Understanding the three key elements of your marketing or growth strategygrowthbuffs
1) Decoding buying centre
The buying centre is the group of people and factors that together determine a purchase decision. The first step in determining your marketing or growth strategy is to decode who is in your “buying centre” and how they operate, what their interactions might be, what questions they will ask, etc.
For illustrative purposes, let’s use an example of a telecommunications company that needs to purchase software. For the software purchase decision, we can assume that the buying center would be made up of four different groups:
- Senior management
- Product Team
2) Developing buyer personas
The next step is developing buyer personas – a detailed picture of your target buyers based on their demographic and psychographic profiling. We would try to identify the needs of each constituent and what is important for them. This can be understood using Target Market Interviews by connecting via Facebook, LinkedIn, alumni network etc.
Using the illustration above,
- The senior management wants to maximise profits and make the company grow, is not tech savvy, focused on stakeholder value
- Finance wants to reduce costs and is focussed on the cost of the software
- Marketing wants to increase customer base and average revenue per customer, wants the software to enhance the company’s market standing
- Product Team wants a reliable, good quality software, very technically oriented, focussed on ease of implementation of software capable of resolving their technical requirements
Once you begin to understand the needs of the different constituents of a buying center, you can tailor the value proposition and marketing message to address the needs of different groups within the buying center.
3) Educating the market vs getting discovered/ found
The next step in determining your marketing or growth strategy is to decide whether you need to educate the market or focus on getting discovered. The former case would apply if your product is a new offering for which you need to educate the buyer about the need you are trying to provide a solution for – this would call for a focus on content marketing. The latter case would apply if the target buyer is already aware of the need for the product but needs to discover your offering – this would call for a focus on inbound marketing, SEO.
We will explore these ideas in more detail in our subsequent posts.
Do let us know your thoughts on this post and what you would like us to cover in our next posts, in the comments section below.