“In marketing I’ve seen only one strategy that can’t miss – and that is to market to your best customers first, your best prospects second and the rest of the world last.”
If you are business then there is no reason why you should not master the subject of marketing. Marketing is how a company generates revenues that translate into profits which fuel the growth of the company.
A company with no revenues is going to shut down automatically. A company with high revenues but no profits is like a financial black hole that absorbs everything and gives nothing. Thus it is very important understand the importance of both revenues and profits in business.
- B2B- If you are in a B2B business then your relationship with the decision maker and the decision-influencers in that organization becomes very important. In the absence of great relationship, you will not even get an opportunity to showcase your product or service to the end users. Next important thing is the quality of your offering. A bad product may sustain for a while on crutches of relationships but ultimately it dies at the alter of competition and efficiency. Thus if you are providing microprocessor chips at Samsung, then it becomes very important that you have the right relationship with the procurement team. Product quality, customer experience and after sales service also matters a lot since the volumes and transaction size is big.
- B2C-In case of B2C business, the quality of your product, customer experience and services are more important that any other thing. Yes, relationships are equally important but it has been seen that consumers in cases of B2C are highly cost conscious and thus the demand is highly elastic. Price and quality of the product are the two decisive factors for them when it comes to the purchasing decision. Thus if you are selling samsung smart phones then you may not have individual relationships with your customers but only things that matter to them are the product quality, customer experience and after sales service. On marketing front, you just need to target the right market with an attractive offering.
Use your energy and resources wisely depending upon your channel- B2B or B2C.
Author Siddhartha Sharma
Siddhartha Sharma is the bestselling author of 3 books and the Managing Director of Success Monks. Every year he trains thousands of professionals on leadership, marketing, innovation and team dynamics.