PracticalB2BTargeting-Litt-06-2022.pdf
- 1. Marketing Essentials 2022 Professor Steven Litt @StrategySteven Ready to be a Marketing professional? Practical B2B Targeting ©2021 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
- 2. Do take into account ‘who’ is getting the message ie their role. Target ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Buying Center Gatekeeper Buyer End User Initiator Influencer Decider/ Approver Promoter
- 3. Buying Centre role impacts the type of info, amount of detail & even the Reason To Believe (authentication standards/sources) in messaging B2B programs eg a Gatekeeper might need to be informed…. • your brand /company name (so that you’re not fully ‘unknown’ to them) • that you make your goods domestically (if they’re averse to importing) a Decider/Approver might need to be informed … • that you accept transactions in domestic currency • that you provide a certain warranty duration a Buyer might need to be informed … • what the product looks like (eg given a sample to try) • a spec sheet • order turnaround time • delivery option, terms & timing Buying Center role ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or pos
- 4. Demographic; Geographic; Behavioural; Psychographic Do these apply in B2B buys? PERHAPS! But often not nearly as directly as in B2C targeting. And they’re usually not nearly complete by themselves Targets: 4 types of defining criteria ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
- 5. If Emma is in charge of marketing new production line equipment to snack food makers in Canada, she might describe one possible Target as: • Operation is located in Canada (geographic) • 50 employees or more and…? Target Descriptors
- 6. Notice anything? What’s missing? • Who she wants to reach ie their role in the Buying Centre and… • a 1st Buy, Repeat /Straight Buy ‘resupply/replenish), Modified Rebuy • Size of Company (# of employees), Size of company in this market • Whether they buy same/similar item elsewhere worldwide • Industry Sector, Industry Type, Company Type • Size of the purchase (in $) • Level of service (delivery, warranty, installation, staff training,…) • Conflict-Free status (current contractual/ownership driven relationships) • Solvency eg credit worthiness Targets: 4 types of defining criteria ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.
- 7. If Emma is marketing production line equipment to snack food manufacturers in Canada, she might describe one possible Target as: • Operation is located in Canada (geographic) • 50 employees or more in Canada And… • NAICS code 31191 (Snack Foods) • Has previously bought production equipment (not a first time equipment buyer) • Not in default- free of liens • Moody’s credit rating of XXX+ • Not owned by DuoLever Foods Inc. (who are contractually obliged to eg IBN Software Inc) • Follow ISO practices • Member in good standing of FMI https://www.fmi.org/ Target Descriptors
- 8. Emma could go further than Targets. Eg She might flesh out or bring to life a fuller description of B2B prospect She could create ‘personas’ or ‘avatars’→ ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Even for B2B, create & Use Avatars!
- 9. Flesh out or bring to life a fuller description of the Target → Useful for: • Deciding the type of ‘content’ to convey (which info, priority, level of detail) • Deciding on the most fitting Medium (media) (where how when they can be reached) • Ad messaging • Promotion incentives • Choice of a spokesperson, source of testimonial/authentication ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Create & Use Avatars!
- 10. Now create your own B2B avatars! My Goals in my career: ____________ What’s I find vital in most work decisions is ______ My level of understanding of this category is…. My level of passion for this category is…. Hi! I’m XXX! My reason for this purchase is.. eg was forced to, as encouraged to, build my profile, help the firm I get info on this type of decision via…… past colleagues, industry pubs, trade shows, SoMe,… The closest to this equivalent product/service to this is… My experience in this type of buy… New to category, new to country, rebuy,… My ‘pain points’ include… not knowing…, fearing…, lack info… Something odd about my buying process is… ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. What may be most vital in this specific buying decision is _______ A bias I may have is ___
- 11. Now create your own B2B avatars! My Goals in my career: Survive this quarter What’s I find vital in most work decisions is playing it safe enough that it doesn’t come back to haunt me My level of understanding of this category is extensive…. ie ‘I got this’ My level of passion for this category is: Passion? It’s like watching paint dry. Let’s get it over with, already! Hi! I’m Pat My reason for this purchase is... Breakdown- help the Production Dept who didn’t maintain past eqpmt I get info on this type of decision via…… past purchase experience, what I read in industry newsletter The closest to this equivalent product/service to this is when I bought Cassoli wrapper & Case packers for Production Line in 2017 My experience in this type of buy: a modified rebuy,… My ‘pain points’ … not knowing what cost tradeoffs are justifiable for expedited service Something odd about my buying process is that I’ll read absolutely everything about every option ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. What is vital in this specific buying decision: expedite service to keep Production VP happy A bias? an ex-colleague works for one of the firms making this equipment
- 12. Now create your own B2B avatars! My Goals in my career: Show’em what I got! What’s I find vital in most work decisions is making a name quickly so I can move up My level of understanding of this category is minimal … but I’ve got lots of confidence My level of passion for this category is: an OK chance to demonstrate how new buying approach can help the firm Hi! I’m Lee My reason for this purchase is... New Production Line in Oakville I get info on this type of decision via…… industry trade mags, my mentor, the reps themselves The closest to this equivalent product/service to this is when I bought Photocopier/Printers for the Office a year ago My experience in this type of buy: a new buy My ‘pain points’ … not knowing much about the players, the products, any unspoken End User needs (the Production line) Something odd about my buying process is that I love demos ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. What is vital in this specific buying decision: showing I’m bold & resourceful without finding a political landmine Bias? I’m an Ivey Grad; and support other Ivey grads. Also: I’m doubtful of anything that’s Made In China
- 13. Tip 1: Do your research! You have their Linked In profile, know which school & program they attended, which industry & other groups they belong to, which topics they comment upon, view which certifications they tout, etc. This provides you tips about optimal message content, tone, events/mediums they’re exposed to, sources they find more (or less) credible, etc. Tip 2: Don’t invent what you can borrow; eg if your firm has ‘company size’ brackets, use them! If not, use those from your industry contact database, Scotts, StatsCan, US Census Bureau,… ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. B2B Targeting Tips
- 14. Some unusual Buyer Quirks I’ve encountered • If you say ‘everybody knows’ w/o citing data, they rule you out. • If you don’t know where every component is made, they rule you out • If you don’t know which parts can be recycled and how, they rule you out • If you didn’t give them ‘special terms’, they rule you out • If you didn’t answer their after-hours texts/calls, they rule you out. • If your product didn’t rock in the (thoroughly gamed & discredited) online reviews, they rule you out ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. B2B Targeting Tips
- 15. SOURCES ● StrategySteven.com accessed March 2, 2021 strategysteven.com ● Litt, Steven ‘Applied Marketing Research: A Grad Student Reader’; 6th Edition, TopHat, 2020 • Steven Litt, StrategySteven.com accessed February 15, 2021 strategysteven.com • Cover photo courtesy of Mandy S Photography • Thanks to Kathryn Faubert for the many awesome insights about avatars; any errors are entirely my fault. ©2020 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.