B2B Marketing Strategy
In business, there is endless debate about ‘strategy’. Yet the term is often confusing or misunderstood. In many businesses, strategy refers to anything ranging from business goals and target markets to specifics such as website management. A scattergun approach often ensues...
What is strategy?
First, it needs to be seen in the following context.
- Objectives (what do you want to achieve?)
- Strategy (how will I achieve it?)
- Tactics (what will you do to achieve it?)
- Plan (in what order will I execute these tactics, how often and who else is involved?)
In this context, go-to-market strategy boils down to three points:
- What are you going to sell?
- To whom?
- Through whom?
Choose where to play
Your first priority is to choose where to play (which product markets do you participate in, which do you ignore, and how much of the budget do you allocate to each product market). Regardless of your decisions, make sure you have broad internal support for this market strategy so everyone in the business is on the same wavelength.
Choose how to play
Next, identify the correct strategy for each product market. This requires a careful allocation of the marketing budget to factor in:
- Environmental Marketing (EM) – getting the market ready through advertising, PR and other positioning activities
- Channel Readiness (CR) – getting the channel ready through recruitment of direct and/or indirect channels, creating collateral for them to use, training them and managing their skill and motivation levels
- Demand Generation (DG) – getting the market and the channel together through seminars, white papers, tele-prospecting and so forth.
Decide how to allocate a scarce budget
Finally, build this into a matrix that reflects:
- The priority for each of the product markets in which you participate
- The maturity of each of these product markets
- The ‘correct’ allocation of budget to EM, CR and DG for each stage of buyer maturity.
The result will be a strategy that translates into a budget that reflects the maturity of your buyers and outlines the appropriate tactics to target them.
Funnel Vision articles about strategy
- How to define a B2B marketing strategy the team understands
- How to earn more profit than your competitors
- How to build a great business (from a good one)
- How to decide where to play
- How to allocate limited budget
[B2B Marketing Strategy]B2B Marketing Tactics