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Understand your Singapore Market by Dissecting It

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We in the B2B marketing industry are fond of throwing around metaphors to describe how ferocious and contested it is to engage our target markets. But as executives in the IT services sector see their market as a battlefield of technical jargon and healthcare marketers see their arena as a merciless valley of risks, these metaphors are actually far from what their markets really are: as organisms.

Back in high school, our biology classes involved capturing an animal and dissecting it for the purpose of having a better look at its anatomical structure and its importance to the animal’s survival. Moral considerations aside (after all, we’re dealing with metaphors here), dissecting a frog enables us to understand not just the mechanisms that allow it to jump very long distances, but also its biological make up in relation to its surroundings. We can use such information in, say, creating artificial ecosystems that precisely mimic its natural home.

But where does marketing fit in all this? Just like the frogs we abduct, markets have examinable qualities that describe how it behaves in any given situation. Knowing these qualities is no helpful in terms of finding opportunities.

In this Business 2 Community article, David Cameron Gikandi offers a guide of 11 characteristics you could find in a market with high potentials.

  1. Size. The bigger the market size, the better.
  2. Urgency. The more urgently people need the products in that market, the better. For example, pet rocks have no urgency, but medication does.
  3. Speed to market. The faster you can go from getting the initial idea to beginning to make sales, the better.
  4. High pricing potential. The higher you can charge per product, the better.
  5. Low cost of acquiring new customers. The easier and cheaper it is to get new customers, the better.
  6. Low cost and ease of delivering. The cheaper and easier it is to deliver your product, the better.
  7. Uniqueness. The more unique your product is (or how you deliver it, or how you package it), the better.
  8. Low upfront investment. The less resources you need to test the market, build the business and get started, the better.
  9. Back-end and up-sell potential. The more related products you can sell to your existing clients, the better. You don’t want to go into business whereby you can only sell one product one time to each customer and then that’s it. There is now growth potential there. You need to be able to repeatedly sell the same customer.
  10. Evergreen potential. The easier it is to continue selling and selling once in business, the better. For example, a product that can be sold for ever, like toilet paper or cooking oil, is better than one that is sold just once, like pet rocks.
  11. Addressability. The easier it is to reach and communicate with your market, the better. For example, does your market congregate in “pools” like mailing lists or radio stations or places you can get access to?

By understanding this, we can create a lead generation strategy that will work.

What B2B Marketers MUST know about Honesty

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What B2B Marketers MUST know about Honesty

For B2B marketers wanting to improve their demand generation efforts, listen up. There’s a lot to consider in the recent controversy involving NBC’s Brian Williams. The 55-year-old poster boy for debonair journalism has come under fire after an episode of Nightly News where he said he fabricated an on-location Iraq War report.

This was later contradicted by people who were with him when the helicopter they boarded was forced to land after taking a “hit” from an RPG. Call it a deception of memory, but Williams’ obscure February 4 apology has directed public attention towards a string of other fabricated observations in his past reportage. One can only imagine the negative impact on Williams’ reputation.

Honesty is the best policy

By now, you want to know the significance of this issue to B2B lead generation and appointment setting.

First of all, in order to drive leads, you first consider the type of inbound strategies that generate demand. You can produce stories, testimonials, case studies, visual resources, webinars and videos in order to seize audience attention.

But ever since the social media revolution, buyers (especially in the B2B market) treat content beyond their face value.

“Organizations couldn’t hide things from us, and if they did they’d get caught out quickly,” says Bite director Jon Silk in a B2Bmarketing.net blog post, “The power shifted towards the consumer, who demanded more from their interaction with brands. They wanted to be entertained. They wanted free stuff. They wanted a relationship.”

What he means to say is that customers want pure authenticity, and simply lying to their face just won’t cut it. Honesty and integrity, now, these are the virtues that produce real results and a strong brand image.

Trust and knowledge: A perfect combo

Silk outlines two other essentials: trust and knowledge-sharing. Focusing on both in your demand generation opens up a whole world of possibilities within the buying cycle. B2B buyers can gain a definite view of the value your products can achieve for them. They are able to provide you with the intelligence you need in developing better email and social media strategies that further enhance interest.

But again, honesty goes a long way. And if you don’t want to end up in a similar situation as Brian Williams, then make your communications authentic and reliable.

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And if you want authentic and reliable B2B lead generation services, look for a multi-channel B2B marketing company with a debonair attitude towards driving demands and leads.

 

B2B Marketing Trends for 2015

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Today, the landscape of B2B market is in constant state of flux, making it crucial to keep track on the significant shifts of trends every day. But merely identifying these trends isn’t enough; marketers should identify which will give opportunity or threat to the business. And eventually find ways to maximize the opportunities and neutralize the threats.

We’re about to enter the 4th quarter of 2014, and 2015 is under way. Marketers should already start drafting their marketing plan that can adopt to 2015’s marketing matrix. In laying the foundation for their 2015 marketing strategy here are the trends to be considered.

Micro targeting
Marketers should focus on designing marketing strategies for small but are comparatively profitable subsets of the market. They should divide the target market into smaller segments with different needs and preferences. The marketing messages should be designed based on every segment’s attributes to emphasize the benefits of the product. Rather than the one-fits-all marketing, this approach is a lot more efficient because it allows marketers to deliver the right product with the right features to a certain segment that needs it.

Mobile Dominance
Global Smartphone use will reach 2 billion by 2015. This is the challenge to B2B marketers, to give a different digital experience to its target businesses. Of course inside every business are individuals who, outside their work, are consumers hoping for an improved digital experience. Marketers should start focusing on the mobile-optimization of their resources, especially websites.

Automated marketing
Then, we rely on manual calculation using historical data to project marketing direction. Now, we have integrated traditional marketing activities like customer management, email marketing, content management, search engine optimization, lead generation into holistic tools to intensify marketing efforts. B2B industry has lead to the usage of marketing automation tools. Such advancement increased lead conversion rates by more than 50%.

Quality Content
Marketers will become writers and publishers. More than their purpose of selling their product, they should also focus on the quality of their published contents. Aside from the grammatical value of the content, marketers should also focus on how compelling the content is to the reader.

More marketing trends will hit the mainstream culture of 2015, from marketing technology trends, evolving business structures, changing customer behavior, and a lot more aspects of B2B marketing. The market will keep on reshaping based on these ever-shifting trends. Marketers should use logical approaches partnered with innovative ideas to predict future movements of trends.

 

Source: http://blog.visual.ly/five-b2b-marketing-trends-2015/

Choosing Constructive KPIs: The Ultimate B2B Marketing Criteria

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One of the many things modern business owners can be thankful of is accessibility to data. Countless analytics tools – both paid and free – are readily available for marketers who wish to determine the success of their businesses.

In the old days, managers and executives needed to scrimmage against piles of papers and charts to organize their business numbers. So we should be thankful we don’t need to do that anymore.

However, there is a disadvantage with this easy access to software tools. Sometimes, when we have too much data in front of us, we struggle to see which ones are really pivotal to business growth. When you look at the eye-scorching numbers on an Excel sheet, do you sometimes wonder what exactly all of these statistics do to help move your business forward?

This is where Key Performance Indicators (KPI) come in,” says Andrew Rogers, President and COO at Business.com.

“Data, and its proper use, is the single biggest arbiter between business success and failure. If you aren’t managing your business based upon facts and figures, you’re not only sub-optimized, you’re likely headed for ruin,” he adds.

Below is a mini-guideline, proposed by Rogers, in considering which KPIs to be used in your business.

From Business.com:

1)  What qualifies for KPI status?

  • It must be quantifiable: Often, companies will establish KPIs that they cannot accurately measure. If you can’t report on a KPI with absolute confidence, remove it until you’ve solved your data reporting challenge.
  • It should illuminate performance that is actionable: If a KPI doesn’t allow you to dig further and/or take corrective action, it isn’t worth including.
  • It needs to tie to initiatives that are core to your success: An easy question to ask when selecting KPIs is this: “If this indicator moved significantly in either direction, would it have a meaningful impact on the business?”. If the answer is “no”, move on.
  • It should have an established goal:  Simply identifying a numerical increase or decrease isn’t enough… it’s the magnitude that truly matters.  More importantly, the goal should also map to the overall company budget.

2)  How many KPIs are appropriate?

  • The fewer the better. Period. Most companies allow for KPI creep, whereby their KPI dashboard becomes a series of spreadsheets that create a “deep in the weeds” discussion, rather than a high level exercise of identifying areas of focus and action.

Read the full post at http://www.business.com/b2bmarketing/11616/

7 Elements of B2B Marketing Success in the IT Industry

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For potential and existing customers to support your brand, you need to establish a solid branding mechanism that allows for a harmonious relationship between your business and the people it aims to serve. In the IT products and services industry, the challenge is greater; certain traits need to be mastered before momentum can be gained, whether in lead generation or appointment setting.

Here are 7 essential elements in conquering the IT world:

  1. Precision – As far as marketing is concerned, it is important that you send your message across in the clearest manner possible. And you also must do it with accuracy – IT people are fussy with details, so everything must be a bull’s-eye.
  2. Value – Pricing is usually non-negotiable, and packages are constant. The only thing that separates you from a buying prospect is value – the greatest rationale they would be looking for before they take out their wallets. If value is missing, especially in the stiff competition among IT products, you won’t have a clear edge.
  3. Partnership – During these modern times, it is not enough to simply sell something to your prospects. To be effective in B2B marketing in the IT industry, you have to work with your audience, study what they need, and together come up with the solutions that would benefit both sides.
  4. Connection – Now that you’ve ‘partnered’ with your audience in terms of business ties, you also need to connect at the emotional level. Your company needs to ascertain what your customers will expect from you. You have to build a foundation of trust and reliance – which should be both ways – so that your motivation to deliver would be strengthened.
  5. Aggressiveness –Observing buyer behavior, as well as emerging markets, will help you identify which business will be your competition. This will help you formulate countermeasures in the near future, especially as technology continues to evolve.
  6. Relevance – There must be a current demand for your products or services for you to be considered as relevant. Your B2B lead generation team will have a hard time closing deals if what you offer is not really what customers need right now. Again, you need to connect with them and identify their needs.
  7. Confidence – To exude confidence has two benefits: it helps marketers overcome their fears, and it also impresses prospects. There are a lot of predators in the infinite ocean of the IT industry, and if you lack confidence, others will eat you alive.