestionsforestimating thisfigure. Companiescalculatethesefiguresdifferently,soconfirmtheformulasyourcompanyusesyourfinanceteam oraccountantcanguideyou. EstablishanROIthreshold SetanROIgoalforyourentirebudgetandindividualcampaignssetaflooraswell.Bydoingso,yougainmore poweroveryourbudget.Ifyouprojectthatacampaignwonthitthethreshold,dontrunitifyoucantgetan ongoingcampaignoverthethreshold,cutitandputyourmoneyelsewhere.
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Setyourmarketingbudget WhenyouhaveanROIgoalandannualrevenue/profitgoals,youcancalculatetheamountofmoneyyou shouldspendonmarketing justsolvetheROIformulafortheinvestmentfigure.Youllbemoreconfident thatyourespendingtherightamountofmoneytomeetyourgoals. CalculateROIoncampaignstrackandimproveyourresults TrackingROIcangetdifficultwithcomplexmarketingcampaigns,butwithacommitmentandgoodreporting processes,youcanbuildsolidmeasurements,evenifyouhavetousesomeestimatesintheprocess. UseyourROIcalculationstocontinuallyimproveyourcampaignstestnewwaystoraiseyourROIandspend yourmoneyonthecampaignsthatproducethegreatestreturnforyourcompany.
Whatsnext?
ThemoreyouunderstandROI,themorepoweryouhaveoveryourinvestments.Continue tolearn,improveyourreportingcapabilitiesanduseROItoimproveyourcampaignsand generatemoreprofitforyourcompany.
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CustomerLifetimeValue
Doyouknowwhatanaveragecustomeristrulyworthtoyourcompany?BycalculatingyourCustomerLifetime Value(CLV),youllbeabletoanswerthatquestion. CLVistheamountofprofitacustomerdeliverstoyourcompanyforaslongasthecustomeris buyingfromyou. Itstypicallycalculatedasthenetpresentvalue(thevalueintodaysdollars)oftheprofit youllearnfromallofacustomerspurchasesovertime.WhenyouknowyourCLV,youhaveanextremely powerfultoolthat helpswith: Acquisition: Youllhaveabetterunderstandingofwhatyoucanspendtoacquirecustomers. Targeting: Youllknowwhichcustomersegmentdeliversthemostprofittoyourcompanyandyou canfocusmoremarketingeffortstowardthatsegment. Returnoninvestment: ByusingCLVinyourROIcalculationsformarketingcampaigns,youllhave amuchmoreaccuratemeasureofcampaignperformance. Customerretention: Youcandeterminehowmuchyoucanspendtoprofitablyretaincustomers. Singlecustomerprofitability: Youcancalculatetheprofitabilityofanindividualcustomer. CLVbecomesmoreimportantasyourmarketingbudgetrisesandyourcustomerbasegrows.Yetevenanearly stagecompanycanbenefitwithasimpleCLVestimate. BESTCASE
Youknowhowmuchanaverage customerineachofyoursegmentsis worthtoyou.Youfocusyour acquisitioneffortsonyourmost valuablesegments,andyouknow howmuchyoucanspendto profitablyretainyourcustomers.
NEUTRALCASE
You haveanideaofwhoyourmost valuablecustomersare,butyoure notreallysurehowmuchyou shouldspendtoacquireorretain them.YourROImeasurementsfor yourmarketingcampaignsare probablyverygeneral,thoughstill helpful.
WORSTCASE
Youdontknowhowmucha customerisworthorhowmuchyou shouldspendonacquisitionor retention.Yourenotsurewhatyour marketingbudgetshouldbe,and yourenotconfidentinthequalityof theinvestmentsyouremaking.
90
Keyconcepts&steps
Beforeyoubegin YoullwanttolookatCLVfordifferentgroupsofcustomers,somakesure youvedefinedthosesegments.CLVisavaluabletooltoimproveyour marketingcampaignsandbudgetitsalsousedwhenyoureworkingon customerretentionandROI. Confirmyourformulas ThereareseveralfiguresyoullneedforyourCLVcalculations: Costofgoodssold(COGS):thecosttophysicallyproduceaproductorservice Grossprofit:thedifferencebetweenthepriceofyourproductandtheCOGS Companiescalculatethesefiguresdifferently,soyourfirststepistoconfirmtheformulasyourcompanyuses. Determineyourcustomersegments TheCLVcalculationismostvaluablewhenyoumeasureitbycustomersegmentsimilargroupsofcustomers whouseyourproducts/servicesinasimilarway. Foreachsegment,determinehowlonganaveragecustomerstayswithyouthelifetime Lookatyourcustomersbuyingpatternsandcalculatethetotalnumberofpurchasestheymakeandthetime betweenthosepurchases. CalculateyourCLVforeachsegment Onceyouknowtheaveragelifetime,youllcalculate Thetotalprofityouearnonalloftheirpurchases Theprobabilitythattheyllmakesuccessivepurchases Thevalueoffuturerevenueifyouhadthe cashtoday UseCLVtoimproveyouracquisitionandretentionmarketing OnceyouhaveaCLVforeachcustomersegment,youcan Setamaximumbudgettoacquireaparticulartypeofcustomer. Calculatewhetheraparticulardealwillbeprofitable. Lookatcurrentcustomerswhohaventpurchasedaccordingtothepatternyouestimatedinthe calculation.Theyremorelikelytodefect,solauncharetentioncampaigntothosecustomers. PlugitintoyourROIprojections.Itsmoreaccuratetocalculateyourreturnonacampaignwhenyou usethetotalprofitthecustomerrepresentsovertime,notjusttheprofityouearnonthefirstsale.
91
Whatsnext?
KeepapplyingCLVandusingitinyourmarketingstrategiesand plans.WhenyouuseCLVandROIinallofyourcampaigns,youhave powerfultoolstohelpyougrowyourcompanysrevenueandprofit.
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Copywriting& GraphicDesign
Youveprobablyseenquiteafewmarketingmaterialssuchas brochures,websitesandadsthataredull,uninspiring,andworstof all,confusing. Goodcopywritingandgraphicdesigncreatepowerful communicationswithyourmarket. Theyhelpacreativevisionandmessageresonatewithyouraudience. Goodcopywritingandgraphicdesignwill Reinforceyourvalueproposition Evokeyourbrand Conveyyourmessagesinameaningful,memorableway ImproveresponseandROIforyourcampaign
Writersanddesignerscanhavebroadorveryfocusedskillsets.Forexample,awritermayspecializeinweb copy,technicalwriting,advertisingcopyorsalesletters.Graphicdesignersmayfocusonwebdesign,logos, flashdesignforonlinecampaignsorprintdesign.Agenciesmayofferavarietyofservices,buttheycanalsobe justasspecialized. Whenyoucreateliteratureorothercreativeprojects,youremakingasubstantialinvestment.Byusingthe rightpeopleandmanagingyourprojecteffectively,youllmaximizeyourchanceforsuccess. BESTCASE

Yourcopyanddesignare powerfultheycommunicateyour objectivessimplyandina memorableway.Yourprospects getitquicklyandareeagerto learnmore,creatingmore opportunityforyourcompany.
NEUTRALCASE
Yourcopyanddesignare average.Theymaybewordyor notthatexiting,buttheyrenot substantiallydifferent thanwhat yourcompetitorscreate.They accomplishwhattheyneedtobut couldbebetter.
WORSTCASE
Naturallytheworstcasescenariois thatyourcopyispoorlywrittenand yourdesignunappealing.These materialsgiveanegativeimpression ofyourcompanyand yourprospects chooseyourcompetitorsoveryou.
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Keyconcepts&steps
Beforeyoubegin Youllneedyourbrandstrategyandmessagesforanycreativeproject.Ifyoure creatingsalesliterature,youllneedtounderstandhowitfitswithyoursales processiftheprojectispartofamarketingcampaign,makesureyouvefinished yourstrategyandgoalssothepiececansupportthem. Createaprojecttimeline Provideareasonableamountoftimebetweeneachstepsoeachteammembercan deliveronschedule.Theearlieryougetstarted,thebetteryourresults. Determinewhatcontentwillbeinthepiece Contentshoulddrivethedesign,notthereverse.Ifyoustartwithdesignandtrytofillincontentlater,the piecemaynotbenearlyaseffective.Identifythecopy,graphics,photosorchartsyoullneedinyourpiece beforestartingthedesignprocess. Useacreativebrief Acreativebriefisanoverviewforaproject.Itcanbesimpleorlengthydependingonthecomplexityofthe projectandtheamountofbackgroundinformationyourteamneeds.Agoodcreativebriefdefines Deadlines Goalsincludingtheactionyouwanttherecipientstotakeafterseeingthepiece Audience Content Backgroundinformationabouttheproduct,service, audience,company,etc. Brandingrequirementsincludingthedesiredcolorpalette,logousage,fonts,etc.
Establishcriteriaforthedesigns Itsmucheasiertoevaluatedesignconceptswhenyouhavespecificcriteriatomeasureagainst.Establishthat criteriaupfrontsoyourdesignteamunderstandswhattheyneedtodeliver,thenusethatcriteriatochoose conceptsandprovidefeedback. Payattentiontoproofsandthepresscheck Makesureyouhaveaverythoroughreviewprocessinplace atypoinanadorbrochurecanbeanexpensive andembarrassingerror.Andconductathoroughpresschecksoyourprintedmaterialscompletelymatchyour requirementsandvisionyouwouldntwantyourbrochureprintedonthewrongpaperoryourcolorstobe mismatched.
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Whatsnext?
Keeplookingforgoodcopywritersandgraphicdesigners.With agoodteamofresources,youllhavesomeonetocallnomatterwhattypeofproject youdreamup.
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Conclusion:Whatsnext?
First,congratulations! Ifyou'vereadthroughalotofthismaterial,you'veprobablyidentifiedsome opportunitiestoimproveyourmarketingstrategiesandexecution. Asyou'veseen,yoursuccessinanyoneareacanbedramaticallyimpactedby the strategic&tacticalsubjects thatcomeearlierintheprocess. Andtodayisthedaytostartimplementingtheseideasinyourbusiness. 1. Makesureyouhaveclearstrategiesdrivingyouforward.Whenyouhavea clearcompetitive positioningstrategy,brand,distributionstrategy,salesprocess,pricing,etc.,youllbemoresuccessfulin generatingandmanagingcustomers. 2. Makesureyourtoolsandprocessessupportyourstrategies. Lookateverythinginyour arsenal:website,literature,messages,presentations,phonescripts,proposals,etc.Theyshould communicateyourstrategiesloudlyandconsistently,helpingyougainmoretractionwithyourmarket inlesstime. 3. Tieyourcampaignsandprogramsbacktoyourstrategiesandgoals.Whenyou'vedefined exactlywhatacampaign,astrategicpartnership,asalesmeetingorcustomerretentionprogramneeds toachieveandwhatyouexpect,you'reinafarbetterpositiontoreachyourgoals. Goodplanning, executionandmeasurementcanhelpyoumovefromareactiveintoproactivemode. Byfollowingthisstrategicmarketingprocess,youcanbuildexpertiseanddriveyourcompanysrevenueand profit. Itmaytaketime,butevensmallchangesinkeyareascanflowthroughtheentireprocessandproduce dramaticresults. Again,goodluck andenjoytheprocess!
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TheStrategicMarketingProcess

ModerandiInc. nd 11260N92 St,Suite1066 Scottsdale,Arizona85260 (800)2202412 www.MarketingMO.com info@MarketingMO.com

Aboutour webbased software

Createmarketingplansonline Developmarketingstrategies Downloadbestpractices Setgoals&trackprogress Upload&organizeyourfiles Createtodolists Discovervaluableresources

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Goodmarketingisessentialforeverycompany. Itcanmakeacompanywithamediocreproduct successful,butpoormarketingcansendagoodcompanyoutofbusiness.Yetevenbusinesstobusiness(B2B) marketingisoften seenasasoftcreativefieldinsteadoftheenginethatdrivescompanyrevenue.

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Heresahypotheticalexampleofeachtypeofvalue. OPERATIONAL EXCELLENCE

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Bydefiningyourbrandstrategyandusingitineveryinteractionwithyourmarket,youstrengthenyour messagesandrelationships. BESTCASE

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Doyouseeyourcompanyinoneofthesescenarios? BESTCASE NEUTRALCASE

Yourpricecompletelysupports yourvalueproposition,enabling youtomaximizeyourrevenueand profit.

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Inpersonmeeting Yourteamsubmits &productdemo aproposal

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For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

DRIVEEXISTING PROSPECTSTOYOUR TRADESHOWBOOTH& VIPRECEPTION

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Ittakestimetodevelopasolidplan,butitsimportantbecauseittiesallofyouractivitiestotangiblegoals.Its alsoagreatopportunitytofocusonthefuture,generatenewideas,andinspireyourteam.Evenasimpleplanis betterthannone,butwhenyouinvestmoreeffortupfront,youllhaveabetterroadmaptowardyourgoals.

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Itsimportantto decidewhatyournameshouldmeanandrepresent. Forexample,ifyourerunningacompany thatprovidesnamingservices,yournameisasampleofyourwork itshouldbegreat,right? Herearesomecompaniesthatprovidenamingservices: BESTCASE

Youlookandsoundlikeeverybody else. Youvemissedanopportunityto conveyanimportantmessage,but atleastyourenothurtingyourself.

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Customer Relationship Management

Everycompanyneedstostorethisinformationsomewhere,andthereareCRMproductswithverysimple functionalityandcomplexmultimilliondollarversions.WhenyouusetherightCRMsystem,yougain knowledgeandpowertokeepyourteamontrackandmeasureprogressagainstgoals. BESTCASE

Smallimprovementsinyourteamsskillsandprocessescanoftenproducesubstantialresults.Evengreat salespeoplecanbenefitfromcoachingifyourteamisstruggling,theresroomforimprovement.Andwiththe rightattentiontoyourpipelineandgoals,youcanmakesureyoureontracktohityournumbersandmake adjustmentsasneeded. BESTCASE

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Inatruepartnership,companiescollaboratetoachieveacommongoal.Itsmorethanashorttermpromotion suchasaspecialofferormarketingtoeachotherscustomers.Instead, itsanagreementtodobusiness togetherwhilesharingresponsibilities,resources,risksandrewards. Forexample,herearethreeexamplesoftruepartnerships:

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1 Frederick Reichheld, TheLoyaltyEffect (HarvardBusinessSchoolPress,1996)

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Withtherightstrategyandpropermanagement,agoodtelemarketingoperationcanproducegreatvalue for yourcompany. BESTCASE

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Withasolidstrategy,plan,investment andmeasurement,eventscanbeanexcitingmarketingtooltoB2B marketers.

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Formanybusinesses,generatingonlyahandfulofadditionalseriousprospectscanmakeasubstantial differenceinrevenue.Usingsearchmarketingmayefficientlyproducetheseadditionalprospects. BESTCASE

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Publicityisahighlycosteffectivestrategythatcan Buildawarenessaboutyourproducts/services,expertiseandpeople Driveprospectstoyourwebsite Driveparticipationinapromotionorevent Educatethemarketaboutproblemsyourcompanycansolve Createanongoingdialoguewiththemarket

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com

Evaluate,negotiateandawardproject Rateyourbiddersontheimportantcriteriaandnarrowthefield. Negotiatepricingandtermswithyourfinalists,butremembertheadageYougetwhatyoupayfor. Dontjustchoosethelowestbid choosethevendorthatbestmeetsyourcriteriaforsuccess.

For helpimplementingtheseideasinyourbusiness,watchashortvideoonourhomepage: www.MarketingMO.com