Beginners Guide – Business to Business Marketing
Business-to-business companies have gotten it backwards when it comes to generating sales. Large parts of their marketing budgets are being spent on beefing up the image or finding new sales leads. That only leaves a small part of the budget for an area that would do a lot more good, turning current prospects into customers or better established conversions.
Companies are spending huge amounts of money on lead generation instead of lead follow up. The better idea would be to go through the warm leads already sitting in the database. In the excitation of generating sales, these leads often get shuffled to the bottom of the list or forgotten about entirely. This is sad because these leads are people who have expressed at least a tiny bit of interest in the company or products, and were not yet ready to buy. Keep in contact with them so that when they are ready you will beat the competition to the punch.
It is possible to increase revenue from sales without spending any more on advertising. Many recommendations are available to aid your company in business-to-business marketing and market analysis.
The first recommendations are direct mail, trade shows, database and email marketing techniques and direct these toward the demographic you want to reach. For instance when you build from a trade show you know that the people you reach are interested in your type of service or product, because they are at the trade show in the first place. Someone interested in technology would not go to a sewing trade show for example. Narrow the focus to produce higher quality leads. Now you have created better quality leads on the money invested. Take the money saved and focus it on building relationships with the warm business leads you created.
Cultivate good sales leads instead of trying to generate larger numbers of leads. It is better to have 10 leads interested in what you offer than 1,000 leads that could care less about what you are promoting. You do this by keeping in touch with these warm prospects from the trade show or direct mail through seminars, webinars and email, following these with newsletters and other marketing activities until the prospect becomes a customer. For complex businesses, that with multiple influencers this can take a long time but it is well worth it for the increased sales.
When you implement these types of strategies in your business-to-business marketing, you will end up with your representatives following up on high-end sales from companies and people already willing to buy your company's products. This leads to more conversions and more of a bottom line for your company.