When businesses globally are looking for efficiencies, is Marketing a cost or critical investment to a company’s future? The role of marketing is to commercially and successfully support the Business Development function. When BD is a critical function for those who must do this to survive, spending on marketing needs to have a clear ROI.
Why do we need marketing when we have a small client base or our sales teams can call on the contacts we have?
We definitely agree that relationships and contacts are key in the industry and targeted markets for for B2B companies. At Brand One, we’re really clear that the role of marketing is to support sales at entry level and the close. The marketing strategy must be first and foremost be commercially focused. Some thoughts re sales vs marketing –
New markets – targeting new regional or sector growth, marketing has a role to play by:
- building brand awareness and credibility to support business development. Marketing helps to open doors and supports entry into new markets – for example, when you have a referral, the person you’re contacting has heard about you and therefore you’re not going in cold. It makes the sales function more effective time-wise and credibility-wise
- winning tenders: If you’re known (for the right reasons), you’ll be on the tender list. If you’re submitting a response, having a credible reputation will support this vs being an unknown or new kid on the block
- generating sales: Helping the company to be found on eg search engines; and then to drive interest to a call to action with various on and off line strategies.
Existing markets. Whilst a B2B company may already have a strong foothold and an excellent reputation, marketing can:
- help capitalise on the positive history and reputation to build more business both in the existing market or leverage this to new markets for business development
- protect the brand and its reputation by having risk management strategies around it
- build pride within the company (with a strong and reputable brand); help secure the best of breed future employees and suppliers/partners.
- helps build pride and security/confidence with the existing client base who know they’re using the best.
Using a combination of on and offline strategies for B2B companies will deliver the support for business development if there’s a solid strategy around it. Stay tuned for the next edition on our thoughts for cost effective, tender winning marketing or contact us at Brand One (and One Digital – a specialist division of Brand One).