A challenge many B2B companies have is building a tangible understanding of the exact target market to serve for each brand or product. Quite often the vision for products extends far beyond the true sweet spot for that product. This means that you can spend a huge amount of time and effort talking to market segments that you have no possibility of effectively serving or that wouldn’t deliver a reasonable ROI. Guessing at this or basing it on the audience for other products almost certainly guarantees wasting time and money you don’t have. Sometimes you need to be pragmatic, go back to basics, and reassess how you target the markets into which you plan to market and sell.
Many companies aspire to be much more than they are today and this is a great thing, this is how you plan to grow your business for the future. But it is very important to understand that often between where you plan to be and where you are now, is a chasm. This is true both for taking new products to existing markets and for taking existing products to new markets and it responsible for more disappointing results than I can count.
Understanding the details of this for each scenario enables you to better evaluate and prioritize target market segments for each product. Then, each market segment and each type of buyer and influencer in each market segment will need a specific message targeted for them. It is very important to make sure that the products that you’re selling resonate well with your target market. Making assumptions here and acting on them is a low % play that isn’t necessary.
At B2B³, we are experts at helping companies assess and rank the suitability of their products and solutions for different market segments in the US, Europe and elsewhere. We’re also experienced at uncovering non-traditional sweet spots to exploit for new and legacy products, including new segment or geography-specific channels. In our experience we have also been able to help companies tune their message to target a specific market segment or multiple segments. In doing this we help reduce significantly the waste associated with targeting people you cannot possibly succeed with today. This means that the pipeline you generate is going to be of much higher quality and therefore much more likely to close. We can also help you A/B test your ideas and test additional market segments with messages to better understand their viability for the future.
In doing these targeting and messaging drills, we will make your forecast significantly more accurate and we will help you spend your marketing budget in ways that will most effectively deliver your required goals now and in the future.
If you are unsure of the target audiences with highest ROI for your products and services, let B2B³ help you today.