What Marketing Does Your B2B Company Need ?
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Transcript of What Marketing Does Your B2B Company Need ?
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Sales and MarketingHow They Differ
Why Marketing is Needed to Maximize Growth and Profits
Jocelyne O. McGeever
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Sales and Marketing: How they Differ
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Sales is focused on individual customers & prospects, one at a time
Marketing is focused on groups of similar customers and prospects (Markets)
Marketing is about Markets
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Sales
Determined by sales cycle and bonus timing
Typically up to 1 yearMotto: do it now!
Marketing
Determined by market, product development and manufacturing scale up cycles
3 to 10 yearsMotto: think it through!
Time Horizons are Different!
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Sales
Market-ready productsMarketing
• Market-ready products• Products under development, testing
or scale up• Competitors products• Product concepts
Working On Different Products…
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
What is the Value of Marketing?
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Marketing is to Selling what standardized production is to
custom manufacturing: it enables efficiencies in product design,
manufacturing, promotion and other business processes.
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Marketing enables:• Sales Efficiency: Sales professionals can sell, not
do market research, product specification or develop their own communication
• Standard Products, efficiently produced, competitively priced, suitable for multiple customers
• Market focus: branding to prepare the ground for selling, efficient promotion and lead generation.
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Achieving Marketing Excellence Market Segmentation
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Marketing isthe matching of products and services to meet
the needs of defined markets.
Segmentation is defining the markets.
Proper segmentation is the foundation to serving the market efficiently and profitably
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Segmentation Must Enable Standardization
Members of a market segment must be similar in their needs and buying behavior
with regards to your products
Segments must have distinct needs and buying behaviors
Hint: members of the same industry do not necessarily have the same needs and buying behaviors. Company size, for example, might be a better segmentation.
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Achieving Marketing Excellence Defining the Mission
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Marketing’s Mission: Business Growth
Identify, investigate, evaluate opportunities for growth and their financial impact
Develop alignment of Executive Team Develop business plan for opportunity Implement the “Marketing” part of the plan
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Two Cases
Company ASingle Market
Single Product Line
Marketing is tactical and supports Sales.
Company BMultiple Marketsor Product Lines
Marketing is strategic, focused on medium and long term
business growth.
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Achieving Marketing Excellence Organizational Structure and Leadership
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Two Cases
Company ASingle Market
Single Product Line
Marketing skill set is communications
Company BMultiple Marketsor Product Lines
Marketing is strategic and skill set also includes
general business(business plans, financials…)
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
“With this evolution of the CMO role both within specific organizations and across industries, the skill set required to be a successful CMO has also changed. “Ten years ago, you had CMOs who were brilliant marketers,” said Pearce (CMO, Del Monte). “Now, financial acumen has become more important. The CMOs I interact with are great consumerists, great marketers, great leaders, and also have a general management and financial perspective that I don’t necessarily think existed a generation ago.””
Succeeding as an Organization's First Chief Marketing Officer , 2011, White Paper, Spencer Stuart
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Marketing’s Mission: Business Growth
Identify, investigate, evaluate opportunities for growth and their financial impact
Develop alignment of Executive Team Develop business plan for opportunity Implement the “Marketing” part of the plan
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Two Cases
Company ASingle Market
Single Product Line
Company BMultiple Marketsor Product Lines
VP- Sales & Marketing
Marketing Communications Sales
President
VP - Marketing VP - Sales
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Company A - FirstSingle Market
Single Product Line
Company A - Next StageMultiple Marketsor Product Lines
VP- Sales & Marketing
Sales Marketing Communications
President
VP – Marketing
Marketing Communications
VP – Sales
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Hiring Criteria for Marketing Leader
Option 1Prioritize knowledge of industry or technology
over Marketing strength
Option 2Prioritize Marketing
strength over knowledge of industry or technology
One Year Later
Strong industry knowledge Weak Marketing
Strong MarketingAdequate industry knowledge
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Achieving Marketing ExcellenceWhat Marketing? When and Why?
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Single Product
Line
Multiple Product
Lines
Multiple MarketsSingle Market
1. Marketing Communications2. Competitive Analysis
1. Marketing Communications2. Competitive Analysis
3. Market Research4. Product Management
1. Marketing Communications2. Competitive Analysis
3. Market Research4. Market Management
1. Marketing Communications2. Competitive Analysis
3. Market Research4. Market Management5. Product Management
Additional skills needed before expanding outside of current market and product line
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Definition of Marketing Terms
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Product Management
Accountable for business success of product lines The Product Manager, as champion of a product
line, insures that it continues to be competitive and profitable
Manages the “4 Ps”: Product, place, promotion and price
Product Manager is typically the entry point of technical employees into Marketing
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Market Management
Accountable for business success in specific markets
The Market Manager drives growth in the market by assembling compelling offerings
The Market Manager is typically someone with significant knowledge of the market, likely more experienced than a Product Manager.
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Market Research
Information gathering and analysis to assess if a new business venture is a good investment.
Should be undertaken before entering a new market or new geography, selecting sale or distribution channels, developing new products, entering partnerships and making an acquisition.
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Market Research: Who does it?
Current Markets
Current Product
Lines
? ? ? ? ?No one knows
No one’s responsibilityNew Ventures Lose
Money
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Marketing Communications
Trade shows Print and digital advertising Traditional brochures and websites Promotional mailing and email marketing Papers, blogs, presentations Visual branding through templates PR
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Competitive Analysis
Identifying competitors Understanding how they compete Identifying how to compete successfully Continuously monitoring for changes Updating before entering a new market or new
geography, selecting sale or distribution channels, developing new products, entering partnerships and making an acquisition.
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Single Product
Line
Multiple Product
Lines
Multiple MarketsSingle Market
1. Marketing Communications2. Competitive Analysis
1. Marketing Communications2. Competitive Analysis
3. Market Research4. Product Management
1. Marketing Communications2. Competitive Analysis
3. Market Research4. Market Management
1. Marketing Communications2. Competitive Analysis
3. Market Research4. Market Management5. Product Management
Additional skills needed before expanding outside of current market and product line
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
ConclusionMarketing: The Missing Link
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Signs that Marketing is Missing
Revenue Flat or Shrinking
Shrinking Margins
Rapid Turn Over of Sales Professionals
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Signs that Marketing is Missing
Company Lags in New Product Introductions
Competition
Company
DelayDelay Delay
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
Don’t Blame Sales!
Identifies and vets growth opportunity
Company alignment around growth opportunity
Develop a plan for commercial success
Company prepares for commercial success
Sales team sprints to successful selling
Marketing
Time
Sales
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Technology Assessment International
Growth Strategies New Markets New Product Development ProcessAmerican Subsidiary PlanIncreasing Sales with Existing Resources
Market Research
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