Thursday, July 06, 2006

Develop a Business-Event Marketing Strategy

Very informative article by Ruth Stevens at Marketing Profs.
by Ruth P. Stevens

Business events are at their most powerful when they are part of an integrated go-to-market strategy. Integration sounds logical, but how do you actually pull it off?

First, you have to have control—or at least influence—over all the elements of the marketing mix. Then, you must develop a sound strategic approach to business event planning. Among the most productive strategies are those based on the following:

  • The customer's buying process
  • Quarterly (or periodic) sales objectives
  • Target audience

Business Event Planning Based on the Customer's Buying Process

Fortunately for marketers, most business buyers follow a fairly well-defined process as they evaluate options and make purchase decisions. In some companies, the process is so well defined that it is codified, and prospects will share with you the exact steps they must go through to buy. The more marketers understand the buying process of their prospects, the more efficient they can become with their selling processes. The secret is to map the selling activity to the prospect's buying process stage.

For a list of the typical steps a business buyer goes through, see table 1. Of course, these steps vary by industry and by company size. In the second column of the table is a list of the seller's objectives at each stage. Notice how those objectives vary as the prospect's needs and activities evolve.

Table 1: Marketing Objectives at Each Stage
of the Buying Process

Customer's Buying Process Stage Marketer's Objectives
Identify need Arouse interest
Research solutions Be known to the research team
Develop short list Be selected for short list
Request proposals/quotes Submit winning proposal
Review proposals/quotes Create preference
Negotiate Preserve margins
Select vendor Win!
Install and use Satisfy and support usage
Upgrade Up-sell, cross-sell

The successful marketer will analyze the buying stages for each account, or customer segment, and understand who is involved at each stage. The marketer will then craft strategies to help the prospect move to the next stage—preferably toward a purchase from the seller rather than the competition.

Continue reading...

1 Comments:

Blogger Unknown said...

Thanks to share this information and best tips to promote our business.
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11:52 PM  

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