B2B Marketing Globilization knowledge share with John - Part 3
B2B Marketing Globalization knowledge share with John - Part 3
Pricing & Value Research - B2B
There are three ways of increasing profits: sell more, cut our costs, or raise existing prices. Raising prices, in principle, is very easy indeed - change the price ticket and price list and tell the sales force to raise prices by 5%. Of course, once we increase prices, customers may start to look elsewhere for a better deal.
It is, however, useful to broaden the discussion on price and think about value – the trade-off between the benefits a customer receives from a product or service and the price they are willing to pay for it.
My Previous Post for B2B Marketing to improve ROI
Product Development
No company can survive without product development. As soon as you release a new or improved product or service onto the market, your competitors are ready and waiting to emulate it and improve it for their own purposes. However, product development does not have to be revolutionary. Indeed, most products evolve continuously over time; product development must be regarded as a continuous process, not an occasional event.
The key to successful product development research lies in exploring what the market values. Our job as researchers, marketers and product developers is to convert these issues into a package of benefits that appeals to the market.
Segmentation & Needs
Segmentation is at the very heart of marketing. A segment is a group of individuals or companies with a common attribute that causes them to share similar needs. Marketers tailor their products, services and communications to these common attributes in order to ensure that their offering meets market requirements.
Segmentation is a means of capturing value – customers receive and pay for benefits they value; conversely they neither receive nor pay for benefits they do not value.
Supply Chain & Distribution
As one of the most important parts of the marketing mix, the "place" or route to market of b2b goods and services is vital to understand. Increasingly, products and services are distributed through a complex network of supply chain partners, joint ventures and intermediaries. Accordingly, research can act as a window onto how organisations can better leverage their routes to market for maximum profitability.
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