A recent interview with Jeff Bezos on CBS's 60 minutes alluded to today's
prevailing trends in business marketing.
The implied message was ominous for business marketing. As Amazon and the
like are more mass marketing than enterprise type businesses, they thrive
with the new paradigm. In the world of business marketing this plentiful
arsenal of "go to market" consumer methods are causing overreliance on brand
building, rather than applying agile tactical marketing.
While these branding techniques revolutionized the marketing of simple to
use products and services, they did not significantly increase the
efficiency of complex solutions and services marketing, that is partly why
almost every industrial or technology giant is posting revenue declines.
The still valid fundamentals of building trust and relationships in business
marketing are shoved to the background. While in the consumer, household
and micro-business we can reliably determine the traits which will cause
demand in larger businesses, their operational dynamics are too complex and
difficult to uncover with the same methods in business marketing.
Additional factors in businesses marketing are over reliance on historical
financial performance metrics, which, while still a key measure, is not
sufficient in itself to indicate longer term growth. As market competition
in all sectors is relentlessly increasing with stress on the cost of doing
business, enterprise companies need effective methods more than ever.
This new vast business battleground will be won by companies with the best
trained (special force type) troops armed with relevant tools (insight)
practicing agile marketing. They will win new business and thrive long term.
You do not have to alter core business marketing tactics as they are the
same for every business and can be illustrated as a highway where most
businesses choose to send large volume of their branding messages. They
rely on the fact that some of the accounts will always contact them without
However, most accounts have too limited time and amount of money to properly
evaluate this high speed marketing highway's traffic in order to identify
the right vehicle to solve their problem. So accounts with mild cost pains
delay the decision. The ones with high cost pressures simply reach out to
the incumbent vendor, maybe a big name brand, or a rival which happen to be
closest to their entrance. Even if perfect matches are rarity, in this way
both better matched parties may lose heavily, kind of Pyrrhic victory: a
better suited seller by not winning new account and the account by not
getting a better solution.
Despite not winning new business accounts at the needed rate we continue
driving on this highway because it is easy and less costly, but we remain
unsure where to land a new business accounts and continue to miss many good
and viable opportunities.
My next blog will explore ways of acquiring more new business accounts.
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