“It’s a buyer’s market!” We seem to be hearing that everywhere these days, whether it’s for a consumer or business to business (B2B) product or service purchase, this economy has taught our customers a new way to purchase. And, with the plethora of new technology providing information sources to evaluate and compare a brand’s attributes and reputation before purchase, how we now market to our customers – both new and existing – represents a series of challenges.
As a B2B or consumer marketer in this new marketing environment, how marketing and marketing communications plans and tactics should be developed and employed is a dilemma for everyone. But it’s possible to overcome these challenges – here are four critical keys to success.
Know Your Target Audience
Knowing your target audience is a major priority. Like the management of many midsized companies, you probably think you know what your existing and potential customers want and believe about your brand. But do you really?
Before you spend your limited marketing dollars, isn’t it a better idea to use market research to determine – beyond price – what is most important to your target audience? And how they rate your product and its attributes compared to your competition?