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December 03, 2013

Businesses - Aim Right and Increase Value

By Mini Swamy, TMCnet Contributor

It’s rather strange that professionals who have been in marketing long enough to know its intricacies still equate marketing to just making sales. A long time ago that may have been the case, but today, marketing means much more – it means understanding the value of the product, understanding people and targeting products right.

A recent thought piece by Matt Ford in Business 2 Community underscores the need for B2B marketing to find a way to multiply value without always going back to the workshop and coming out with something else to sell. Ford suggests using the X factor to multiply the value of a product and to aim right.

A business may have a great product, but if it pales before what is being offered by its competitors, then the results could be disastrous. It ends up spending valuable resources (that can be more gainfully used) trying to make a better one, and in the process loses time, effort and money.

B2B marketing is all about doing the small things right. Setting appointments, qualifying leads faster, shortening presentations—in short, doing everything even remotely connected with marketing, a little differently, and the value begins to add up.

Also, Ford emphasizes creating an audience by specializing in a niche selection of the market. But, you can’t create audiences without getting to know them. Hence, a golden rule for businesses is that they need to get to know their audience, understand what they want, what they need and where their interests lie.

Once a business gets a customer base, it has to take the trouble to find out what marketing messages are relevant for whom, and personalize content accordingly. Of course, existing customers shouldn’t be neglected, or else they will be customers no longer.

In order to drive home this point the author cites two examples from Forbes. The greatest seafood restaurant next to an average steak house in an urban area will wilt, whereas an average seafood place next to the greatest steak house near a waterfront will thrive.

The essence of good marketing is not trying to take coal to Newcastle, but targeting it someplace where its presence will actually be felt -- re-targeting it right so that it will sell.

Remember, you don’t always have to be the best to win and you don’t have to be five-star to succeed.  It’s just a question of juggling things so that they work out right. 

Edited by Rory J. Thompson

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