Including personalization software in the B2B marketing mix
As a B2B marketer, you’ll likely be familiar with the concept of the marketing mix. And, in turn, the four principles that are the foundation of that concept. If not, let’s get a clear definition firmly in place to help you secure the best results. Essentially, the marketing mix is all about getting the right product, in the right place, at the right time, and for the right price. And, the ‘4Ps’ used in the application of this marketing mix are product, place, price, and promotion. We’ll be exploring these in more depth. For your B2B marketing strategy to work, you need to consider each of these principles in your wider plan — and most importantly, ensure everything you do is with your target audience in mind. That’s where effective software for personalization — and the benefits of highly-tailored experience — come into play.
Product
Understanding your audience is key to ensuring that you’re offering the right products to the right people. Remember, it’s likely you’ll have more than one audience — especially if you serve multiple industries or offer several products. Get to know what each of your audiences believe to be your Unique Selling Point (USP), and ensure you shout about it to make you stand out from your competitors. Consider how your target audience uses or engages with the product. Identify if there are any missing features that could make it more appealing to your audience. And, ensure you understand the lifecycle of your products to help you predict when customers will look to repurchase or renew. Utilizing personalization software and product recommendation tools, your business can showcase the right products — whether that be to customers looking to renew, or identifying upselling opportunities based on past behavior.
Price
The amount you charge for your products is a vital factor to consider when it comes to the marketing mix. It will determine the types of businesses and buyers that can afford to purchase your product, the way your organization is viewed and perceived by potential buyers, and how you measure up against competitors. The price you charge needs to accurately reflect the value of your product — without alienating your target market. But remember, B2B buyers aren’t just focused on price. They’ll also consider how well-established your brand is, the reputation of your products, and the customer experience they’ll receive when dealing with your business. By executing a highly-personalized approach, potential buyers will recognize that you value their custom and, in turn, provide them with a great buyer experience. By building better relationships with your potential buyers through personalization, you build trust and increase their willingness to spend money with your brand.
Place and promotion
In a digital age, it’s important to recognize that the place and promotion of your products overlap. Not only do you need to understand what kind of product your audience is looking for, and the price they are willing to pay for it, but you also have to understand how to get that product to them — and the methods you’ll use to help you stand out. The ‘place’ you decide to sell your products should take into consideration how your audience makes buying decisions. Do you need to open a physical store in a particular location — or should products be sold directly through your website? Should you attend events, trade shows or showcase your products in existing stores? Remember, it’s all about making it as easy as possible for your potential buyers.
It’s no use if your business is offering high-quality products at a price that suits your potential buyers if they don’t know about it. You need to design an impactful, and highly relevant strategy that’ll get you noticed. The way you approach your target audience and the places they spend time online matter. So, conduct research to find out how your potential buyers will access your products or services. What does their buyer journey look like? Which social media platforms or channels do they use most? Are they impulsive buyers that are likely to click on high-ranking search results and make a quick purchase? Or, do they conduct hordes of online research and prefer to read a series of informative blog posts about your product? Personalizing your strategy to ensure your target audience is receiving the information they need in the places they want to see it is key.
Webeo is a leading site personalization software that transforms B2B websites into engaging, bespoke online experiences. Utilizing a global leading database of business IP addresses, Webeo recognizes your website visitors in real-time and tailors your site to meet their specific needs. Users can alter the imagery, language, content, calls-to-action and greetings that appear on your site — creating the perfect website for every visitor, every time. Boost your conversion-rates, increase the time spent on your website, reduce your bounce-rate and take your customer experience to the next level. Want to discover the power of website personalization for yourself? Book your Webeo demonstration today.
