Finally, companies need to enter into clearly defined and specific service level agreements between marketing and sales. This includes underlying KPIs and goals along the entire funnel or process. Clear service level agreements between demand center and sales ensure uniform certification of SQL and division of responsibilities. This typically requires investments in marketing and sales technology stacks such as CRM and marketing automation systems. But more importantly, definition of services and process elements.
Despite technological advances and fundamental changes in how customers buy products and services, many B2B companies still view technological change as a smoldering platform rather than a flaming platform. The combined force of these fundamental changes – the consumerization of B2B buying, the fluidity of customer relationships, and the emergence of new tools – is bringing B2B companies to a tipping point. Companies that invest in platforms like demand centers and integrate their marketing and sales functions are in a better position to optimize their marketing investments, convert leads more efficiently, and strengthen customer relationships.
There’s no growth tool more effective than good market research. Customers are the lifeblood of nearly every business, and knowing how they perceive your company and your industry as a whole can provide invaluable data.
A bike shop might experience customer disappointment because they don’t sell bike pumps, don’t offer repairs, or don’t offer payment plan options. All of these suddenly become potential new products or services that generate more sales and expand your business model. A struggling restaurant might find that the public is hesitant to try it because they think it’s too formal and expensive. This information should give the restaurant the impetus they need to design marketing that appeals to an audience they’re missing out on.
A SaaS provider might receive feedback that an email they thought was fun and informal actually came across as rude. Fix this small issue and suddenly you might generate a lot more leads than before.
Thorough research into your customer’s mindset almost always produces actionable results. Try not to get upset about bad feedback and make sure you take advantage of the business opportunities that arise from it.
The aforementioned market research is a great way to find out what your customers expect from your industry. However, that doesn’t necessarily mean you have to always give them exactly what they expect. Sometimes, an unexpected extra perk or offer can help you stand out from your competitors. For example, having a small cafe on the premises of your car wash might bring in additional revenue while customers wait. However, new services don’t necessarily have to be added to existing services. You may find that with the tools at your disposal, you can enter adjacent markets at the same time. For example, a taxi rank with drivers of large vehicles could offer a delivery service carrying heavy luggage for customers who don’t have the means to transport it themselves.
