In Step 2 of the B2B Buying Process, the buying organization develops the Product Specifications/Scope of Work (SoW). This is the document that will be put out for request for proposals (RFP) or tenders. If you have never supplied to the buying company, and you are generally capable, you can face a sudden roadblock. That roadblock feels similar to rigged job descriptions that our dear readers have all experienced.
You may not realize that US sales force compensation spending is over three times advertising spending. In 2006 sales force compensation was $800 billion, Meanwhile US advertising spend is estimated at only $187 Billion, in 2015. Sales is the world’s second oldest profession and its compensation is an evergreen question in sales for thousands ofContinue reading “Why sales force compensation is over three times advertising spending in the US”
Too many marketers don’t seem to consider their internal organizational processes as they devise digital marketing campaigns. Here are some quick questions to ask if you want to get more bang for your digital buck : Q1. What do you want your web visitor to do, after they arrive at a particular page? This couldContinue reading “Five Questions to ask to maximize the impact of your digital marketing spend”
This “Sales Statistics” slide has been making the rounds of LinkedIn and there seems to be some agreement that these statistics ring true. The statistics ring true for large organizations with a separate marketing division that helps generate leads that the sales organization does not follow-up. The statistics also ring true for small businesses whereContinue reading “Why are B2B sales prospects not followed up?”
Sales and Business Development are different- and there is a whole lot out there on the web, that consists of all manner of opinions and views on this very important topic. For, it lies at the very definition of marketing viz: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, andContinue reading “What’s different between Sales and Business Development ?”
Compared to other functional areas like supply chain,finance or HR , marketing seems most overwhelmed by IT and big data. David Edelman of McKinsey suggests how marketing and IT might co-ordinate and this blog had exhorted Ad agencies, marketing and IT to start embracing this huge data opportunity in an earlier post on the digitalContinue reading “Why marketing is overwhelmed by IT and big data”
The Sales Funnel is the holy grail of marketing and ultimately sales and business itself. And now it turns out that the sales funnel is not a one way funnel like funnels are. A funnel has a wide mouth where the liquid is poured in and it comes out from the stem of the funnelContinue reading “The Sales Funnel is not a one way funnel -web analytics data now confirms”
"The Social Revolution is a Trust Revolution"- says Marc Benioff of Salesforce.com and in the video from the tenth Dreamforce conference, Men's Wearhouse CEO George Zimmer seems to agree and say… I guarantee it! The Salesforce.com approach, as unveiled today, does a nice job of integrating social media information about a sales prospect to theContinue reading ““The Social Revolution is a Trust Revolution”- says Marc Benioff of Salesforce.com”
The 2009 Hyundai Assurance Program is a great illustration of reducing risk perceptions even in B2C (Business to Consumer) situations. Keep in mind that the Kraljic model was originally developed to understand B2B (Business to Business) buying behavior. Kind of like relationship marketing that B2B marketers always practiced and B2C marketers have enthusiastically adopted – more as technology allowed easy availability of CRM (Customer Relationship Management) and SFA (Sales Force Automation).
GlaxoSmithKline is to pay a 3B$ fine, the largest ever for healthcare fraud in the US. In the past, numerous big pharma companies including Abbott, Pfizer have been fined and this is something the industry seems accustomed to. It’s important to understand why pharma marketing becomes unethical, if the unethical sales practices are to stopContinue reading “GlaxoSmithKline 3B$ fine – balancing innovation and ethical marketing”