marketing strategies

White Papers for B2B Customers

Business to business selling, commonly referred to as B2B, can be a huge help in linking supplier businesses and wholesale outlets to their retail business customers. A common adage mentions that, over and above acquiring their desired products for the best price, what B2B customers really want at the end of the day is flawless customer service. One of the biggest obstacles in the sales process is miscommunication between buyers and sellers on a fundamental level. This usually occurs when products and their descriptions become overly complicated and wordy. A great tool to overcome this obstacle is the humble white paper.

In layman's terms a white paper is a summary of a complex issue into wording the average Joe can understand. By carefully constructing and supplying your customer with a white paper describing the benefits of your product, they will immediately become clearer on how exactly this product will benefit them. A white paper should always be as clear and to-the-point as possible.

There is no sense in struggling to communicate a point when it could be made simply and succinctly, eliminating jargon and other confusing terms that may be a barrier to a successful sale.

Knowing About Market Penetration

In the marketing sphere, it is often necessary to keep your fingers in many pies, so to speak, in order to maintain a competitive edge. When marketing a new product, it is of utmost importance to keep a close eye on your market penetration statistics. Market penetration, in a nutshell, refers to the extent to which a product or service is being purchased by customers in the current market. As one would imagine, the market penetration figures for a new product can give a real-world representation of the efficacy of a company's marketing strategy as a whole. The more convincing you've been, the higher the number tends to be. There are a number of strategies that exist to increase your market penetration, such as dropping the price of your product, bumping up the number of promotional schemes and encouraging non-users to take the plunge and try something new.

All in all, the market penetration figures for a product or service will give you a very clear impression of its popularity, and by extension can validate an entire marketing strategy. It gives a solid impression of the initial and ongoing impact your strategies are having on customers and as such, should be regularly monitored.

Coming to Terms with the Basics of Competitor Analysis

When drawing up your business plan, creating a “competitive analysis” section is of the utmost importance. Competitor analysis allows you to understand your current and potential competition, ensuring the survival and growth of your business. Think of this as a basic profile detailing the strengths and weaknesses of your competitors; enabling you to plan ahead and be at the top of your game. The first step in your competitor analysis should be to figure out what their strengths are in terms of service, price, inventory, convenience, and location. Balance out these strengths by noting any corresponding weaknesses that you may be able to take advantage of. Take note of their marketing strategies and consider how you could adapt your own strategies to be a step ahead of them. Take the time to figure out what your competitors’ basic objectives are and who their target markets are. Try to tweak your own objectives to set yourself up as a future industry leader.

Competitor analysis might sound complicated and time-consuming. You may have no idea where to begin. Gathering information, however, may be simpler than you think. You have a wealth of valuable resources at your fingertips. Visit competitor websites, search the web for news, public relations, blog posts, social media posts, and product/service comparisons. Make use of online tools, such as Similar Web, which uses a panel of over 100 million monitored devices to gather information, to compare your competitors’ online marketing strategies to your own.

Finally, take a trip to your competitors’ locations and get a first-hand account of their sales materials and of their customer service. Learn from their mistakes and successes.