I write about the three topics that I am most passionate about; Sales, Marketing and Social Media. These topics are covered from my experiences in outside sales and marketing. My objective is to use my expertise to help business and the individual.
I covered the Digital Marketing World Forum in New York this past week.
There were great discussions on Digital and Social Marketing. The topics ranged from the customer journey, customer experience, customer retention, personalization, using data, and privacy legislation.
My key insights were:
1. To improve customer retention, brands need to understand their customers to personalize their experiences across all touchpoints. Marketers from different verticals shared how they were able to improve customer loyalty and retention by personalizing and creating customer experiences across all touchpoints.
2. Many times, customer data tells a story that contradicts preconceived hunches and opinions. Marketers from T-Moblie and Decoded found this out when they marketed Cell Phone plans to the 55+ community.
3. Marketers have the tools to better understand their customers and to track the results of their efforts faster than ever before. These tools empower marketers to improve the customer journey and experience. With this power comes the obligation to better serve their customers and to quickly pivot when their tactics and strategies are not effective. Marketers with different products and services shared their stories and strategies.
4. Companies that are going to use Chatbots to serve customers need to train Chatbots to handle complex requests from customers. Chatbots should not be used to answer questions like the hours of a store or simple information that can be obtained from a website.
5. Privacy Legislation similar to GDPR is coming to the United States. Laws in California and Nevada are being enacted in 2020. OneTrust shared how Marketers can prepare and comply with the Californa Consumer Privacy Act (CCPA).
I write about the three topics that I am most passionate about; Sales, Marketing and Social Media. These topics are covered from my experiences in outside sales and marketing. My objective is to use my expertise to help business and the individual.
When marketing and selling a product or service, it is important to ask two questions to understand your buyers.
1. What motivates people to buy a product or service?
2. How do people find a product or service to buy?
I surveyed my LinkedIn audience for answers.
1. What motivates people to buy a product or service?
People buy a product or service to: solve a problem, meet a need, or fulfill a want or desire. 49% buy products and services to solve a problem, meet a need, or fulfill a desire. 27% wanted to solve a problem, 16 % want to meet a need, and 8% wanted to fulfill a want or desire.
2. How do people find a product or service to buy?
Buyers find and buy products or services through word of mouth, social media, online search, and,/or product reviews. Of those surveyed, none said they found or bought products from seller calls or emails. No one found or bought products at trade shows or events; this is probably because of the pandemic.
63 % found or bought products from social channels or word of mouth, and 37% found or bought products or services from online searches or product reviews.
These findings suggest businesses need to create products and services that are customer-centric. Businesses need a great reputation to survive in a competitive marketplace.
Answering these questions will help businesses develop, create, and, position products and services customers want to buy.
There are four major types of buying cycles. Business to Business, Business to Consumer Business to Government, and Direct to Consumer. It is important to know the difference because it is tempting to think one size fits all especially when certain products like computers and tech are sold to all of these verticals.
How are they different?
B2B vs B2C
To start, the buyer is different. In B2B, buyers work at companies. They usually have a big budget to make purchases but there are multiple decision-makers and stakeholders. Sales cycles are longer and buy-in is needed by a variety of stakeholders, not just the end-user. Products cost more in many cases than B2C. An example of this is the purchasing of SAAS.
In B2C the buyer is purchasing products for their home and recreation. There are fewer stakeholders and shorter sales cycles but their budgets are smaller than B2B in many cases. An example of this is buying consumer electronics.
Some products overlap between the two verticals in e-commerce models; the difference is the sales cycle length and how products are acquired. Buyer needs and pain points differ between B2B and B2C.
I surveyed my audience on LinkedIn; asking them how B2B and B2C products differ from one another. 82 % said that they differed in who the buyer is, the sales cycle, pricing, buyer needs, and pain points.
B2C VS D2C
I surveyed my audience on LinkedIn about the differences between B2C and D2C products. 64% of those surveyed said that B2C and D2C products differ by buyer pain points needs who the buyer is sales cycle, pricing, and who the buyer is. 27% said these products differed on sales cycle and pricing. Only 9% said that these products differed in terms of the buyer. However, there are similarities between B2C and D2C products. These products are purchased in the home in many cases and the sales cycle is shorter than B2B or B2G. They fall into the category of consumer goods. B2C and B2C are overlapping through e-commerce and subscription business models.
B2B VS B2G
When I asked my audience about the difference between B2B and B2G products. 67% of those surveyed said that the products differed by buyer needs, pain points, sale cycles, pricing, rules, regulation, and who the buyer is. 33% said these products differed by sales cycle, price, regulations. When selling products to governments, it is important to understand the regulations and processes that must be followed. There is some of this in B2B but B2G has a lot more.
What are the differences between B2B, B2C, B2G, and D2C?
How are they similar?
Share your thoughts in the comments.
Posted 129 weeks ago
Sales, Marketing & Social Media Today
I write about the three topics that I am most passionate about; Sales, Marketing and Social Media. These topics are covered from my experiences in outside sales and marketing. My objective is to use my expertise to help business and the individual.
Building relationships with customers and closing deals is critical for sales success. In business, customer acquisition and customer retention are crucial to generating revenue. It is cheaper to keep existing customers than to acquire new ones.
Once a sale is made, it is tempting for sales reps to move on to the next customer.
However, the sale is not complete when the customer signs the contract. Customers should pay their invoices on time to ensure the business has enough cash to operate and potentially turn a profit.
What on time means is dependent on a company payment policy. Customers can have payment terms raining from C.O.D, net 30, net 60, net 90, net 120, or longer. Some cycles can run for a year or longer. Certain companies offer financing options. Payment structures are structured based on the length of the sales cycle.
How can we make sure customers pay their invoices on time?
Here are six ways to keep customers and get them to pay their invoices on time.
Build and nurture customer relationships.
When the sale is complete, put all details in writing.
Follow through with the implementation product or service post-sale.
Check-in with your customer to make sure they are happy with their purchase. This can present an opportunity for upselling, cross-selling, repeat business, referrals, and testimonials.
If the customer voices concerns or has an issue with a product or service, address it immediately.
Make sure to honor any promises and warranties extended during the sales cycle.
If you follow these steps, you will get most customers to pay their invoices on time.
What do I do if a customer will not pay their invoice?
In large organizations, the accounts receivable manager will handle the customer by sending past-due notices and charging penalties. However, if Sales Reps work for a small company as I did, this will be the Sales Rep’s responsibility. Ideally, the Sales Rep should be able to handle customer issues because they have a relationship with the customer.
Sales Reps should call and visit the customer. During the visit, Sales Reps need to try to solve the issue. Be polite. Never raise your voice or swear at a customer. The goal is to get paid while keeping the customer whenever.
As a result of implementing the strategies above, my receivables (open invoices) were the lowest in the company! This allowed me to earn more commissions, make more sales and develop great relationships with my customers.
It is important to note that Sales and Service across acquisition and retention are subdivided in larger organizations.
How have you improved customer retention and gotten your customers to pay on time?
I’m a Strategic Marketer with Field Sales, Sales Enablement, Content Creation, and, Classroom Teacher/Trainer skill sets using Marketing to drive Sales/Growth.
As a Marketer, I’ve worked with Start-Ups, a Political Campaign, and a Digital Marketing Conference.
I’m certified in Inbound Marketing with classes in Marketing, Product Management, Product Marketing, SEO, and SEM.
Before teaching, I was an Outside Sales and Marketing Rep. selling and marketing dental products to Dentists using consultative selling, trade show marketing, field marketing, and market research.
I publish Sales, Marketing & Social Media Today; a blog that covers industry events and trends.